Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Monarch Mining has released a new resource estimate for its wholly-owned Beaufor gold project 20 km northeast of Val d’Or, Quebec.
As prepared by BBA Inc., the estimate includes measured and indicated resources of 1.3 million tonnes grading 5.3 g/t gold, containing 219,200 oz. The inferred resource is 818,000 tonnes at 4.7 g/t gold, for 122,500 oz.
Monarch has announced it plans to restart the mine, which it acquired in 2017, next year.
The new resource is the first block model type estimate done for the property. Previous estimates used the polygon method. The previous estimate covered 588,000 measured and indicated tonnes plus 134,600 inferred tonnes.
Mining at Beaufor began in the 1930s, and since then the underground mine has produced over 1.1 million oz. of gold. It is currently on care and maintenance.
(This article first appeared in the Canadian Mining Journal)
