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Quebec-focused gold developer Monarch Mining (TSX: GBAR) has released assays for the first six holes drilled as part of a completed 5,912-metre drill program at the McKenzie Break project, 25 km north of Val-d’Or. The latest results appear to expand the existing resource to the south, east and west.
Drill highlights include 13.8 metres of 8.46 g/t gold from 290 metres; 12 metres of 1.29 g/t gold starting at 262.5 metres; and 2 metres of 6.35 g/t gold from 336 metres.
The 13.8-metre intercept is 50 metres south of a July 2020 intercept that returned 14.4 metres of 13.95 g/t gold.
“We are very pleased that we have been able to expand the mineralized envelope beyond the limits of the previous resource estimate with wide intersections…” Jean-Marc Lacoste, Monarch president and CEO, said in a release. “We are continuing to follow and expand this high-grade section of the resource estimate by drilling, and will also be testing similar features elsewhere on the newly-expanded property.”
Results are pending for six holes from the 12-hole, 5,912-metre program; the latest step-out program was completed on 50-metre centres. A further 8,700 metres is scheduled for drilling in April or May. Monarch plans to further test the limits of the mineralization and zone in on additional targets at the site.
Earlier in March, Monarch expanded McKenzie Break by 19.4 sq. km, through staking 36 new mining cells to the south, to a total of 70.7 sq. km. The road-accessible project is 20 km north of its 750 t/d Beacon mill, on care and maintenance. The site includes a portal and a 700-metre ramp that was excavated in 2009.
In February, the company tabled an updated resource for McKenzie Break, reporting pit-constrained resources of 1.4 million indicated tonnes grading 1.8 g/t gold for a total of 83,305 gold oz. with an additional 2.2 million pit-constrained inferred tonnes at 1.44 g/t gold for a further 104,038 gold oz. The underground inventory adds 387,720 indicated tonnes grading 5.03 g/t gold and 1.1 million inferred tonnes at 4.21 g/t gold.
Monarch Mining is a spin-out of Monarch Gold, which was acquired by Yamana Gold (TSX: YRI; NYSE, LSE: AUY) in January. The spinco also holds the Beaufor Mine, Croinor Gold and Swanson projects in the Val-d’Or region.
(This article first appeared in the Canadian Mining Journal)
