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Monarques Gold $MQR.ca reports 2.6 million ounces in measured and indicated resources on the Wasamac #Gold project

Posted by AGORACOM-JC at 5:14 PM on Thursday, October 26th, 2017

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  • An updated mineral resource estimate on the Wasamac gold project indicates a Measured and Indicated resource of 2,587,900 ounces and an Inferred resource of 293,900 ounces, as the bulk of the previous Inferred resource has been upgraded to the Indicated category.
  • Drilling to date shows that the Main Zone is open to the east and at depth. Zones 2 and 3 are also open at depth.
  • Monarques Gold will plan an exploration program aimed at increasing the Wasamac resource.

MONTREAL, Oct. 26, 2017 – MONARQUES GOLD CORPORATION (“Monarques” or the “Corporation”) (TSX.V: MQR) (FRANKFURT: MR7) is pleased to report the results of an updated mineral resource estimate for its wholly-owned Wasamac gold project located 15 km west-southwest of Rouyn-Noranda, Québec. The estimate was prepared by Tudorel Ciuculescu, M.Sc., P. Geo., Senior Geologist for Roscoe Postle Associates Inc. (RPA) and a qualified person as defined by NI 43-101. The effective date of the estimate is October 20, 2017.

“The outcome of the estimate is great news for Monarques, as the bulk of the previous Inferred resource has been upgraded to the Indicated category based on infill drilling,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “This is also an important step towards our goal of advancing the development of our Wasamac gold project. With our latest acquisition, which includes the Beaufor mine and the Camflo mill, we have become a fully integrated gold producer and now have the team and the resources to reach this goal. The Wasamac gold project is an important part of the future of Monarques and we intend to bring it to its full potential.”

Based on a cut-off grade of 1.0 g/t Au, RPA estimated a resource of 3.99 million tonnes at an average grade of 2.52 g/t Au for 323,300 ounces in the Measured category, and 25.87 million tonnes at an average grade of 2.72 g/t Au for 2,264,500 ounces in the Indicated category. An additional 4.16 million tonnes grading an average grade of 2.20 g/t Au for 293,900 ounces were estimated in the Inferred category. The cut-off grade is based on a gold price of US $1,500 per ounce and assumed operation costs.

The database includes 3,317 holes drilled for various purposes on the property and surrounding area from the 1940s to 2012. Of these, 2,016 holes were used for the resource estimate. The resource holes consist of 288 surface holes with a total length of 122,781 m and 24,613 samples (24,401 m sampled) and 1,728 underground holes with a total length of 36,842 m and 24,018 samples (32,148 m sampled).

Notes:

 

  1. CIM definitions for mineral resources were used.
  2. Mineral resources were estimated at a cut-off grade of 1.0 g/t Au.
  3. Mineral resources were estimated using a gold price of US$ 1,500 per ounce and an exchange rate of US $0.80 = C $1.00.
  4. A minimum mining width of four metres was used.
  5. A bulk density of 2.8 g/cm³ was used.
  6. Numbers may not add due to rounding.

Gold mineralization is hosted in a number of zones located along the Wasa Shear Zone (WSZ), namely, from west to east, the Main Zone, Zone 1, Zone 2, Zone 3, the MacWin Zone and Zone 4 (see map). The Wildcat Zone occurs off the WSZ to the south of the Main Zone. Historical production from 1965 to 1971 was predominantly from the Main Zone and the upper portion of Zone 1, with a limited tonnage extracted from the Wildcat Zone. Zone 2 was partially developed but was not mined. A total of 252,923 ounces of gold were produced at Wasamac.

The estimate was supported by a block model and was constrained with mineralized wireframes capturing mineralized intercepts with a nominal grade of 1.0 g/t Au over a minimum thickness of four metres.  Erratic higher-grade samples were capped at 35 g/t Au prior to compositing to two metre intervals. Block gold grade was estimated using an inverse-distance-to-the-power-three (ID3) interpolation method.

The new mineral resource estimate reflects a number of changes, including additional drilling, the exclusion of mineralization previously considered as resources, the addition of new resources, a lower cut-off grade, and the upgrading of Inferred mineral resources to the Indicated category.

The Wasamac property is near a major mining centre in a mining-friendly jurisdiction and benefits from significant infrastructure, including underground openings that could be redeveloped, road access, access to the provincial power grid, and a restored tailings disposal area.

RPA is of the opinion that the Wasamac property hosts a significant gold deposit and that the project has good exploration potential that warrants additional exploration and technical studies.

The 43-101 technical report will be delivered and filed on SEDAR within the next 45 days.

Recommended work program

Phase I:

  • Exploration potential study to determine the minimum grade, thickness, and tonnage for new targets
  • Drill hole targeting exercise to optimize future drilling programs, with the objective of upgrading areas of Inferred resource to the Indicated category and extending the mineral resource to areas that remain open
  • Investigation into the Horne Creek Fault and its potential control on the Wasamac deposit
  • Testing of advanced 3D modelling techniques based on the current database
  • GIS database compilation of all available and relevant data

Phase II:

  • Contingent on the results of Phase I: 20,000-metre diamond drilling program focused on bringing the mineral resource estimate to the point where it could support the preparation of a preliminary economic assessment.

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, and by Tudorel Ciuculescu, M.Sc., P. Geo., Senior Geologist for Roscoe Postle Associates Inc. (RPA) and a qualified person as defined by NI 43-101.

ABOUT MONARQUES GOLD CORPORATION

Monarques Gold Corp (TSX-V: MQR) is an emerging gold producer focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns more than 240 km² of gold properties (see map), including the Beaufor Mine, the Croinor Gold (see video) and Wasamac advanced projects, and the Camflo and Beacon mills, as well as six promising exploration projects. It also offers custom milling services out of its 1,200 tonne-per-day Camflo mill. Monarques enjoys a strong financial position and has more than 150 skilled employees who oversee its operating, development and exploration activities.

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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Monarques Gold $MQR.ca announces the first #gold pour at the Beaufor mine since its acquisition #PRODUCER

Posted by AGORACOM-JC at 9:02 AM on Thursday, October 26th, 2017

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  • Poured its first gold bar from the Beaufor mine ore since acquiring the mine on October 2, 2017.
  • The gold bar weighs 756 ounces (23.5 kg)
  • “Today Monarques marks a major milestone in its history as it joins the coveted status of gold producers,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques.

MONTREAL, Oct. 26, 2017 – MONARQUES GOLD CORPORATION (“Monarques” or the “Corporation”) (TSX.V:MQR) (FRANKFURT: MR7) is pleased to announce that it has poured its first gold bar from the Beaufor mine ore since acquiring the mine on October 2, 2017. The gold bar weighs 756 ounces (23.5 kg).

“Today Monarques marks a major milestone in its history as it joins the coveted status of gold producers,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “Since acquiring the assets of Richmont Mines in Quebec, we have worked hard to optimize the Beaufor Mine’s performance, including signing custom milling contracts so that the Camflo mill may operate at full capacity. Our main goal for the Beaufor Mine is to restore the mine’s profitability and extend its life.”

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 MONARQUES GOLD CORPORATION

Monarques Gold Corp (TSX-V: MQR) is an emerging gold producer focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns more than 240 km² of gold properties (see map), including the Beaufor Mine, the Croinor Gold (see video) and Wasamac advanced projects, and the Camflo and Beacon mills, as well as six promising exploration projects. It also offers custom milling services out of its 1,200 tonne-per-day Camflo mill. Monarques enjoys a strong financial position and has more than 150 skilled employees who oversee its operating, development and exploration activities.

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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE Monarques Gold Corporation

Are you an investor in Richmont Mines $RIC.ca ? Check out the recent acquisition by Monarques $MQR.ca

Posted by AGORACOM-JC at 4:17 PM on Monday, October 23rd, 2017

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Why Monarques Gold?

  • A gold producer with the Beaufor Mine (gold production of 19,562 ounces in 2016; source Richmont 2016 annual report)
  • Located in one of the best mining jurisdictions in Canada.
  • A large portfolio of mining assets, including the Beaufor Mine, two mills (Camflo and Beacon), two advanced projects (Wasamac and Croinor Gold) and eight exploration projects covering more than 240 km2 in the Abitibi region.
  • Upside potential and leverage to the gold price with the Wasamac project.
  • NI 43-101 proven and probable reserves of 162,790 ounces of gold, measured and indicated resources of 1.76 million ounces and inferred resources of 1.67 million ounces (see table below).
  • Over 150 highly experienced, qualified employees will join the Monarques team.
  • A strong financial position, with over $12 million in cash and cash equivalents.

Monarques Gold $MQR.ca buys back royalty on the Wasamac property from Globex $GMX.ca

Posted by AGORACOM-JC at 10:30 AM on Wednesday, October 18th, 2017

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  • Announced that Globex Mining Enterprises Inc. has purchased the 1.5% Net Smelter Royalty (NSR) applicable to Globex’s wholly-owned Francoeur/Arntfield gold property
  • As consideration for the royalty, Globex made a $25,000 cash payment to Monarques and cancelled a 0.5% NSR payable by Monarques to Globex on 11 claims located on the eastern portion of Monarques’ Wasamac gold property

MONTREAL, Oct. 18, 2017 – MONARQUES GOLD CORPORATION (“Monarques” or the “Corporation”) (TSX-V: MQR) (FRANKFURT: MR7) is pleased to announce that Globex Mining Enterprises Inc. (“Globex”) (TSX: GMX) has purchased the 1.5% Net Smelter Royalty (NSR) applicable to Globex’s wholly-owned Francoeur/Arntfield gold property. As consideration for the royalty, Globex made a $25,000 cash payment to Monarques and cancelled a 0.5% NSR payable by Monarques to Globex on 11 claims located on the eastern portion of Monarques’ Wasamac gold property. In addition, Globex has extended Monarques’ right to store Wasamac core at Globex’s Francoeur Mine site to June 30, 2019.

“As part of our strategy to control costs, this agreement will reduce any future royalty payments on our Wasamac property,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “The agreement also allows us to lock in short-term cash on the Globex royalty and savings for our Wasamac project.”

ABOUT MONARQUES GOLD CORPORATION

Monarques Gold Corp (TSX-V: MQR) is an emerging gold producer focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns more than 240 km² of gold properties (see map), including the Beaufor Mine, the Croinor Gold (see video) and Wasamac advanced projects, and the Camflo and Beacon mills, as well as six promising exploration projects. It also offers custom milling services out of its 1,200 tonne-per-day Camflo mill. Monarques enjoys a strong financial position and has more than 150 skilled employees who oversee its operating, development and exploration activities.

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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE Monarques Gold Corporation

#Gold rises, tries to regain grip on $1,300 level, bodes well for $AMK.ca $EXS.ca $GGX.ca $GR.ca $GZD.ca $MQR.ca

Posted by AGORACOM-JC at 9:37 AM on Thursday, October 12th, 2017

Silver futures up 12 cents, or 0.7%

 

Gold on the rise.

  • Gold futures rose Thursday, pushing the yellow metal toward $1,300 as investors read minutes from the Federal Reserve’s September policy meetings as slightly dovish
  • Offering a lift to the commodity
  • December gold GCZ7, +0.43% was $8.80, or 0.7%, higher at $1,297,
  • Flirting with its highest settlement since Sept. 26 at $1,301.70, according to FactSet data.

An account of the most recent meeting of the Federal Open Market Committee, released after gold futures settled on Wednesday, showed signs that policy makers questioned the need for an interest-rate hike in December—though one appears likely—as levels of inflation continued to track below the central bank’s 2% annual target.

Although the market’s reaction was relatively subdued, the minutes suggest that Chairwoman Janet Yellen and other policy makers will increase interest rates once more in December, but that efforts to normalize policy will otherwise run at a gradual pace.

A measured rate of interest-rate increases can be supportive for gold, which doesn’t offer a yield. Wall Street is pricing in an 83% chance of a rate increase in December, compared with a nearly 88% probability the day before, according to CME Group data.

Meanwhile, a popular dollar gauge, the ICE U.S. Dollar Index DXY, +0.19% was trading flat at 93.029. Gold prices are on track to climb for four of the past five sessions, as the dollar has weakened 0.8% over the week. A softer buck can make commodities priced in the currency more appealing to buyers using weaker monetary units.

Elsewhere, silver for December delivery SIZ7, +0.30% added 12 cents, or 0.7%, to trade at $17.255 an ounce, and is on track to rise five of the past six sessions. The silver-focused ETF, the iShares Silver Trust SLV, -0.18% was little changed.

Mark O’Byrne, research director at GoldCore Ltd, said recent gains can also be attributed to expected seasonally stronger demand for gold by India heading into the Diwali holiday, or Deepavali, as well as geopolitical tensions tied to North Korea, the Middle East and U.S. President Donald Trump. Tensions between Iraq and Kurds in the region have escalated after a Kurdish independence referendum, while Trump’s belligerent rhetoric with North Korean leader Kim Jong Un has had investors on edge.

“Against this global macro backdrop, I do think that we possible we will push $1,400 [an ounce], and then close above $1,300 by year-end,” he said.

Source: http://www.marketwatch.com/story/gold-rises-tries-to-regain-grip-on-1300-level-2017-10-12

INTERVIEW: Monarques $MQR.ca Discusses Acquisition of Richmont Mines $RIC Assets in Quebec, Becoming a #Gold Producer

Posted by AGORACOM-JC at 9:17 AM on Wednesday, October 11th, 2017

Monarques Gold $MQR.ca Announces a Custom Milling Contract for up to 55,000 Tonnes with Eldorado Gold $ELD

Posted by AGORACOM-JC at 3:56 PM on Tuesday, October 10th, 2017

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  • Announced custom milling contract with Eldorado Gold Corporation
  • To process ore from the Lamaque gold mine, located east of Val-d’Or, Quebec
  • Contract provides for the Corporation to process some 50,000 to 55,000 tonnes of ore from the Lamaque mine ore at the Camflo mill until December 31, 2017

Monarques’ Camflo mill pours its first gold bar from the Lamaque mine ore

MONTREAL, Oct. 10, 2017MONARQUES GOLD CORPORATION (“Monarques” or the “Corporation”) (TSX-V: MQR) (FRANKFURT: MR7) is pleased to announce the signature of a custom milling contract with Eldorado Gold Corporation (“Eldorado”) (TSX: ELD; NYSE: EGO) to process ore from the Lamaque gold mine, located east of Val-d’Or, Quebec. The contract provides for the Corporation to process some 50,000 to 55,000 tonnes of ore from the Lamaque mine ore at the Camflo mill until December 31, 2017. The contract can be extended by mutual agreement of both parties.

MONARQUES GOLD ANNOUNCES A CUSTOM MILLING CONTRACT FOR UP TO 55,000 TONNES WITH ELDORADO GOLD. (CNW Group/Monarques Gold Corporation)

“This is very good news for Monarques and our team at the Camflo mill,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “This contract will enable the Camflo mill to operate at 90% of its 1,200 tonne-per-day capacity, and will effectively reduce the operating costs for the Beaufor mine over the coming months. We have also received a certificate of authorization from Quebec’s ministry of sustainable development, environment and climate change to increase the operating capacity of the Camflo mill to 1,600 tonnes per day, allowing us to offer custom milling services to other prospective clients.”

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 MONARQUES GOLD CORPORATION

Monarques Gold Corp (TSX-V: MQR) is an emerging gold producer focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns more than 240 km² of gold properties (see map), including the Beaufor Mine, the Croinor Gold (see video) and Wasamac advanced projects, and the Camflo and Beacon mills, as well as six promising exploration projects. It also offers custom milling services out of its 1,200 tonne-per-day Camflo mill. Monarques enjoys a strong financial position and has more than 150 skilled employees who oversee its operating, development and exploration activities.

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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Emerging gold producer in Abitibi (CNW Group/Monarques Gold Corporation)

SOURCE Monarques Gold Corporation

View original content with multimedia: http://www.newswire.ca/en/releases/archive/October2017/10/c6152.html

Jean-Marc Lacoste, President and Chief Executive Officer,1-888-994-4465, jm.lacoste@monarquesgold.com, www.monarquesgold.com; Elisabeth Tremblay, Senior Geologist – Communications Specialist, 1-888-994-4465, e.tremblay@monarquesgold.com, www.monarquesgold.comCopyright CNW Group 2017

Monarques Gold $MQR.ca announces the closing of the transaction to acquire all the mining assets of Richmont Mines $RIC in the province of Quebec

Posted by AGORACOM-JC at 11:17 AM on Monday, October 2nd, 2017

 

To be the leading explorer and developer of gold properties in the Val D&Or / Abitibi Camp (CNW Group/Monarques Gold Corporation)

Monarques becomes a gold producer with the Beaufor Mine and significantly increases its mining assets and gold resources

Monarques’ new profile

  • A gold producer with the Beaufor Mine (gold production of 19,562 ounces in 2016; source: Richmont 2016 annual report) located in one of the best mining jurisdictions in Canada.
  • A large portfolio of mining assets, including the Beaufor Mine, two mills (Camflo and Beacon), two advanced projects (Wasamac and Croinor Gold) and six promising exploration projects covering more than 240 km2 in the Abitibi region.
  • Upside potential and leverage to the gold price with the Wasamac project.
  • NI 43-101 proven and probable reserves of 162,790 ounces of gold, measured and indicated resources of 919,069 ounces and inferred resources of 2.2 million ounces (see table below).
  • Over 150 highly experienced, qualified employees joining the Monarques team.
  • A strong financial position, with over $12 million in cash and cash equivalents.

MONTREAL, Oct. 2, 2017MONARQUES GOLD CORPORATION (“Monarques” or the “Corporation”) (TSX-V: MQR) (FRANKFURT: MR7) is pleased to announce the closing of the transaction with Richmont Mines Inc. (“Richmont”) (TSX – NYSE: RIC) pursuant to which Monarques acquires all of Richmont’s mining assets in Québec (the “Transaction”) in exchange for the issuance of 34,633,203 common shares of the Corporation to Richmont. The assets acquired consist of all of Richmont’s mineral claims, mining leases and mining concessions, including the Beaufor mine, the Chimo, Monique and Wasamac properties and all the issued and outstanding shares of Usine Camflo Inc., as well as all mills, buildings, structures, equipment, inventory and property.

MONARQUES GOLD ANNOUNCES THE CLOSING OF THE TRANSACTION TO ACQUIRE ALL THE MINING ASSETS OF RICHMONT MINES IN THE PROVINCE OF QUEBEC (CNW Group/Monarques Gold Corporation)

“We are extremely proud to have completed this transaction, which is a transformative one for Monarques,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “This consolidation of Monarques and Richmont assets in the Abitibi region has been part of our growth plan for nearly a year, and we are very pleased that the transaction has taken place. First and foremost, it will enable us to become a gold producer in what we consider to be one of the best mining districts in the world, and to advance our mining projects so that our Camflo and Beacon mills can one day operate at full capacity. This transaction also has the advantage of providing Monarques with a skilled workforce that has the expertise, knowledge and motivation to take us to the next stage of our development. In the coming quarters, our objective will be to optimize the productivity of the Beaufor Mine and further develop our other gold projects.”

Monarques reserve and resource estimates post-transaction*

December 31, 2016

Tonnes
(metric)

Grade
(g/t Au)

Ounces

Beaufor Mine1

Proven Reserves

32,000

6.77

7,010

Probable Reserves

171,500

6.87

37,910

Total Proven & Probable Reserves

203,500

6.86

44,920

Measured Resources

53,000

6.27

10,700

Indicated Resources

300,000

7.57

73,000

Total Measured & Indicated Resources

353,000

7.37

83,700

Inferred Resources

36,000

6.44

7,500

Note: the Mineral Resources exclude the Mineral Reserves

Croinor Gold Mine2

Proven Reserves

68,625

6.25

13,789

Probable Reserves

472,909

6.85

104,081

Total Proven & Probable Reserves

541,534

6.77

117,870

Measured Resources

80,100

8.44

21,700

Indicated Resources

724,500

9.20

214,300

Total Measured & Indicated Resources

804,600

9.12

236,000

Inferred Resources

160,800

7.42

38,400

Note: the Mineral Resources include the Mineral Reserves

Simkar Gold property3

Measured Resources

33,570

4.71

5,079

Indicated Resources

208,470

5.66

37,905

Total Measured & Indicated Resources

242,040

5.52

42,984

Inferred Resources

98,320

6.36

20,103

Wasamac property4

Measured Resources

1,923,218

2.87

177,485

Indicated Resources

4,839,237

2.44

378,900

Total Measured & Indicated Resources

6,762,455

2.56

556,385

Inferred Resources

25,686,159

2.58

2,130,532

TOTAL

Proven & Probable Reserves

162,790

Measured & Indicated Resources

919,069

Inferred Resources

2,196,535

Note: part of the Mineral Resources, or more precisely 117,870 ounces, comes from the Croinor Gold deposit and is included in the Mineral Reserves

* The Mineral Reserve and Resource parameters and estimation methods for the Beaufor Mine and the Wasamac property are presented in the annex.

1 Source: Technical Report on the Mineral Resource and Mineral Reserve Estimate of the Beaufor Mine as of December 31, 2016, Val-d’Or, Québec, Canada, Bernard Salmon, Eng., Louis Nkoy Manda Mbomba, B.A.Sc., Eng.

2 Source: Monarques prefeasibility study (October 7, 2014) and resource estimate (November 6, 2015)

Source: MRB et Associés (January 2015)

4 Source: Technical Report on the Wasamac Project, May 11, 2012, Rouyn-Noranda, Québec, Canada, Jacques Gauthier, ing., Yves Galarneau, ing., Marc Lavigne, M.Sc., ing., Daniel Adam, Ph.D., geo., Stéphane Lance, ing. and Colin Hardie, P. Eng., Roscoe Postle Associates Inc.

 

The current Mineral Resource estimate on the Wasamac property is based on a technical report dated May 11, 2012, whereas the Mineral Resource estimate disclosed in the Corporation’s press release dated September 11, 2017 was based on an internal estimation made by Richmont.

Related transactions

1)  Closing of the $6,525,251 private placement and conversion of the 18,643,573 subscription receipts for 18,643,573 common shares of the Corporation

On September 11, 2017, the Corporation announced the conclusion of a non-brokered private placement of 18,643,573 subscription receipts (the “receipts”) priced at $0.35 each for gross proceeds of $6,525,251. Following the closing of the Transaction, the receipts were exchanged for 18,643,573 common shares of the Corporation. Richmont subscribed for $2.0 million of receipts, the Fonds de solidarité FTQ subscribed for $1.0 million and Probe Metals Inc. (“Probe Metals”) subscribed for $0.6 million.

All securities issued pursuant to the private placement are subject to a hold period of four months and one day. Shares issued to Richmont through the conversion of the receipts are subject to a one-year lock-up provision. Following the closing of the Transaction and the private placement, Richmont will hold 40,348,203 common shares of Monarques or 19.9% of the issued and outstanding common shares of the Corporation.

The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at May 31, 2017, the organization had $13.1 billion in net assets, and through its current portfolio of investments has helped create and protect 186,440 jobs. The Fonds is a partner in more than 2,700 companies and has 645,664 shareholder-savers. Please visit fondsftq.com for more information.

2)  Closing of the US $4 million credit facility with Auramet International LLC

Monarques closed the senior secured gold loan agreement with Auramet International LLC providing the Corporation with access to a US $4 million credit facility. The loan will be repaid in 12 installments of 287 ounces of gold commencing on October 31, 2017, and expiring on September 30, 2018, inclusive. The loan is guaranteed by the Corporation’s subsidiaries, namely X-Ore Resources, Beacon Gold Mill Inc. and Camflo Mill Inc.

3)  Closing of the Courvan property sale to Probe Metals

Finally, the Corporation closed the transaction with Probe Metals relating to the sale of Monarques’ full interest in the Courvan property in consideration for a cash payment of $400,000.

Appointment of Marc-André Lavergne as Vice-President, Operations

The Corporation is pleased to announce the appointment of Marc-André Laverge, Eng., as Vice-President, Operations.

Mr. Lavergne has over 14 years of experience in mine engineering with various companies, including Cambior, Agnico Eagle and North American Palladium. In November 2011, Mr. Lavergne joined Richmont Mines as General Superintendent at the Francoeur Mine, and has held various management positions within the Corporation, including at the Francoeur and the Beaufor divisions. In December 2013, he was named Manager, Beaufor and Monique Divisions. Mr. Lavergne holds a Bachelor degree in Mining Engineering from the Polytechnique School of Montreal.

“We welcome Mr. Lavergne to his new position. Marc-André has solid mining expertise, having moved up the ranks at Richmont over the past six years, including managing the Beaufor and Monique mines. The experience he has gained over the course of his career will be a great help to us in achieving our objectives at the operational level,” said Mr. Lacoste.

The technical and scientific content of this press release has been reviewed and approved by Kenneth Williamson, M.Sc., P.Geo, the Corporation’s qualified person under National Instrument 43‑101.

ABOUT MONARQUES GOLD CORPORATION

Monarques Gold Corporation (TSX-V: MQR) is an emerging gold producer aiming to achieve ongoing growth through its large portfolio of high-quality gold projects in the Abitibi mining camp in the province of Quebec, Canada. The Corporation currently has over 240 km² of gold properties (see map), including the Beaufor Mine; the Croinor Gold (see video) and Wasamac advanced projects; the Camflo and Beacon mills; as well as six promising exploration projects. It also offers toll milling services through its 1,200 tpd Camflo mill. Monarques Gold has over 150 qualified employees that oversee its production, development and exploration activities and benefits from a strong financial position.

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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Annex 1: Beaufor Mine Mineral Reserve and Mineral Resource Estimate

In 2016, the Mineral Reserve and Mineral Resource estimates for the Beaufor Mine were performed by the Beaufor Mine staff under the supervision of Bernard Salmon, P.Eng. and Louis Nkoy, P.Eng., employees of Richmont Mines and qualified persons pursuant to NI 43-101. The database, factors and parameters used in the determination of the Mineral Reserves and Resources disclosed in this press release are based on the following technical report: Technical Report on the Mineral Resource and Mineral Reserve Estimate of the Beaufor Mine as of December 31, 2016, Val-d’Or, Québec, Canada, Bernard Salmon, Eng., Louis Nkoy Manda Mbomba, B.A.Sc., Eng.

The title, authors and issuer of the 43-101 report that was filed on SEDAR on March 24, 2016, are: Technical Report on the Mineral Resource and Mineral Reserve Estimate of the Beaufor Mine as of December 31, 2015, Val-d’Or, Québec, Canada, Jessy Thelland, B.Sc.,Geo, Louis Nkoy Manda Mbomba, B.A.Sc., Eng., Richmont Mines Inc.

The technical and scientific content of these technical reports has been reviewed and approved by Kenneth Williamson, M.Sc., P.Geo, the Corporation’s qualified person under National Instrument 43‑101.

To Monarques’ knowledge, there are no new important scientific or technical information that would result in  incorrect or misleading information relating to the Mineral Resource or the Mineral Reserve.

Mineral Reserve Table

Beaufor Mine

Tonnes
(metric)

Grade
(g/t Au)

Ounces

Proven Reserves

32,000

6.77

7,010

Probable Reserves

171,500

6.87

37,910

Total Proven & Probable Reserves

203,500

6.86

44,920

 

Proven Mineral Reserves

At the Beaufor Mine, Proven reserves are based on ore blocks developed from drifts or raises up to a maximum of 8 metres from these openings. The level of accuracy of the economic evaluation in the estimation of reserves is that of a feasibility study.

Probable Mineral Reserves

The Mineral Reserve estimate in the Probable category is based on an economic study in order to determine the economically mineable part of an Indicated Mineral Resource. At the Beaufor Mine, Probable Reserves extend to a maximum of 20 metres from drilling data. Dilution and mining recovery rates are included in the reserve estimation.

Mineral Reserve Parameters and Estimation Methods

  • CIM definitions were followed for Mineral Reserves.
  • Mineral Reserves are estimated at a variable cut-off grades ranging from 4.14 g/t Au (long hole) to 5.63 g/t Au (room-and-pillar).
  • Mineral Reserves are estimated using a long-term gold price of $CAD 1,500 per ounce.
  • A minimum horizontal vein width of 2.40 m was used.
  • A specific gravity value of 2.75 t/m3 was used.
  • Stope dilution factors of 10% for long-hole and 5% for room-and-pillar were used.
  • A dilution grade at 0.0 g/t was used.
  • Mineral Reserve Recovery factors of:
    • 100% for long-hole stopes for which permanent pillars have been laid out and excluded from Mineral Reserves.
    • 90% for long-hole stopes for which permanent pillars have not been laid out.
    • 80% for room-and-pillar stopes for which permanent pillars have been laid out and excluded from Mineral Reserves.

Mineral Resource Table

Beaufor Mine

Tonnes
(metric)

Grade
(g/t Au)

Ounces

Measured Resources

53,000

6.27

10,700

Indicated Resources

300,000

7.57

73,000

Total Measured & Indicated Resources

353,000

7.37

83,700

Inferred Resources

36,000

6.44

7,500

Note: the Mineral Resources exclude the Mineral Reserves

 

Mineral Resource Classification

Measured Mineral Resources at the Beaufor Mine were confirmed by underground excavation and are extended over 8 metres from these openings following the dip of the zone. Indicated and Inferred Mineral Resources are defined by drilling and the polygons extend to a maximum of 20 metres of the drill hole.

Mineral Resource Parameters and Estimation Methods

  • CIM definitions were followed for Mineral Resources.
  • Mineral Resources are estimated at variable cut-off grades ranging from 4.14 g/t Au (longhole) to 5.63 g/t Au (room-and-pillar).
  • Capping of high grades values at 68.5 g/t Au, and capping of drill hole intersections at 16.5 g/t over 2.40 m.
  • Mineral Resources are estimated using a long-term gold price of $CAD 1,500 per ounce.
  • A minimum horizontal vein width of 2.40 m was used.
  • A specific gravity value of 2.75 t/m3 was used.
  • Polygonal method as estimation method.
  • Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

A technical report supporting the above mineral resource estimate for the Beaufor Mine will be filed on SEDAR within 180 days of this announcement.

Annex 2: Wasamac Property Mineral Resource Estimate

This mineral resource estimation for the Wasamac property was carried out by Daniel Adam, geo., Ph.D., General Manager, Exploration and Sustainable Development, an employee of Richmont Mines. He is a qualified person and member of a professional association as defined by the R 43-101 requirements.

This mineral inventory was realized in accordance with the recommendations and regulations as set by the R 43-101 committee. The classification of the Mineral Resources follows the general guidelines as adopted in December 2005 by the “CIM” (Canadian Institute of Mining) council.

The title, authors and issuer of the 43-101 report that was filed on SEDAR on May 11, 2012, are: Technical Report on the Wasamac Project, Rouyn-Noranda, Québec, Canada, Jacques Gauthier, ing., Yves Galarneau, ing., Marc Lavigne, M.Sc., ing., Daniel Adam, Ph.D., geo., Stéphane Lance, ing. and Colin Hardie, P. Eng., Roscoe Postle Associates Inc.

The technical and scientific content of the technical report has been reviewed and approved by Kenneth Williamson, M.Sc., P.Geo, the Corporation’s qualified person under National Instrument 43‑101.

To Monarques’ knowledge, there are no new important scientific or technical information that would result in incorrect or misleading information relating to the Mineral Resource.

Mineral Resource Table

Wasamac Property

Tonnes
(metric)

Grade
(g/t Au)

Ounces

Measured Resources

1,923,218

2.87

177,485

Indicated Resources

4,839,237

2.44

378,900

Total Measured & Indicated Resources

6,762,455

2.56

556,385

Inferred Resources

25,686,159

2.58

2,130,532

 

Mineral Resource Classification

Resources classification was based on the criteria proposed in BSI’s 2010 statistical review of the Wasamac project. For the Main Zone: Measured resources correspond to the blocks interpolated in the first pass of Kriging (15 metres x 7 metres x 10 metres search ellipse with a minimum of 6 and a maximum of 12 composites and a maximum of 3 composites from the same hole); Indicated resources correspond to the blocks interpolated in the second pass of Kriging (30 metres x 12 metres x 50 metres search ellipse with a minimum of 6 and a maximum of 12 composites and a maximum of 3 from the same hole); Inferred resources correspond to the blocks interpolated in the third pass of Kriging (50 metres x 15 metres x 75 metres search ellipse with a minimum of 2 and a maximum of 12 composites and a maximum of 3 composites from the same hole). Similar parameters were used for zones 1, 2 and 3.

Mineral Resource Parameters and Estimation Methods

The Mineral Resource estimate was done with all the assays results of the 2011 drilling program as of December 1, 2011 and after the reception of a re-interpretation of the continuity of the mineralized bodies in the Wasamac shear zone.

The method and parameters used for the resource estimation were as follows:

  • Interpretation and construction of the 3D envelope of the mineralized zones were done using section and plan views. Mineralized intercepts were coded by zone and all the intercepts, surface DDH, underground DDH and face, were verified.
  • A high grade assay capping value of 35 g/t Au was used as defined in the statistic review done by Belzile Solutions Inc. (“BSI”) in 2010.
  • 2 metre composites were created in all the mineralized intercepts and coded by zone. For the creation of the composites, the software was asked to create them in order to use the whole intercept, so the composite length was adjusted to make all intervals equal.
  • The Mineral Resource was estimated by 3D block modeling (Block dimension of 4 m x 4 m x 5 m wide) with Gems software and using 2 m composites. All of the underground developments and stopes were modeled in three dimensions. All the blocks located inside the stopes and developments were eliminated from the model (tonnage and grade equalled to zero).
  • Grade estimation was done by Ordinary Kriging using parameters based on a statistical study realized by BSI.
  • A density of 2.8 t/m3 was considered for tonnage calculation in mineralized zones. This tonnage factor is consistent with historical records and with the URSTM laboratory’s measurements completed in 2010 and 2011.
  • Grade estimation was verified and compared with an inverse square distance interpolation in Zone 2.
  • Inside the modeled mineralized zones, criteria to define the Mineral Resource was a minimum of 4 m true width with a minimum average grade of 1.5 g/t of gold. This cut-off was established using a gold price of US$1,200/oz. For the Measured and Indicated Resources of the Main Zone and Zone 1, a 10 metre pillar was left around all of the old stopes with the exception of 3 small stopes in the lower part of the Main Zone which were discarded from the Mineral Resources. To calculate the Mineral Resources inside each zone, lines were traced on a longitudinal section (to define blocks with at least a minimum true width of 4 metres and a minimum average grade of 1.5 g/t) and used to clip the blocks. Only the blocks inside the line were put into the Mineral Resources.

A technical report supporting the above mineral resource estimate for the Wasamac property will be filed on SEDAR within 180 days of this announcement.

To be the leading explorer and developer of gold properties in the Val D&Or / Abitibi Camp (CNW Group/Monarques Gold Corporation)

SOURCE Monarques Gold Corporation

Invested in Richmont Mines $RIC ? Did you know Monarques $MQR.ca acquired all Richmont’s Quebec assets #Gold #Mining

Posted by AGORACOM-JC at 1:28 PM on Monday, September 25th, 2017

Monarquesgold hub large

Definitive Agreement to Acquire All Mining Assets of Richmont Mines in Quebec (SEPT 11)

  • All Richmont mining assets, properties and claims in Quebec
  • Will own and operate the Beaufor mine and Camflo mill
  • Retain Richmont’s highly experienced Quebec-based teams
  • Richmont will hold a 19.9% interest in Monarques
  • Richmont invested $2.0 million of $6.5 Million Raised
  • Probe Metals invested $600,000
  • Fonds de solidarité FTQ Quebec invested $1,000,000
  • US $4 million credit facility with Auramet International LLC
  • Repaid In Ounces Of Gold Commencing Oct 31, 2017 to Sep 30, 2018

Invested in Richmont Mines $RIC ? Did you know Monarques $MQR.ca acquired all Richmont’s Quebec assets #Gold #Mining

Posted by AGORACOM-JC at 5:21 PM on Thursday, September 14th, 2017

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MQR: TSX-V

Highlights of the main transaction

  • Monarques will acquire all of Richmont’s mining assets, properties and claims in Quebec.
  • Monarques will become the owner and operator of the Beaufor mine and the Camflo mill.
  • Monarques to retain Richmont’s highly experienced Quebec-based site teams.
  • Richmont will hold a 19.9% interest in the Corporation, inclusive of a $2.0 million investment by Richmont.