Canada invests $70m in Seymour Lake lithium project in Ontario
The lithium mine operated by Australia's Green Technology Metals could become the province's first lithium producer.
Monarch Gold (TSX: MQR) resumed diamond drilling at its wholly-owned Croinor Gold property, where activities were suspended following a winter freeze that affected Quebec’s Val-d’Or region.
In a press release, the Canadian company said the purpose of the current 1,750-metre campaign is to finish the 2018 drilling program and to drill high potential targets.
Monarch said that before it was suspended, the 2018 diamond drill program enabled its team to extend the limits of the deposit, returning numerous intersections with high-grade gold values over widths such as 18.40 g/t Au over 1.6 metres, 8.24 g/t Au over 9.0 metres, 43.25 g/t Au over 2.1 metres, 74.23 g/t Au over 2.0 metres and 17.26 g/t Au over 1.95 metres.
The eastern Canadian province has been seeing major snow events since October 2018
“Exploration to date on Croinor Gold has demonstrated the strong potential for increasing the size of the Croinor Gold deposit and finding new zones on the property,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch, in the media statement.
Croinor Gold, located in the municipality of Senneterre, is an advanced gold project that is currently at the pre-feasibility stage. It consists of one mining lease and two non-contiguous blocks of claims for a total of 335 claims over a 151 km² area.
It sits in the eastern part of the Archean Abitibi Greenstone Belt, considered one of the most extensive continuous expanses of low metamorphic grade Archean volcanic and sedimentary rocks in the world.
Proven reserves as of January 2018, are of 166,540 tonnes grading 5.33 g/t Au, while probable reserves for Croinor Gold have been estimated at 436,454 tonnes grading 7.18 g/t Au.
