Home > Boards > Free Zone > Penny Fundamentals > Stock Room

$GBARF Monarch Mining Intersects 24.70 g/t Au over

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
AskMuncher Member Profile
Member Level 
Followed By 383
Posts 14,743
Boards Moderated 1
Alias Born 06/07/18
160x600 placeholder
Top Stories of the Day
TOP STORIES Restaurant Brands More Than Doubles 2Q Profit, Increases Buyback Authorization
Walt Disney to Require U.S. Employees to be Vaccinated
Top Company News of the Day
J&J Won't Be Held Liable For Illinois Woman's Death in Talc Case -- Reuters
Norfolk Southern Raises Quarterly Dividend by 10 Cents to $1.09/Share
Front Month Nymex RBOB Gasoline Rose 5.41% This Month to Settle at $2.3659 -- Data Talk
Front Month Nymex Natural Gas Rose 7.23% This Month to Settle at $3.9140 -- Data Talk
Soybeans Slide as Traders Liquidate -- Daily Grain Highlights
Regeneron Gets Expanded EUA for Covid-19 Antibody Cocktail -- Update
Regeneron Gets Expanded EUA for Covid-19 Antibody Cocktail
Unemployment Rate Seen Ticking Down to 5.7% -- Data Week Ahead
Gopuff Reaches $15 Billion Valuation With $1 Billion From Blackstone, SoftBank and Others
EURO STOXX 50 Index Ends the Month 0.62% Higher at 4089.30 -- Data Talk
FTSE 100 Index Ends the Month 0.07% Lower at 7032.30 -- Data Talk
STOXX Europe 600 Index Ends the Month 1.97% Higher at 461.74 -- Data Talk
DAX Ends the Month 0.09% Higher at 15544.39 -- Data Talk
STOXX Europe 50 Index Ends the Month 1.23% Higher at 3555.81 -- Data Talk
London Shares End Month With Mixed Results
Colgate-Palmolive On Pace for Largest Percent Decrease Since March 2020 -- Data Talk
Caterpillar Worst Performer in the DJIA So Far Today -- Data Talk
Amazon.com Down Over 7%, on Pace for Largest Percent Decrease Since May 2020 -- Data Talk
ArcelorMittal, Canada Government to Invest $1.42 Billion in Carbon-Cutting Technology
Caterpillar Reports Favorable Currency Impact on 2Q Sales -- Currency Comment
Daimler Management, Board Approve Truck Spinoff
Chicago Business Barometer Rises in July
U.S. Personal Spending +1.0% in June -- Update
U.S. Personal Spending +1.0% in June
AskMuncher Member Level  Sunday, 05/23/21 12:13:19 PM
Re: None
Post # of 10546 
$GBARF Monarch Mining Intersects 24.70 g/t Au over 0.6 m, 17.70 g/t Au over 1.2 m and 1.79 g/t Au over 21.0 m During Exploration Drilling on Croinor Gold
Press Release | 05/18/2021
Monarch has completed a 5,286-metre (26-hole) drilling program on its wholly-owned Croinor Gold property, focused on exploration targets outside the deposit and current mineral resource envelope.
High-grade mineralization intersected in the Bug Lake area includes 24.70 g/t Au over 0.6 m in hole CR-20-706 and 17.70 g/t au over 1.2 m in hole CR-20-713.
Broader zones of lower-grade mineralization were intersected in the Bug Lake area, including 1.79 g/t Au over 21.0 m in hole CR-20-710 and 2.32 g/t Au over 9.6 m in hole CR-20-711.
High-grade mineralization within the recently acquired Busmac claims included 16.9 g/t Au over 0.4 m intersected in hole CR-20-703.
Anomalous gold mineralization was traced for several hundred metres along strike within the Croinor and Busmac horizons.
Semi-massive sulphides were intersected over 7 metres in the northwest part of the property.
MONTREAL, QC / ACCESSWIRE / May 18, 2021 / MONARCH MINING CORPORATION ("Monarch" or the "Corporation") (TSX:GBAR)(OTC PINK:GBARF) is pleased to announce it has completed the exploration diamond drilling program on its wholly-owned Croinor Gold project, located 55 kilometres east of Val-d'Or, Québec. The results include several significant intersections as Monarch continues to explore this vast property covering 25 kilometres of favourable stratigraphy.

The 2020-2021 diamond drilling program totalled 5,286 metres in 26 holes. It focused entirely on exploration targets outside the currently defined resource envelope of the Croinor Gold deposit.

The best high-grade drill results for the Bug Lake Zone include 24.70 g/t Au over 0.6 m in hole CR-20-706 and 17.70 g/t Au over 1.2 m in hole CR-20-713, within a broader zone of 9.28 g/t Au over 3.2 m. This showing is located over 500 m east of and stratigraphically above the Croinor Gold deposit. The mineralization in hole CR-20-706 consists of visible gold hosted in quartz veins with tourmaline.

Several holes drilled on the Bug Lake Zone also intersected broader zones of lower-grade gold mineralization. This includes 1.79 g/t Au over 21.0 m in hole CR-20-710 and 2.32 g/t Au over 9.6 m in hole CR-20-711. The Bug Lake Zone has currently been tested by diamond drilling over a strike length of 250 m and down to a vertical depth of approximately 250 m.

Significant mineralization was intersected in the area of the Busmac showing, located 4.5 km west of and stratigraphically below the Croinor Gold deposit. Historical resources at Busmac (neither NI 43-101 compliant nor verified by Monarch's qualified person), as reported in Sigeom (mineral deposit 32C/03-0020), include 8,200 tonnes averaging 17.5 g/t Au and a second zone of 8,000 tonnes averaging 6.8 g/t Au. Assay results from Monarch's 2020-2021 drilling program in the area of the Busmac showing include 16.9 g/t Au over 0.4 m. Wide step-out drilling along strike of the Busmac horizon, approximately 1,000 metres to the southeast, returned 1.12 g/t Au over 4.2 m, indicating that the mineralized system is open and shows regional continuity.

Hole CR-21-715, drilled in the far northwest part of the property, intersected semi-massive sulphides over a core length of 7 m. The sulphide mineralization is associated with a local magnetic high and is less than 1 km from the Realore showing (Sigeom, mineral showing 2133), which assayed up to 21.03 g/t Au and 0.76% Cu.

"We are very pleased with the results of this exploration drill program, in that we have confirmed the presence of mineralization in several areas outside of the main Croinor Gold deposit," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. "We will continue to focus on advancing the development of the Croinor Gold deposit while at the same time exploring other showings in this vast land package covering multiple favourable horizons over more than 25 km of strike length."

Other significant results are shown in Figure 1 and Table 1, below.

Figure 1: Croinor property with 2020-2021 drill results.

Table 1: Significant assay results

Hole
From
(m)
To
(m)
Width*
(m)
Au
(g/t)
CR-20-697
247.1
248.2
1.1
3.05
CR-20-698
No significant assays
CR-20-699
180.7
184.9
4.2
1.12
CR-20-700
275.9
276.6
0.7
0.69
CR-20-701
115.5
117.1
1.6
2.28
CR-20-702
93.6
95.4
1.8
0.68
CR-20-702
124.5
125.8
1.3
1.26
CR-20-703
96.6
97.4
0.8
4.03
CR-20-703
151.9
153.3
1.4
1.45
CR-20-703
161.4
161.8
0.4
16.90
CR-20-704
188.3
189.6
1.3
2.09
CR-20-705
No significant assays
CR-20-706
39.7
40.3
0.6
24.70
CR-20-707
58.4
58.9
0.5
3.24
CR-20-708
61.7
62.7
1.0
1.44
CR-20-709
77.3
77.6
0.3
1.88
CR-20-710
47.7
68.7
21.0
1.79
Including
47.7
48.7
1.0
6.60
And
60.0
61.5
1.5
7.00
And
67.5
68.7
1.2
7.30
CR-20-711
28.0
37.6
9.6
2.32
Including
32.9
34.8
1.9
8.62
CR-20-711
45.7
46.0
0.3
1.89
CR-20-712
66.7
67.7
1.0
1.09
CR-20-712
103.5
105.5
2.0
5.52
CR-20-713
76.4
79.6
3.2
9.28
Including
78.4
79.6
1.2
17.70
CR-20-713
88.6
90.0
1.4
1.69
CR-20-714
No significant assays
CR-20-715
No significant assays
CR-21-716
140.0
141.3
1.3
0.85
CR-21-717
175.8
176.8
1.0
0.64
CR-21-718
190.2
190.8
0.6
1.76
CR-21-719
90.2
91.3
1.1
3.50
CR-21-720
136.6
137.5
0.9
1.76
CR-21-721
No significant assays
CR-21-722
No significant assays
*The width shown is the core length. True width is estimated at 80-85% of core length.

Table 2: Drill hole location

Hole
Easting
(UTM)
Northing
(UTM)
Az
(deg.)
Dip
(deg.)
Length
(m)
CR-20-697
351663
5330313
192
-46
252
CR-20-698
347439
5330674
196
-47
201
CR-20-699
345474
5331433
200
-46
300
CR-20-700
345855
5331155
200
-45
327
CR-20-701
344734
5331942
190
-45
189
CR-20-702
344685
5331976
190
-45
198
CR-20-703
344635
5331992
190
-45
183
CR-20-704
344709
5332097
190
-46
378
CR-20-705
350508
5330473
160
-50
96
CR-20-706
350531
5330466
237
-50
84
CR-20-707
350549
5330473
237
-50
90
CR-20-708
350560
5330457
237
-50
90
CR-20-709
350557
5330555
200
-50
123
CR-20-710
350604
5330559
201
-50
111
CR-20-711
350626
5330365
202
-52
69
CR-20-712
350636
5330393
200
-50
114
CR-20-713
350636
5330393
200
-75
231
CR-20-714
348757
5328996
200
-45
198
CR-21-715
339548
5336449
195
-52
432
CR-21-716
349466
5329356
209
-43
207
CR-21-717
347767
5330067
214
-46
201
CR-21-718
347924
5330091
215
-45
201
CR-21-719
350884
5329919
213
-43
204
CR-21-720
351077
5329839
210
-46
201
CR-21-721
351492
5330413
203
-46
252
CR-21-722
358844
5327118
193
-50
354

Sampling consists of sawing the NQ-size core into equal halves along its main axis and shipping one of the halves to the AGAT Laboratories in Mississauga, Ontario, 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 screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards and blanks.

About Croinor Gold

Monarch Mining holds a 100% interest in the Croinor Gold property, which consists of one mining lease and 337 claims covering over 151.9 km2. The property includes a mineral resource estimate of 804,600 tonnes at an average grade of 9.12 g/t Au for 236,000 ounces of gold in the Measured and Indicated category, along with 160,800 tonnes at an average grade 7.42 g/t Au for 38,400 ounces in the Inferred category. The mineral resource does not include the results for holes drilled after November 2015, which represents 59,000 metres of drilling in 254 holes.

On January 19, 2018, Monarch Gold Corporation announced the positive results of the pre-feasibility study prepared by InnovExplo Inc. The results of the pre-feasibility study show that the Croinor project is economically viable and has the potential to become a low-cost mine.

Pre-feasibility study highlights:

Pre-tax internal rate of return of 47.56%, net present value of $32 million.
Cash production cost of $818/ounce (US$639/ounce) and total production cost of $1,155/ounce (US$902/ounce).
Based on a gold price of US$1,280 and an exchange rate of 1.28 CAD/1 USD.
The study does not include holes drilled after November 2015 (59,000 metres in 254 holes).
The technical report summarizing the results of the pre-feasibility study can be viewed on Monarch's website.

The Croinor Gold deposit is hosted in the Croinor Sill, a synvolcanic intrusion that has been traced along strike by drilling for over 2.4 km. Mineralization is hosted in quartz-carbonate-tourmaline-pyrite veins that can be traced from several tens of metres up to 600 metres.

Table 3: Resources Estimate for the Croinor Gold deposit at the selected cut-off grades

Cut-off g/t
Measured Resources
Indicated Resources
Measured + Indicated Resources
Tonnes
Au g/t
Oz Au
Tonnes
Au g/t
Oz Au
Tonnes
Au g/t
Oz Au
> 5.00
59,000
9.86
18,700
538,000
10.85
187,600
597,000
10.75
206,300
> 4.00
80,100
8.44
21,700
724,500
9.20
214,300
804,600
9.12
236,000
> 3.00
111,900
7.02
25,300
997,500
7.64
244,900
1,109,400
7.57
270,200

Notes:

The Independent Qualified Persons for the Mineral Resource Estimate, as defined by NI 43-101, are Karine Brousseau, Eng., and Carl Pelletier, B.Sc., P.Geo. (InnovExplo Inc.); the effective date of the estimate is November 6, 2015.
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.
The results are presented undiluted and in situ; the estimate includes 51 gold-bearing zones, some of which contain resources below the cut-off grade.
The Mineral Resource was compiled at cut-off grades of 3, 4 and 5 g/t Au; however, the official resource is at a cut-off grade of 4 g/t.
The cut-off grade should be reviewed in the light of prevailing market conditions (gold price, exchange rate and mining cost).
A density of 2.8 g/cm3 was used for the mineralized zones and the waste rock.
A minimum true thickness of 1.8 m was applied, using the grade of the adjacent material when assayed, or else a grade of zero.
High-grade capping was applied to the raw assay data, and was established at 70 g/t Au for the diamond drill core and 55 g/t Au for the underground channel samples.
Compositing was done on drill hole sections and underground channel sections falling within the mineralized zones (composite = 1 metre).
Resources were estimated using GEOVIA GEMS 6.7 software from diamond drill holes and underground channel samples using an ID6 interpolation method in a block model (block size 5m x 2.5m x 2.5m).
The Measured, Indicated and Inferred categories were defined using the parameters for the various passes.
Isolated blocks in the Indicated category showing no spatial continuity in terms of grade and/or information density were reclassified from Indicated to Inferred.
Blocks in the Inferred category showing good spatial continuity in terms of grade and/or information density were reclassified from Inferred to Indicated.
Ounce (troy) = Metric Tons x Grade / 31.10348. Metric units (metres, tonnes and g/t) were used in the estimate.
The tonnage estimate was rounded to the nearest hundred tonnes. Any discrepancies in the totals are due to the rounding effect; rounding followed the recommendations in Form 43-101F1.
The technical and scientific content of this press release has been reviewed and approved by Louis Martin, P.Geo., the Corporation's qualified person under National Instrument 43-101.

About Monarch

Monarch Mining Corporation (TSX: GBAR) is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch's wholly owned and fully permitted 750 tpd Beacon mill. Monarch owns 28,725 hectares (287 km2) of mining assets in the prolific Abitibi mining camp that host 588,482 ounces of combined measured and indicated gold resources and 329,393 ounces of combined inferred resources.

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.

FOR MORE INFORMATION:

Jean-Marc Lacoste 1-888-994-4465
President and Chief Executive Officer jm.lacoste@monarchmining.com

Mathieu Séguin 1-888-994-4465
Vice President, Corporate Development m.seguin@monarchmining.com

Elisabeth Tremblay 1-888-994-4465
Senior Geologist - Communications Specialist e.tremblay@monarchmining.com

www.monarchmining.com

Table 4: Monarch combined gold resources

Tonnes
(metric)
Grade
(g/t Au)
Ounces
Croinor Gold1
Measured Resources
80,100
8.44
21,700
Indicated Resources
724,500
9.20
214,300
Total Measured and Indicated
804,600
9.12
236,000
Total Inferred
160,800
7.42
38,400
Beaufor mine2
Measured Resources
121,000
5.62
21,900
Indicated Resources
310,100
7.10
70,800
Total Measured and Indicated
431,100
6.68
92,700
Total Inferred
134,600
6.96
30,100
McKenzie Break3
In-pit
Total Indicated
1,441,377
1.80
83,305
Total Inferred
2,243,562
1.44
104,038
Underground
Total Indicated
387,720
5.03
62,677
Total Inferred
1,083,503
4.21
146,555
Swanson4
In-pit
Total Indicated
1,864,000
1.76
105,400
Total Inferred
29,000
2.46
2,300
Underground
Total Indicated
91,000
2.86
8,400
Total Inferred
87,000
2.87
8,000
TOTAL COMBINED5
Measured and Indicated Resources
Inferred Resources
588,482
329,393
1 Source: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). This resource was completed for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate.
2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine, December 18, 2020, Val-d'Or, Québec, Canada, Carl Pelletier, P. Geo., InnovExplo Inc. and John Langton, P. Geo., JPL GeoServices Inc.
3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2021, Val-d'Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc.
4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d'Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc.
5 Numbers may not add due to rounding.

SOURCE: Monarch Mining Corporation



View source version on accesswire.com:
https://www.accesswire.com/647837/Monarch-Mining-Intersects-2470-gt-Au-over-06-m-1770-gt-Au-over-12-m-and-179-gt-Au-over-210-m-During-Exploration-Drilling-on-Croinor-Gold

Hi my posts are for entertainment purposes only. Consult a professional. And if it lasts longer than 4 hours, call a physician with a good camera.

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences