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Monarh Gold Corporation TSX:MQR Toronto Common Stock
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Monarch Gold Files a Technical Report for its Fayolle Gold Project

22/10/2019 8:00pm

PR Newswire (US)


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  • The technical report shows a pit-constrained Indicated resource of 405,600 tonnes at an average grade of 5.42 g/t Au for a total of 70,630 ounces of gold, and an underground Indicated resource of 300,800 tonnes at an average grade of 4.17 g/t Au for a total of 40,380 ounces.
  • The resource was calculated at a US$1,300 gold price with an exchange rate of 1.33 US$/CA$ per troy ounce.
  • Monarch has a combined Measured and Indicated resource of 3.3 million ounces of gold and an Inferred resource of 1.1 million ounces (see table at the end of the press release).

MONTREAL, Oct. 22, 2019 /PRNewswire/ - MONARCH GOLD CORPORATION ("Monarch" or the "Corporation") (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) announces that it has filed on SEDAR a National Instrument 43-101 technical report for its Fayolle gold project. Monarch published a press release on September 10, 2019 (see press release), which summarized the assumptions and key results contained in the technical report. There are no material differences between the assumptions and estimates contained in Monarch's press release dated September 10, 2019, pertaining to this property, from those contained in the technical report that was filed today, and which is available on Monarch's website (see technical report).

The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, Eng., the Corporation's qualified person under National Instrument 43-101.

ABOUT MONARCH GOLD CORPORATION

Monarch Gold Corporation (TSX: MQR) is an emerging gold mining company focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns over 300 km² of gold properties (see map), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Beaufor mine, Croinor Gold (see video), Fayolle, McKenzie Break and Swanson advanced projects and the Camflo and Beacon mills, as well as other promising exploration projects. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill.

Forward-Looking Statements

The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.

 

Table 1 - Monarch combined gold resources










Tonnes

(metric)

Grade
(g/t Au)

Ounces

Wasamac property1




Measured Resources

3.99 M

2.52

323,300

Indicated Resources

25.87 M

2.72

2,264,500

Total Measured and Indicated

29.86 M

2.70

2,587,900

Total Inferred

4.16 M

2.20

293,900

Croinor Gold mine2




Measured Resources

80,100

8.44

21,700

Indicated Resources

724,500

9.20

214,300

Total Measured and Indicated

804,600

9.12

236,000

Total Inferred

160,800

7.42

38,400

Fayolle property3




Indicated Resources (pit constrained)

405,600

5.42

70,630

Indicated Resources (underground)

300,800

4.17

40,380

Total Indicated

706,400

4.89

111,010

McKenzie Break property4




Indicated Resources (pit constrained)

939,860

1.59

48,133

Indicated Resources (underground)

281,739

5.90

53,448

Total Indicated

1,221,599

2.58

101,581

Total Inferred

574,780

3.46

64,027

Swanson property5




Indicated Resources (pit constrained)

1,694,000

1.80

98,100

Indicated Resources (underground)

58,100

3.17

5,900

Total Indicated

1,752,100

1.85

104,100

Total Inferred

74,000

2.96

7,100

Beaufor Mine6




Measured Resources

74,400

6.71

16,100

Indicated Resources

271,700

7.93

69,300

Total Measured and Indicated

346,200

7.67

85,400

Total Inferred

46,100

8.34

12,400

Simkar Gold property7




Measured Resources

33,570

4.71

5,079

Indicated Resources

208,470

5.66

37,905

Total Measured and Indicated

242,040

5.52

42,984

Total Inferred

98,320

6.36

20,103

Monique property8,9




Total Inferred

9,126,500

2.25

661,400

TOTAL COMBINED10

Measured and Indicated Resources

Inferred Resources



3,268,975

1,097,330


1 Source: Technical Report on the Wasamac Project, Rouyn-Noranda, Québec, Canada, Tudorel Ciuculescu, M.Sc., P.Geo., October 25, 2017, Roscoe Postle Associates Inc.

2 Source: Monarques prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016)

3 Source: NI 43-101 Mineral Resource estimate of the Fayolle Project, August 30, 2019, Alain Carrier, P.Geo., M.Sc., of InnovExplo Inc.

4 Source: NI 43‐101 Technical Report on the McKenzie Break Project, April 17, 2018, Alain-Jean Beauregard, P.Geo., and Daniel Gaudreault, Eng., of Geologica Groupe-Conseil Inc. and Christian D'Amours, P.Geo., of GeoPointCom Inc.

5 Source: NI 43‐101 Technical Report on the Swanson Project, June 20, 2018, Christine Beausoleil, P.Geo., and Alain Carrier, P.Geo., M.Sc., of InnovExplo Inc.

6 Source: NI 43-101 Technical Report on the Mineral Resource and Mineral Reserve Estimates of the Beaufor Mine as at September 30, 2017, Val-d'Or, Québec, Canada, Carl Pelletier, P. Geo. and Laurent Roy, Eng.

7 Source: MRB et Associés (January 2015)

8 Source: NI 43-101 Mineral Resource estimate of the Monique Project as at August 28, 2019, Merouane Rachidi, Ph.D., P.Geo., and Claude Duplessis, Eng. of GoldMinds Geoservices.

9 Probe Metals Inc. may earn a 60% interest in the Monique property by spending an aggregate of $2,000,000 on exploration before January 2021.

10 Numbers may not add due to rounding.

 

www.monarquesgold.com

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/monarch-gold-files-a-technical-report-for-its-fayolle-gold-project-300943303.html

SOURCE Monarch Gold Corporation

Copyright 2019 PR Newswire

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