Which US presidential candidate does gold prefer?
Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
In an update on the recommissioning of its wholly owned Beaufor mine and Beacon mill, Monarch Mining (TSX: GBAR) said it has begun feeding ore to the mill and expects to make its first gold pour this month.
The Beaufor mine and Beacon mill are located about 20 km northeast of Val d’Or, Quebec, and have produced over 1.1 million oz. of gold since it first opened in the 1930s. Monarch acquired a 100% interest in the Beacon mill in 2016 and the Beaufor mine in 2017. The mine was operational for about 18 months from 2017 to 2019.
In an effort to restart the operation, the company has been mining ore at Beaufor over the past few months. A total of 31,079 tonnes averaging 4.76 g/t gold have been mined to date, 30,549 tonnes of which are currently stockpiled and ready to be processed.
At the Beacon mill, pre-commissioning and with the processing of waste rock began about six weeks ago. About C$20 million has been invested by Monarch to refurbish the mill, which has a nameplate capacity of 750 tonnes per day.
“We’ve been working relentlessly over the last year to restart the Beaufor mine and Beacon mill, and we’re pleased to see our efforts coming to fruition,” Monarch CEO Jean-Marc Lacoste said in a news release. “We are convinced that our new mining and exploration strategies will enable us to make the Beaufor mine a success once again and create new, good-quality jobs and sustainable employment in the region in the process.”
Once the mine and mill are fully operational, the company will focus on generating cash flow for its exploration activities and increasing the Beaufor resource, which remains open on several levels of the mine.
The Beaufor mine presently has measured and indicated resources of 1.3 million tonnes grading 5.3 g/t gold or 219,500 contained oz. The inferred resource is 818,900 tonnes at 4.7 g/t gold for about 122,500 contained oz.
