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Monarch Gold $MQR.ca Produces 3,572 Ounces of Gold and Generates $7.3 Million in Revenue in the Fourth Quarter $GDX.ca $ECR.ca $MZZ.ca $QMX.ca $IMG.ca $IAG $MUX

Posted by AGORACOM-JC at 8:31 AM on Wednesday, July 31st, 2019
  • Monarch produced 3,572 ounces of gold in the fourth quarter, up 169% from the third quarter and down 24% from the 4,695 ounces produced last year.
  • The increase was attributable to a rise in the production rate at the Camflo mill and the Beaufor mine combined with a higher grade of ore.

MONTREAL, July 31, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report its production and corporate highlights for the fourth quarter ended June 30, 2019. Amounts are in Canadian dollars unless otherwise indicated.

Production highlights

  • Monarch produced 3,572 ounces of gold in the fourth quarter, up 169% from the third quarter and down 24% from the 4,695 ounces produced last year. The increase was attributable to a rise in the production rate at the Camflo mill and the Beaufor mine combined with a higher grade of ore.
  • The Corporation recorded revenues of $7.3 million in the fourth quarter from the sale of 2,666 ounces of gold at an average price of $1,764 per ounce (US $1,333) plus custom milling revenue, which was down 3.1% from the third quarter due to an increase in the tonnage milled from the Beaufor mine.
  • As at June 30, 2019, the Corporation had more than 1,100 ounces of gold in inventory.

“This was a solid quarter in terms of performance, especially given that we operated with approximately one-third the workforce we had last year,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “This quarter also marks the suspension of our production activities at the Beaufor mine during the quarter, as of June 27, 2019, and at the Camflo mill on July 10, 2019. Given the current gold environment, our team is focusing on identifying new exploration targets at the Beaufor mine and preparing a drilling program on the most promising targets, while Camflo is currently undergoing maintenance work that should take place over a 90-day period.”

“Despite the fact that we have suspended our production activities, Monarch is in an excellent position to benefit from the current upward trend in gold prices. The Corporation has a large portfolio of high-quality mining assets that include two mills, six advanced gold projects with total measured and indicated resources of more than 3.1 million ounces of gold (see table at the end of this press release), a 14.2% interest in Unigold (TSXV: UGD), as well as a strong financial position. Our goal in the coming quarters will be to develop our flagship Wasamac project, which has an annual production potential of 142,000 ounces of gold over 11 years (see press release dated December 3, 2018), and to increase the value of our assets through partnerships and other transactions.”

Production statistics

  Three months
ended June 30,
2019
Three months
ended June 30,
2018
Twelve months
ended June 30,
2019
Twelve months
ended June 30,
2018
Beaufor mine     
Ore processed (tonnes) 27,648 30,523 96,212 98,394
Gold recovery (%) 98.24 98.70 98.17 98.76
Ounces produced 3,572 4,695 13,225 15,071
Ounces sold 2,666 4,589 12,534 14,856

Corporate highlights

  • On May 9, 2019, the Corporation acquired a block of 6.5 million shares of Unigold Inc. (TSXV: UGD) from an investor at an agreed price of $0.115 per share, for a total of $747,500, payable by the issuance of 3.25 million common shares of the Corporation at an agreed price of $0.23 each (see press release).
  • On June 10, 2019, the Corporation announced that it had been awarded the 2018 F. J. O’Connell trophy in the “Underground Operations − Less than 400,000 hours worked” category for the Beaufor mine by the Québec Mining Association at its annual conference held on June 5 and 6, 2019, in Entourage sur-le-Lac, Lac Beauport, in the Quebec City area (see press release).
  • On June 18, 2019, the Corporation announced the signature of binding letters of intent for the acquisition of an aggregate 100% interest in the Fayolle property from Hecla Quebec Inc., formerly known as Aurizon Mines Ltd. (NYSE: HL), and Typhoon Exploration Inc. (TSXV: TYP) (see press release).
  • On June 19, 2019, the Corporation announced that its wholly-owned subsidiary Louvem Mines Inc. had sold a 2% net smelter return (“NSR”) royalty on certain claims of the Chimo Mine property to Cartier Resources Inc. (TSXV: ECR) in consideration of a cash payment of $350,000 (see press release).
  • On July 25, 2019, the Corporation sold its portfolio of net smelter return (“NSR”) royalties on the Chimo property (owned by Chalice Gold Mines Ltd) for a cash payment of $350,000. Monarch held a portfolio of NSR royalties ranging from 0.50% to 2.50% on the Chimo property, which surrounds the Chimo Mine property.

The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, P.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 close to 300 km² of gold properties (see map), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Croinor Gold (see video), McKenzie Break, Beaufor 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.

www.monarquesgold.com

Table 1 – Monarch Gold: Measured and Indicated Resource
    
  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 29.86 M 2.70 2,587,900
Croinor Gold mine2    
Measured Resources 80,100 8.44 21,700
Indicated Resources 724,500 9.20 214,300
Total 804,600 9.12 236,000
Swanson property3    
Indicated Resources (pit constrained) 1,694,000 1.80 98,100
Indicated Resources (underground) 58,100 3.17 5,900
Total 1,752,100 1.85 104,100
McKenzie Break property4    
Indicated Resources (pit constrained) 939,860 1.59 48,133
Indicated Resources (underground) 281,739 5.90 53,448
Total 1,221,599 2.58 101,581
Beaufor Mine5    
Measured Resources 74,400 6.71 16,100
Indicated Resources 271,700 7.93 69,300
Total 346,200 7.67 85,400
Simkar Gold property6    
Measured Resources 33,570 4.71 5,079
Indicated Resources 208,470 5.66 37,905
Total 242,040 5.52 42,984
TOTAL COMBINED Measured and Indicated Resources    3,157,865
 
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 Technical Report on the Swanson Project, June 20, 2018, Christine Beausoleil, P.Geo., and 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 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.
6 Source: MRB et Associés (January 2015)

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SOURCE Monarch Gold Corporation

Monarch Gold $MQR.ca Produces 1,328 Ounces of Gold and Generates $5.2 Million in Revenue in its Third Quarter $GDX.ca $ECR.ca $MZZ.ca $QMX.ca $IMG.ca $IAG $MUX

Posted by AGORACOM-JC at 9:20 AM on Wednesday, May 1st, 2019


  • Custom milling operations at the Camflo mill contribute strongly to revenues
  • Production at the Beaufor mine declines due to a lower production rate
  • The Wasamac gold project continues to draw considerable interest from potential partner
  • The Corporation completed a positive feasibility study on its Wasamac deposit during the second quarter (see feasibility study), with the following results:
    • Forecast average production: 142,000 ounces of gold over 11 years
    • Pre-tax NPV: $522 million
    • Pre-tax IRR: 23.6%
    • Cash cost: US $550 per ounce

MONTREAL, May 1, 2019 /CNW/ – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report its production and corporate highlights for the third quarter ended March 31, 2019. Amounts are in Canadian dollars unless otherwise indicated.

Production highlights

  • Monarch produced 1,328 ounces of gold in the third quarter, down 70% from the second quarter and 73% from 4,932 ounces produced last year. The decrease was attributable to a cut in the production rate and number of employees at the Beaufor mine in January 2019.

  • The Corporation recorded revenues of $5.2 million in the third quarter from the sale of 1,427 ounces of gold at an average price of $1,737 per ounce (US $1,307) plus custom milling revenue, which was down 6.2% from the second quarter due to a planned shutdown at the Camflo mill for maintenance work, but  up 35.5% year over year.

“Our custom milling operations at the Camflo mill continue to perform well despite the lower tonnage from the Beaufor mine,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “The Beaufor mine is currently operating at a reduced average rate of 7,000 tonnes per month with about 50 employees, and we are reassessing the mine’s operations on a monthly basis.”

“Our promising projects are unquestionably the Wasamac, Croinor Gold and McKenzie Break advanced gold projects. The Wasamac project continues to draw considerable interest from the mining and financial community, as evidenced by the increased virtual room traffic. We have also had preliminary discussions with a number of parties and will continue to work with them in the coming weeks. Meanwhile, Croinor Gold and McKenzie Break generated excellent drill results in 2018, which increased the gold potential of these projects.”

Production statistics

Three months ended March 31, 2019 Three months ended March 31, 2018 Nine months ended March 31, 2019 Nine months ended March 31, 2018
Beaufor mine
Ore processed (tonnes) 13,110 32,866 68,564 67,871
Gold recovery (%) 97.78 98.91 98.15 98.78
Ounces produced 1,328 4,932 9,653 10,376
Ounces sold 1,427 4,823 9,868 10,267

Corporate highlights

  • On February 4, 2019, the Corporation reported the last assay results from the 2018 diamond drill program at its wholly owned Croinor Gold project, which notably returned 17.26 g/t Au over 1.95 metres, including 50.10 g/t Au over 0.6 metres (see press release).

  • On February 7, 2019, the Corporation announced the appointment of Mathieu Séguin as Vice President, Corporate Development (see press release).

  • On February 28, 2019, the Corporation reported the first assay results from the 2018 diamond drilling program at its wholly owned McKenzie Break gold project, which notably returned 61.20 g/t Au over 2.6 metres, including 265.00 g/t Au over 0.6 metres (see press release).

  • On March 13, 2019, the Corporation reported the second set of assay results from the 2018 diamond drilling program at its wholly owned McKenzie Break gold project, which notably returned 24.40 g/t Au over 2.0 metres, including 93.80 g/t Au over 0.5 metres (see press release).

  • On March 20, 2019, the Corporation reported the third and last set of assay results from the 2018 diamond drilling program at its wholly owned McKenzie Break gold project, which notably returned 12.60 g/t Au over 1.35 metres, including 55.90 g/t Au over 0.3 metres (see press release).

  • On March 29, 2019, the Corporation reported that it had sold its Pandora royalty to Agnico Eagle Mines Limited, thus reducing its payments for the McKenzie Break and Swanson properties by $800,000 (see press release).

  • On April 26, 2019, the Corporation announced the closing of a $2,000,000 private placement (see press release).

The Corporation has also received the assay results for the 1,750-metre drilling program carried out in February 2019 on the Croinor Gold property. The program included seven exploration holes drilled more than one kilometre away from the Croinor Gold deposit. While the holes did not return any significant intersections, they did yield important geological data. The Corporation still believes that Croinor Gold holds excellent exploration potential along strike and at depth, as these holes targeted only a small portion of the 151 km2 property. In fact, the Corporation plans to continue additional exploration work on Croinor Gold to locate additional drilling targets. On the MacKenzie Break property, the Corporation is currently planning its next drilling program on high potential targets.

Finally, the recommissioning of the Beacon plant has been delayed, mainly because the Corporation has not yet received the operating permits or obtained the financing needed to put the Croinor Gold deposit back into production.

The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, P.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 close to 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, the Croinor Gold (see video), 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.

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SOURCE Monarch Gold Corporation

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2019/01/c5907.html

Jean-Marc Lacoste, 1-888-994-4465, President and Chief Executive Officer, [email protected]; Mathieu Séguin, 1-888-994-4465, Vice President, Corporate Development, [email protected]; Elisabeth Tremblay, 1-888-994-4465, Senior Geologist – Communications Specialist, [email protected], www.monarquesgold.comCopyright CNW Group 2019

Monarch Gold $MQR.ca Sells Pandora Royalty $GDX.ca $ECR.ca $MZZ.ca $QMX.ca $IMG.ca $IAG $MUX

Posted by AGORACOM-JC at 8:13 AM on Friday, March 29th, 2019
  • Pandora royalty was part of the assets that Monarch acquired from Richmont Mines in October 2017
  • In return for the Pandora royalty, Monarch’s payments for the McKenzie Break and Swanson properties will be reduced by $800,000

MONTREAL, March 29, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report that it has sold a 0.5% Net Smelter Return (NSR) royalty on the Pandora property (the “Pandora royalty”) to Agnico Eagle Mines Limited.  The Pandora royalty was part of the assets that Monarch acquired from Richmont Mines in October 2017. In return for the Pandora royalty, Monarch’s payments for the McKenzie Break and Swanson properties will be reduced by $800,000, as follows:

Dates Payment Original
Agreement
Amended
Agreement
Status
December 21, 2017 Payment in shares $600,000 $600,000 Paid
December 21, 2018 Cash payment Payment in shares $400,000 $600,000 $400,000 $600,000 Paid
Paid
December 21, 2019 Cash payment Payment in shares $400,000 $600,000 $400,000
December 21, 2020 Cash payment Payment in shares $400,000 $600,000 $400,000 $400,000
December 21, 2021 Cash payment Payment in shares $400,000 $600,000 $400,000 $600,000
Total $4,600,000 $3,800,000

“This is a great deal for Monarch, allowing us to reap even more benefits from the Richmont transaction by monetizing a non-core asset,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “The McKenzie Break property has gained tremendously in value since we started drilling in 2018, as we have been able to expand the deposit and confirm its high-grade potential. As mentioned in our March 20, 2019 press release, we are presently analyzing the results of the 2018 drilling on McKenzie Break and planning the follow-up program for 2019.”

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 close to 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, the Croinor Gold (see video), 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.

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SOURCE Monarch Gold Corporation

Monarch Gold $MQR.ca Intersects 12.60 g/t Au over 1.35 metres, including 55.90 g/t Au over 0.3 metres, at its Mckenzie Break Gold Project $GDX.ca $ECR.ca $MZZ.ca $QMX.ca $IMG.ca $IAG $MUX

Posted by AGORACOM-JC at 8:11 AM on Wednesday, March 20th, 2019
  • 2018 drilling program a total success, expanding the size of the McKenzie Break deposit and confirming its high-grade potential.
  • Visible gold found in 17 of the 61 holes, including hole MK-18-196, which intersected 265.00 g/t Au over 0.6 metres, and hole MK-18-216 with 93.80 g/t Au over 0.5 metres
  • Highlights of the third and last set of results for the 13,945-metre 2018 diamond drilling program:
    • Hole MK-18-236: 12.60 g/t Au over 1.35 metres, incl. 55.90 g/t Au over 0.3 metres, and 13.40 g/t Au over 2.0 metres, incl. 26.40 g/t Au over 1.0 metre
    • Hole MK-18-231: 15.74 g/t Au over 1.5 metres
    • Hole MK-18-222: 13.95 g/t Au over 1.0 metre
    • Hole MK-18-232: 6.84 g/t Au over 2.0 metres, incl. 13.65 g/t Au over 1.0 metre

MONTREAL, March 20, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report the third and last set of assay results from the 2018 diamond drilling program at its wholly owned McKenzie Break gold project 25 kilometres north of Val-d’Or, near its Camflo and Beacon mills. The program started in September 2018 and ended in December 2018, with a total of 13,945 metres drilled in 61 holes. The purpose of the program was to explore below the known lenses and on the periphery of the multi-vein Green and Orange zones. Assays have been received for the last 20 holes totalling 5,052 metres of core (see table below and press releases dated February 28, 2019  and March 13, 2019 for a compilation of the 2018 assay results).

“With the solid high-grade results obtained from our 2018 drilling program, we have upgraded the status of McKenzie Break as one of our prime advanced exploration projects,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “The program delivered beyond our expectations, enabling us to establish that the deposit remains open to the west, east, north and at depth and continues to hold excellent high-grade gold potential (see plan view and longitudinal). In fact, the next resource estimate has the potential to expand the underground deposit by 250 metres to the east, 100 metres to the north and 50 metres to the west. There is still a lot of exploration work to be done to fully assess the size and magnitude of this deposit, which remains largely underexplored. We are presently analyzing the results of the 2018 drilling and planning the follow-up program for 2019.”  

Hole MK-18-236 returned 12.60 g/t Au over 1.35 metres, including 55.90 g/t Au over 0.3 metre at 80 metres below surface. This interval is 65 metres southeast of hole MK-18-210, which returned a grade of 12.50 g/t Au over half a metre from the same horizon as hole MK-18-236, thereby extending the lens to the east and showing that it is still open. Hole MK-18-236 also intersected another lens, at a depth of 145 metres from surface, with values of 13.40 g/t Au over 2.0 metres, including 26.40 g/t Au over 1.0 metre, and 75 metres north, on the same horizon, hole MK-18-232 returned values of 6.84 g/t Au over 2.0 metres, including 13.65 g/t Au over 1.0 metre. These two intersections are connected by hole MK-18-211, 100 metres northwest of hole MK-18-236. The combination of these three holes on the same horizon will increase the underground resource in this sector. 

Hole MK-18-231, which returned a grade of 15.74 g/t Au over 1.5 metres, is to the north of the planned Green Zone open pit, in the middle of a triangle of three holes drilled by Monarch in 2018. These four holes are interpreted as being connected and are on the same horizon, creating a new lens. The three other holes are an average of 65 metres from hole MK-18-231 and grade an average of 5.42 g/t Au. The lens lies 200 metres below surface.

Hole MK-18-222 returned a grade of 13.95 g/t Au over 1.0 metre from 68 metres below surface. This intersection is 70 metres northwest of the Green Zone open pit and will help to increase the underground resource.

Third set of drill results for the McKenzie Break property:

Hole Length From To Width* Grade Au
number (m) (m) (m) (m) (g/t)
MK-18-222 177 64.1 65.0 0.9 5.14
68.0 69.0 1.0 13.95
102.0 103.0 1.0 4.68
141.0 142.5 1.5 5.40
Including 141.0 141.5 0.5 14.00
MK-18-223 150 20.7 22.6 1.9 6.18
Including 21.6 22.1 0.5 8.99
65.4 66.3 0.9 2.03
69.6 70.6 1.0 3.69
100.5 105.1 4.6 2.18
Including 102.8 103.9 1.1 3.95
122.8 125.3 2.5 2.19
Including 124.0 125.3 1.3 3.17
MK-18-224 210 174.0 178.0 4.0 2.75
Including 177.0 178.0 1.0 6.11
MK-18-225 210 68.0 68.5 0.5 8.11
175.0 176.3 1.3 2.42
MK-18-226 276 244.55 246.5 1.95 3.09
Including 246.0 246.5 0.5 9.58
274.1 275.0 0.9 2.70
MK-18-227 228 101.0 101.5 0.5 3.86
168.7 171.8 3.1 0.89
Including 170.5 171.1 0.6 2.74
MK-18-228 216 34.0 37.0 3.0 2.42
88.0 89.0 1.0 9.37
MK-18-229 243 103.0 104.0 1.0 2.79
196.0 198.0 2.0 1.61
Including 197.0 198.0 1.0 2.39
MK-18-230 270 152.0 153.0 1.0 3.54
175.5 176.2 0.7 2.59
198.0 200.0 2.0 3.84
Including 199.0 200.0 1.0 6.20
MK-18-231 258 197.0 198.5 1.5 17.45
197.0 211.0 14.0 2.38
MK-18-232 252 158.0 160.0 2.0 6.84
Including 159.0 160.0 1.0 13.65
188.0 189.0 1.0 3.25
MK-18-233 247 137.75 138.5 0.75 1.36
MK-18-234 276 234.0 235.8 1.8 7.80
Including 235.0 235.8 0.8 17.30
MK-18-235 269 138.0 139.0 1.0 2.19
244.65 248.0 3.35 3.83
Including 244.65 245.4 0.75 10.60
MK-18-236 288 77.65 79.0 1.35 12.6
Including 77.65 77.95 0.3 55.9
143.0 145.0 2.0 13.40
Including 143.0 144.0 1.0 26.40
236.0 236.55 0.55 3.10
277.0 279.0 2.0 2.36
281.0 282.0 1.0 2.05
MK-18-237 300 249.7 250.7 1.0 2.42
261.7 262.25 0.55 2.67
MK-18-238 300 172.6 173.3 0.7 2.26
228.0 228.5 0.5 2.19
259.8 261.0 1.2 2.72
MK-18-239 306 199.0 200.0 1.0 3.57
204.4 205.5 1.1 2.10
MK-18-240 324 176.8 178.3 1.5 5.90
Including 176.8 177.3 0.5 17.5
182.8 183.7 0.9 4.09
MK-18-245 252 123.4 125.3 1.9 1.07
*The width shown is the core length. True width is estimated to be 90-100% of the core length.

McKenzie Break is a high-grade, multiple-narrow-vein gold deposit hosted in the dioritic Pascalis batholith and underlain by porphyritic diorite and mafic and felsic volcanic rocks. On June 14, 2018, the Corporation reported an NI 43-101 pit-constrained resource of 48,133 ounces in the Indicated category and 14,897 ounces in the Inferred category on the property, as well as an underground resource of 53,448 ounces in the Indicated category and 49,130 ounces in the Inferred category, for a total of 165,608 ounces of gold (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.).

Sampling normally consists of sawing the core into equal halves along its main axis and shipping one of the halves to the ALS Minerals laboratory in Val-d’Or, Quebec for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Results exceeding 3.0 g/t Au are re-assayed using the gravity method, and samples containing visible gold grains are assayed using the metallic sieve method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

The technical and scientific content of this press release has been reviewed and approved by Ronald G. Leber, P.Geo., 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 close to 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, the Croinor Gold (see video), 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.

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SOURCE Monarch Gold Corporation

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2019/20/c8817.html

Jean-Marc Lacoste, 1-888-994-4465, President and Chief Executive Officer, [email protected]; Mathieu Séguin, 1-888-994-4465, Vice President, Corporate Development, [email protected]; Elisabeth Tremblay, 1-888-994-4465, Senior Geologist – Communications Specialist, e.t[email protected]; www.monarquesgold.comCopyright CNW Group 2019

Monarch Gold Intersects 61.20 g/t Au Over 2.6 Metres, Including 265.00 g/t Au Over 0.6 Metres, at its McKenzie Break Gold Project $GDX.ca $ECR.ca $MZZ.ca $QMX.ca $IMG.ca $IAG $MUX

Posted by AGORACOM-JC at 8:50 AM on Thursday, February 28th, 2019
  • Initial drilling expands the high-grade gold potential of the McKenzie Break deposit and intersects new structures at depth
  • Highlights of initial results on the 13,945-metre 2018 diamond drilling program:
    – Hole MK-18-196: 61.20 g/t Au over 2.6 metres, incl. 265.00 g/t Au over 0.6 metres
    – Hole MK-18-183: 24.70 g/t Au over 0.6 metres
    – Hole MK-18-180: 19.80 g/t Au over 0.4 metres
    – Hole MK-18-195: 9.44 g/t Au over 2.0 metres, incl. 18.50 g/t Au over 1.0 metre

MONTREAL, Feb. 28, 2019 - MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report the first assay results from the 2018 diamond drilling program at its wholly owned McKenzie Break gold project 25 kilometres north of Val-d’Or, near Monarchs’ Camflo and Beacon mills. The program started in September 2018 and ended in December 2018, with a total of 13,945 metres drilled in 61 holes. The purpose of the program was to explore below the known lenses and on the periphery of the multi-vein Green and Orange zones. Assays have been received for the first 21 holes totalling 4,424 metres of core (see table below for assay results).

“This first set of results attests to McKenzie Break’s solid exploration and high-grade potential, and already extends the deposit laterally and at depth,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “Previous work on the property was mainly limited to the Green and Orange zones, which nonetheless enabled us to outline an indicated and inferred resource of over 165,000 ounces of gold (see press release dated June 14, 2018). Our aim going forward is to increase that resource.”

Hole MK-18-196 returned 61.20 g/t Au over 2.6 metres, including 265.00 g/t Au over 0.6 metres, at 260 metres below surface. This hole lies 110 metres west of a historic hole that returned 3.56 g/t Au over 1.1 metres, and 75 metres southeast of hole MK-18-195, which yielded 1.84 g/t Au over 1.0 metre. The intersections from holes MK-18-196 and MK-18-195 are on the same horizon, thereby potentially representing a new lens at depth.

Hole MK-18-183, drilled northwest of the proposed open pit, returned 24.70 g/t Au over 0.6 metres from a depth of 60 metres. Along with other holes drilled during the 2018 program, this positive result indicates the potential to extend the open pit towards the northwest.

Hole MK-18-180 returned a grade of 19.80 g/t Au over 0.4 metres from 90 metres below surface to the northeast of the Green Zone. This result extends the main Green Zone lens approximately 50 metres towards the northeast and will increase the underground mining resource in this area.

Hole MK-18-195 returned 9.44 g/t Au over 2.0 metres, including 18.50 g/t Au over 1.0 metre. This intersection is 195 metres below surface and represents a new lens below the main Orange Zone lens. The intersection lies approximately 80 metres northeast of the Orange Zone sector, with the nearest hole returning anomalous values 75 metres farther east. If connected, these results could enlarge the lens and extend it to the northeast.

Initial drill results for the McKenzie Break property:

Hole Length From To Width* Grade Au
number (m) (m) (m) (m) (g/t)
MK-18-179 176 5.9 6.6 0.7 7.30
149.2 150.0 0.8 8.13
MK-18-180 174 89.4 89.8 0.4 19.80
170.0 171.0 1.0 7.60
MK-18-181 201 175.7 176.7 1.0 1.99
MK-18-182 180 22.8 24.6 1.8 5.27
MK-18-183 180 34.2 38.5 4.3 3.73
Including 37.5 38.5 1.0 7.43
52.1 52.7 0.6 24.70
105.8 106.4 0.6 12.95
MK-18-184 174 58.3 59.4 1.1 2.90
148.6 149.6 1.0 6.83
MK-18-185 186 90.6 91.6 1.0 7.46
100.7 101.45 0.75 10.75
MK-18-186 177 64.0 66.0 2.0 2.68
MK-18-187 174 84.0 88.8 4.8 3.91
MK-18-188 177 6.9 9.3 2.4 3.08
9.2 20.2 1.0 3.46
131.7 132.5 0.8 2.18
MK-18-189 177 11.0 12.0 1.0 2.00
MK-18-190 201 17.6 18.8 1.2 4.87
25.8 27.8 2.0 2.70
39.8 41.0 1.2 3.46
MK-18-191 252 45.5 46.5 1.0 2.26
166.0 179.0 13.0 0.39
MK-18-192 276 89.7 91.9 2.2 6.78
190.0 194.0 4.0 0.68
223.0 226.5 3.5 1.18
MK-18-193 234 130.0 131.1 1.1 8.90
209.0 212.2 3.2 1.76
MK-18-194 234 15.0 16.0 1.0 6.67
111.7 112.7 1.0 2.13
MK-18-195 276 193.0 195.0 2.0 9.44
Including 194.0 195.0 1.0 18.50
MK-18-196 300 254.8 257.4 2.6 61.20
Including 255.7 256.3 0.6 265.00
293.8 296.0 2.2 1.88
MK-18-197 201 177.6 178.8 1.2 1.68
MK-18-198 198 62.5 63.7 1.2 0.18
MK-18-199 276 260.9 262.0 1.1 4.24

*The width shown is the core length. True width is estimated to be 90-100% of the core length.

McKenzie Break is a high-grade, multiple-narrow-vein gold deposit hosted in the dioritic Pascalis batholith and underlain by porphyritic diorite and mafic and felsic volcanic rocks. On June 14, 2018, the Corporation reported an NI 43-101 pit-constrained resource of 48,133 ounces in the Indicated category and 14,897 ounces in the Inferred category on the property, as well as an underground resource of 53,448 ounces in the Indicated category and 49,130 ounces in the Inferred category, for a total of 165,608 ounces of gold (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.).

Sampling normally consists of sawing the core into equal halves along its main axis and shipping one of the halves to the ALS Minerals laboratory in Val-d’Or, Quebec for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Results exceeding 3.0 g/t Au are re-assayed using the gravity method, and samples containing visible gold grains are assayed using the metallic sieve method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

The technical and scientific content of this press release has been reviewed and approved by Ronald G. Leber, P.Geo., 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 close to 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, the Croinor Gold (see video), 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.

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SOURCE Monarch Gold Corporation

Monarch Gold $MQR.ca resumes drilling on Croinor Gold property $GDX.ca $ECR.ca $MZZ.ca $QMX.ca $IMG.ca $IAG $MUX

Posted by AGORACOM-JC at 8:22 AM on Friday, February 15th, 2019
  • Announced the resumption of diamond drilling at its wholly owned Croinor Gold property, 50 kilometres east of Val-d’Or
  • 1,750-metre program aimed at drilling high potential targets
  • Recently returning numerous intersections with high grade gold values over good 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

MONTREAL, Feb. 15, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to announce the resumption of diamond drilling at its wholly owned Croinor Gold property, 50 kilometres east of Val-d’Or, Québec. Before being suspended due to the winter freeze, the 2018 diamond drill program enabled Monarch to extend the limits of the deposit, returning numerous intersections with high grade gold values over good 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 (see press releases dated July 10, 2018, September 5, 2018, October 4, 2018, January 15, 2019 and February 4, 2019 for a compilation of the 2018 drill results). The deposit remains open along strike and at depth.

The purpose of the 1,750-metre drilling program that will start in February 2019 is:

  • To finish the 2018 drilling program.
  • To drill high potential targets on the Croinor Gold property.

“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. “This greenfield drilling program on high potential targets is further proof of Monarch Gold’s confidence in finding more gold on its 151 km2 property.”

The technical and scientific content of this press release has been reviewed and approved by Ronald G. Leber, P.Geo., 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 close to 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, the Croinor Gold (see video), 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.)

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SOURCE Monarch Gold Corporation

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2019/15/c0795.html

Jean-Marc Lacoste, 1-888-994-4465, President and Chief Executive Officer, [email protected]; Mathieu Séguin, 1-888-994-4465, Vice President, Corporate Development, [email protected]; Elisabeth Tremblay, 1-888-994-4465, Senior Geologist – Communications Specialist, [email protected], www.monarquesgold.comCopyright CNW Group 2019

Monarch Gold $MQR.ca Intersects 17.26 g/t Au Over 1.95 Metres, Including 50.10 g/t Au Over 0.6 Metres, at its Croinor Gold Project $GDX.ca $ECR.ca $MZZ.ca $QMX.ca $IAG $MUX

Posted by AGORACOM-JC at 8:20 AM on Monday, February 4th, 2019


  • 2018 drilling program increases the size of the Croinor Gold deposit, which remains open in all direction
  • Highlights from the additional 6,645-metre diamond drill program:
    • Hole CR-18-685: 17.26 g/t Au over 1.95 metres, incl. 50.10 g/t Au over 0.60 metres
    • Hole CR-18-676: 10.33 g/t Au over 1.75 metres, incl. 25.40 g/t Au over 0.65 metres
    • Hole CR-18-678: 40.50 g/t Au over 1.00 metre
    • Hole CR-18-683: 23.61 g/t Au over 1.60 metres, incl. 43.70 g/t Au over 0.65 metres

MONTREAL, Feb. 4, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report the last assay results from the 2018 diamond drill program at its wholly owned Croinor Gold project, 50 kilometres east of Val-d’Or, Québec.

“The 2018 diamond drilling program on the Croinor Gold property was a major success, as it enabled us to increase the size and gold content of the planned stopes, confirm and expand the two underground bulk sampling areas, extend the deposit to the east and west and at depth and establish that the deposit is still open in all directions,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “The next phase will focus on upgrading the deposit through infill drilling and drilling pure exploration holes to test high-potential targets on our 151-km2 property.”  

The initial 20,000-metre program started in March 2018 and focused on expanding and upgrading the Croinor Gold deposit. The program was completed in early September, with a total of 19,935 metres of core drilled in 89 holes. Given the positive results from that drilling program, the Corporation decided to drill another 8,300 metres, and managed to complete 6,645 metres in 18 holes before the winter freeze (see longitudinal). All the assays for the original program and the additional 6,645 metres of drilling have been received (see table below and press releases dated July 10, 2018, September 5, 2018, October 4, 2018 and January 15, 2019, for a compilation of the 2018 drill results).

Hole CR-18-685 returned 17.26 g/t Au over 1.95 metres, including 50.10 g/t Au over 0.6 metre, 315 metres below surface. This hole was drilled 30 metres west of hole CR-18-676, and is 30 metres down dip from hole CR-11-407 and 45 metres up dip and to the east of hole CR-15-441. The two nearby historical holes combined with these two new holes will create a new stope in the western part of the deposit, extending the mineralization westward while keeping the deposit open to the west. The closest stope to these holes is 125 metres to the east.

Hole CR-18-676 returned 10.33 g/t Au over 1.75 metres, including 25.40 g/t Au over 0.65 metres. It was drilled to follow up on hole CR-18-583, drilled during the initial drilling program 20 metres west of hole CR-18-676 and 30 metres east of hole CR-18-685. CR-18-676 was drilled down dip, parallel to the host diorite, and intersected multiple mineralized zones within the diorite, as shown in the table below.

Hole CR-18-678 returned 40.50 g/t Au over 1.00 metre. It is located 20 metres west from a planned stope, 250 metres below surface and 25 metres west of hole CR-18-672, another hole added based on the positive results from the initial program.

Finally, hole CR-18-683 returned 23.61 g/t Au over 1.60 metres, including 43.70 g/t Au over 0.65 metres. It is located 8 metres west of a planned stope, thereby increasing the stope’s size and gold content.

Results from the additional 6,645 metres of drilling on Croinor Gold

Hole Length From To Width* Grade Area
Number (m) (m) (m) (m) (g/t Au) Targeted
CR-18-672 340 239.3 240.0 0.7 5.17 Deposit
251.4 252.0 0.6 9.37
261.6 263.6 2.0 11.24
Including 261.6 262.6 1.0 22.00
CR-18-673 424 264.7 266.7 2.0 10.46 Deposit
Including 264.7 265.7 1.0 19.25
273.0 273.7 0.7 9.67
305.8 306.3 0.5 9.31
CR-18-674 319 298.5 299.6 1.1 1.72 Deposit
CR-18-675 319 260.6 261.6 1.0 10.15 Deposit
CR-18-676** 751 27.4 30.25 2.85 2.20 Deposit
55.75 58.5 2.75 7.46
Including 55.75 56.3 0.55 10.75
Including 58.0 58.5 0.5 12.30
62.5 64.1 1.6 6.01
Including 63.6 64.1 0.5 11.15
76.3 76.8 0.5 5.78
84.7 85.3 0.6 22.20
255.6 256.1 0.5 8.47
274.95 278.9 1.8 6.12
Including 274.95 275.55 0.6 11.85
286.6 288.2 1.6 3.80
298.0 298.5 0.5 5.82
300.75 301.35 0.6 11.25
368.1 369.85 1.75 10.33
Including 368.6 369.25 0.65 25.40
374.15 377.0 2.85 7.64
Including 376.0 376.5 0.5 16.25
378.2 379.4 1.2 4.38
CR-18-678 325 265.5 268.4 2.9 15.07 Deposit
Including 266.4 267.4 1.0 40.50
CR-18-679 400 252.2 254.8 2.6 3.17 Deposit
CR-18-680 280 181.5 182.6 1.1 2.36 Deposit
CR-18-681 352 214.2 216.2 2.0 6.26 Deposit
Including 215.2 216.2 1.0 10.55
255.8 256.3 0.5 5.29
CR-18-683 301 216.15 217.85 1.6 23.61 Deposit
Including 216.15 216.8 0.65 43.70
Including 217.35 217.85 0.5 18.70
233.15 234.2 1.05 9.43
Including 233.65 234.2 0.55 14.00
CR-18-684 502 374.1 375.15 1.05 1.21 Deposit
CR-18-685 352 257.0 258.95 1.95 17.26 Deposit
Including 258.35 258.95 0.6 50.10
CR-18-686 460 360.0 361.0 1.0 2.07 Deposit
CR-18-687 400 318.6 320.6 2.0 1.98 Deposit
CR-18-690 352 298.7 299.2 0.5 0.08 Exploration
CR-18-691 262 No significant values Exploration
CR-18-693 250 94.4 94.9 0.5 0.37 Exploration
CR-18-694 256 70.9 71.5 0.6 0.61 Exploration
*The width shown is the core length. True width is estimated to be 90-95% of the core length.
**Hole CR-18-676 was drilled down dip, parallel to the diorite, to test for the presence of multiple directions of quartz veining. The width shown is the core length. True width is estimated to be 30-35% of the core length.

The Croinor Gold deposit is hosted in a sheared diorite sill three kilometres long by 60-120 metres wide, striking 295 degrees north and dipping 50-65 degrees to the north. The mineralization is associated with pyrite found within and adjacent to quartz-tourmaline veins.

Sampling normally consists of sawing the core into equal halves along its main axis and shipping one of the halves to the ALS Minerals laboratory in Val-d’Or, Quebec for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Results exceeding 3.0 g/t Au are re-assayed using the gravity method, and samples containing visible gold grains are assayed using the metallic sieve method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

The technical and scientific content of this press release has been reviewed and approved by Ronald G. Leber, P.Geo., 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 close to 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, the Croinor Gold (see video), 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.

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SOURCE Corporation Aurifère Monarques

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2019/04/c0504.html

Jean-Marc Lacoste, President and Chief Executive Officer, 1-888-994-4465, [email protected], www.monarquesgold.com; Elisabeth Tremblay, Senior Geologist – Communications Specialist, 1-888-994-4465, [email protected], www.monarquesgold.comCopyright CNW Group 2019

Monarques Gold $MQR.ca Produces 4,417 Ounces of #Gold and Generates $11.4 million in Revenue in its Second Quarter $GDX.ca $ECR.ca $MZZ.ca $QMX.ca $IMG.ca $IAG $MUX

Posted by AGORACOM-JC at 9:18 AM on Wednesday, January 23rd, 2019
  • Production activities at the Beaufor Mine extended until April 2019, taking place in known stopes with a smaller workforce
  • Sustained positive contribution of custom milling at the Camflo mill
  • During the quarter, successfully completed a positive feasibility study on its Wasamac deposit (see feasibility study), which can be summarized as follows:
    • Projected annual average gold production of 142,000 ounces over 11 years
    • Pre-tax NPV of $522 million
    • Pre-tax IRR of 23.6%
    • Production cash costs of US$550 per ounce

MONTREAL, Jan. 23, 2019 – MONARQUES GOLD CORPORATION (“Monarques” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report its production results and corporate highlights for the second quarter ended December 31, 2018. Amounts are in Canadian dollars unless otherwise indicated.

Production highlights

  • Monarques produced 4,417 ounces of gold in the second quarter, up 23% from the first quarter but down 19% from 5,444 ounces last year.
  • The Corporation recorded revenues of $11.4 million in the second quarter from the sale of 5,169 ounces of gold at an average price of $1,656 per ounce (US $1,254), combined with revenues from custom milling operations, which were up 2% from the first quarter and more than 71% year over year.

“These positive results for Monarques in the second quarter reflect a number of factors, including better grades from known stopes at the Beaufor Mine, higher gold prices and the sustained contribution of custom milling activities at Camflo,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “We will continue mining the ore remaining in the known stopes at Beaufor over the next few months, which should allow us to continue producing until April 2019. To reduce costs and in anticipation of the upcoming suspension of production activities at Beaufor, we stopped doing exploration and development work a few months ago and currently have 51 employees at the Beaufor Mine, compared to approximately 130 employees prior to the announcement of the suspension. I would also like to thank our employees for their outstanding performance during the quarter.”

Production statistics

Three months
ended
December 31,
2018
Three months
ended
December 31,
2017
Six months
ended
December 31,
2018
Six months
ended
December 31,
2017
Beaufor Mine
Ore processed (tonnes) 26,079 35,005 55,454 35,005
Gold recovery (%) 98.50 98.68 98.26 98.68
Ounces produced 4,417 5,444 8,325 5,444
Ounces sold 5,169 5,444 8,441 5,444

Corporate highlights

  • On October 23, 2018, the Corporation provided new results from the Probe Metals Inc. 2018 drilling program on the Monique property, located near Val-d’Or, Quebec (see press release).

  • On December 3, 2018, the Corporation reported positive results from the feasibility study prepared by BBA Inc. for the Wasamac Gold project (see press release).

  • On December 13, 2018, Monarques announced that it had closed a non‐brokered private placement of an aggregate of 3,029,606 flow‐through shares at a price of $0.33 per flow-through share, for aggregate gross proceeds of $999,769.98 (see press release).

  • On December 18, 2018, the Corporation reported that it had consolidated its position around its Wasamac property through an exchange of mineral claims with Globex Mining Enterprises Inc. (see press release).

  • On January 15, 2019, the Corporation reported additional positive assay results from the 2018 diamond drilling program at its wholly owned Croinor Gold project 50 kilometres east of Val-d’Or, Québec (see press release).

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

ABOUT MONARQUES GOLD CORPORATION

Monarques 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 close to 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, the Croinor Gold (see video), 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 Monarques’ 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.

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Monarques Gold $MQR.ca Intersects 74.23 g/t Au Over 2.0 Metres and 13.85 g/t Au Over 1.0 Metre at its Croinor Gold Project $ECR.ca $MZZ.ca $QMX.ca $IMG.ca $IAG $MUX

Posted by AGORACOM-JC at 9:20 AM on Tuesday, January 15th, 2019
  • Hole CR-18-659 returned a very impressive 74.23 g/t Au over 2.0 metres, including 139.50 g/t Au over 1.0 metre.
  • This intersection is just below the historic 500-foot level drift, 150 metres below surface, and is 30 metres east and 30 metres down dip from two planned stopes, with no other holes between the stopes and this hole

Continuous positive assay results from initial drilling program on the Croinor Gold deposit

MONTREAL, Jan. 15, 2019 – MONARQUES GOLD CORPORATION (“Monarques” or the “Corporation”) (TSXV: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report additional positive assay results from the 2018 diamond drill program at its wholly owned Croinor Gold project 50 kilometres east of Val-d’Or, Québec. The initial 20,000-metre program started in March 2018 and focused on the expansion and infilling of the Croinor Gold deposit. The program was completed in early September with a total of 19,935 metres of core drilled in 89 holes. This last phase of the initial program shows the results from a total of 3,514 metres of drilling in 13 holes (see longitudinals: figure 1, figure 2 and figure 3). Assays have been received for all 89 holes (see table below and press releases dated July 10, 2018, September 5, 2018 and October 4, 2018, for a compilation of the drilling program results).

The results obtained from the initial program warranted additional drilling on Croinor Gold. Drilling continued with one rig on the property and a second drill was added on September 17, allowing Monarques to drill an additional 6,645 metres before the winter freeze. The results of the additional drilling will be released soon.

Hole CR-18-659 returned a very impressive 74.23 g/t Au over 2.0 metres, including 139.50 g/t Au over 1.0 metre. This intersection is just below the historic 500-foot level drift, 150 metres below surface, and is 30 metres east and 30 metres down dip from two planned stopes, with no other holes between the stopes and this hole. This hole has the potential to connect the two stopes and could substantially increase the tonnage and grade of the resource at the 500-foot level.

Like Hole CR-18-659, Hole CR-18-660 is also an infill hole drilled between two planned stopes that are 60 metres apart. Hole CR-18-660 returned values of 7.77 g/t Au over 2.1 metres, including 11.05 g/t Au over 1.1 metres. This hole also connects the two stopes, increasing the grade and tonnage in this part of the mine. This intersection is 80 metres below the surface and is just below the 250-foot level of the old workings.

Hole CR-18-662 was drilled between four planned stopes and returned values of 5.55 g/t Au over 2.5 metres, including 6.74 g/t Au over 1.3 metres just below the 250-foot level, 90 metres below surface. This hole could connect the four stopes together, again increasing the grade and tonnage in this area of the mine.

Hole CR-18-663 was drilled in the eastern part of the deposit. This hole intersected two zones, the first on the 250-foot level and the second below the 500-foot level. The first zone returned 4.69 g/t Au over 20.9 metres, including 10.38 g/t Au over 1.6 metres and 10.71 g/t Au over 1.9 metres. The hole was drilled east of the most easterly planned stope, thereby enlarging the width of the stope eastward by nearly 20 metres; most planned stopes at Croinor Gold are two metres wide. The second zone is below the historic workings, 215 metres below surface, and returned 13.85 g/t Au over 1.0 metre. This hole was drilled between two holes drilled in 2011: the hole to the west is 43 metres away and returned 3.26 g/t Au over 0.9 metre and the hole to the east is 75 metres away and returned 1.81 g/t Au over 1.0 metre. These values show that the deposit is still open to the east, to the west and at depth, and that this area merits further drilling.

Holes CR-18-664 and CR-18-665 are exploration holes drilled approximately three kilometres to the west of the Croinor Gold deposit in volcanic rocks and another narrow diorite sill. Both holes encountered visible gold, but only Hole CR-18-665 showed significant values, returning 12.20 g/t Au over 0.5 metre. An intersection with visible gold in Hole CR-18-664 returned 0.76 g/t Au over half a metre. These are encouraging results for pure exploration holes in an area that has never been drilled. Follow-up drilling has been done between these holes and assays will be released soon.

Holes CR-18-666 through CR-18-670 are exploration holes that were drilled to test induced polarization anomalies.

“These impressive results from the infilling diamond drilling phase of the program demonstrate that the Croinor Gold deposit has room to grow the resource even more, at depth and within the deposit itself,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “The goal of the additional 6,645-metre drilling program, which was completed before the winter freeze, was to increase the tonnage of the Croinor Gold deposit, as well as to drill around the periphery of the deposit to follow up on positive assay results to extend the resource to the west, where it is still open. We should be able to release the results of the additional drilling in the coming weeks.”

Last set of results from the Croinor Gold initial drilling program

Hole Length From To Width* Grade Area
Number (m) (m) (m) (m) (g/t Au) Targeted
CR-18-659 232 138.3 139.0 0.7 4.08 Deposit
163.4 165.4 2.0 74.23
Including 164.4 165.4 1.0 139.50
CR-18-660 214 91.2 92.2 1.0 3.27 Deposit
99.0 101.1 2.1 7.77
Including 100.0 101.1 1.1 11.05
CR-18-661 232 104.7 105.9 1.2 2.57 Deposit
CR-18-662 280 3.1 3.6 0.5 4.05 Deposit
100.3 102.8 2.5 5.55
Including 101.5 102.8 1.3 6.74
111.3   112.2   0.9   4.59  
CR-18-663** 331 113.1 114.0 0.9 8.75 Deposit
136.0 156.9 20.9 4.69
Including 136.0 142.0 6.0 7.54
Including 149.4 151.0 1.6 10.38
Including 155.0 156.9 1.9 10.71
268.0 270.0 2.0 6.57
275.0 276.0 1.0 13.85
CR-18-664 250 157.2 158.2 1.0 2.12 Exploration
224.2 224.7 0.5 0.76
CR-18-665 250 110.9 111.4 0.5 12.20 Exploration
CR-18-666*** 151 13.8 15.2 1.4 0.01 Exploration
CR-18-667 304 No significant values Exploration
CR-18-668 301 88.0 89.0 1.0 0.25 Exploration
CR-18-669 304 95.0 96.0 1.0 0.23 Exploration
CR-18-670 301 193.7 195.0 1.3 0.27 Exploration
CR-18-671 364 228.0 229.1 1.1 6.47 Deposit
*The width shown is the core length. True width is estimated to be 90-95% of the core length.
**Hole CR-18-663 was drilled down dip, parallel to the diorite, to test for the presence of multiple directions of quartz veining. The width shown is the core length. True width is estimated to be 30-35% of the core length.
***Hole CR-18-666 is a vertical hole, to test the presence of an interpreted flat-lying vein. The width shown is the core length. True width is estimated to be 90-95% of the core length.

The Croinor Gold deposit is hosted in a sheared diorite sill three kilometres long by 60-120 metres wide, striking 295 degrees north and dipping 50-65 degrees to the north. The mineralization is associated with pyrite found within and adjacent to quartz-tourmaline veins.

Sampling normally consists of sawing the core into equal halves along its main axis and shipping one of the halves to the ALS Minerals laboratory in Val-d’Or, Quebec for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Results exceeding 3.0 g/t Au are re-assayed using the gravity method, and samples containing visible gold grains are assayed using the metallic sieve method. Monarques uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

The technical and scientific content of this press release has been reviewed and approved by Ronald G. Leber, P.Geo., the Corporation’s qualified person under National Instrument 43-101.

ABOUT MONARQUES GOLD CORPORATION

Monarques 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 close to 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, the Croinor Gold (see video), 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 Monarques’ 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.

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SOURCE Monarques Gold Corporation

Monarques Gold Corp. $MQR.ca – #Gold price likely buoyed by safe haven demand: HSBC

Posted by AGORACOM-JC at 12:09 PM on Tuesday, January 8th, 2019

SPONSOR: Monarques Gold Corp. produced 4,695 ounces of gold in the recent quarter with revenues of $10 million. Monarques owns close to 300 km² of gold properties, including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Beaufor Mine, the Croinor Gold, McKenzie Break and Swanson advanced projects and the Camflo and Beacon mills. Click here for more information.

MQR: TSX-V

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Gold price likely buoyed by safe haven demand: HSBC

  • Gold price gains will likely be driven by fresh safe haven demand on equity concerns, higher financial volatility and economic uncertainty, said HSBC, leading the bank to lift its 2019 average dollar price for the yellow metal to $1,314/oz Tuesday.

London — Gold price gains will likely be driven by fresh safe haven demand on equity concerns, higher financial volatility and economic uncertainty, said HSBC, leading the bank to lift its 2019 average dollar price for the yellow metal to $1,314/oz Tuesday.

The original estimate was $1,292/oz, according to HSBC’s chief precious metals analyst James Steel.

“Gold prices are recovering from heavy investor liquidation and losses throughout much of 2018. Recent equity market declines, higher financial market volatility and other risks are triggering renewed investor demand for bullion,” Steel said. “Geopolitical and trade risks, which unusually did not lift gold last year (due to the strong US dollar), also appear to be turning positive. We believe gold is set to move higher in 2019, especially if the global economic outlook remains uncertain.”

Gold has been toying with the $1,300/oz marker so far in 2019, although for now that target has alluded bullion. Gold was spot bid at $1,284/oz as of 1420 GMT Tuesday.

“Our FX view is for a stronger USD, which may present the greatest threat to gold and will at the least limit rallies. Gold is inversely related to US equities, and we believe an important price driver in 2019 will be equity direction and volatility. Recent equity weakness has buoyed gold,” Steel added.

Looking at positioning, Steel noted that COMEX was net short in 2018 for the first time since 2001, which has since been scaled back. “Further short-covering and builds in longs are likely in 2019,” the analyst said.

Industry lobby group the World Gold Council said Tuesday that gold-backed ETFs continued to rally in December against a backdrop of market volatility, marking the third consecutive month of inflows. Global ETFs increased 3%. or by $3.1 billion, driven by North American and European fund activity, WGC said.

–Ben Kilbey, [email protected]

Source: https://www.spglobal.com/platts/en/market-insights/latest-news/metals/010819-gold-price-likely-buoyed-by-safe-haven-demand-hsbc