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Monarch Gold (TSE: MQR) has released assay results for a geotechnical hole drilled at its Fayolle gold project, 25 km northeast of Rouyn-Noranda in Quebec. the drilling was part of a geotechnical program for an upcoming feasibility study of the project.
The hole returned 109 metres of 3.33 g/t gold, with a number of high-grade gold intervals; the lower 32.9 metres of this intercept returned 3.33 g/t gold directly below the current pit shell at the Fayolle deposit.
Monarch’s stock was trading up 13% at Thursday’s close on the TSX
“This first diamond drill hole has confirmed the block model and wireframe output and surpassed our expectations in terms of gold grade and continuity of the mineralization,” Jean-Marc Lacoste, the company’s president and CEO, said in a release.
“Hitting significant economic gold values below the planned constrained pit will likely add to the tonnage and ounces of the Fayolle deposit.”
Assays for an additional six geotechnical holes are pending.
In September 2019, the company released updated resources for Fayolle, with pit constrained indicated resources of 405,600 tonnes grading 5.42 g/t gold for a total of 70,630 oz. with a further indicated underground resource of 300,800 tonnes at 4.17 g/t gold totalling 40,380 oz.
Based on the results of a trade-off study, the company is looking to develop a small open pit operation at Fayolle.
The property covers a 3-km structural zone with wide areas of alteration, which contain mineralized zones.
Monarch Gold holds over 300 sq. km within its projects in the Abitibi greenstone belt as well as the Camflo and Beacon mills. Its flagship property is the feasibility-stage Wasamac deposit, 15 km west of Rouyn-Noranda.
Monarch’s stock was trading up 13% at Thursday’s close on the TSX. The company has a C$66 million market capitalization.
(This article first appeared in the Canadian Mining Journal)
