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Monarques Gold Confirms Pit Constrained Resource on its Mckenzie Break Gold Project

14.06.2018  |  CNW
  • The mineral resource estimate for McKenzie Break was prepared for two scenarios:
    • Scenario 1: A pit constrained Indicated resource of 48,133 ounces and Inferred resource of 14,897 ounces, and an underground Indicated resource of 53,448 ounces and Inferred resource of 49,130 ounces, for a total of 165,608 ounces of gold.
    • Scenario 2: An underground Indicated resource of 85,059 ounces and Inferred resource of 58,373 ounces, for a total of 143,432 ounces of gold.
  • Monarques Gold now has a combined measured and indicated resource of more than 3 million ounces of gold (see table at the end of press release).

MONTREAL, June 14, 2018 /CNW/ - Monarques Gold Corp. ("Monarques" or the "Corporation") (TSX-V:MQR) (OTCMKTS:MRQRF) (FRANKFURT:MR7) is pleased to report the results of a mineral resource estimate for its McKenzie Break gold project 35 km north of Val-d'Or, Québec. Monarques can acquire a 100% interest in the property from Agnico Eagle Mines Ltd. (NYSE:AEM, TSX:AEM) over a four-year period (see press release dated December 21, 2017). The report was prepared by Alain-Jean Beauregard (P.Geo.) and Daniel Gaudreault (Eng.) of Geologica Groupe-Conseil Inc., and Christian D'Amours (P.Geo.) of GeoPointCom Inc., qualified persons as defined by NI 43-101. The estimate was prepared by GeoPointCom Inc. and is dated April 17, 2018.

Following a careful and detailed review of the old holes logs, and thanks to the 3D compilation of the drilling data, it was possible to identify about 11 new mineralized structures. These mineralized zones are located near, above and below the 12 Green and Orange zones and associated known sub-zones. With approximately 23 associated gold structures, it is now possible to consider the possibility of a pit-constrained operation as presented in Scenario 1.

"The results of this resource estimate are better than we anticipated, mainly due to the pit constrained potential," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. "The pit constrained resource is easily accessible as the average overburden thickness is only 5 metres wide, meaning that we could put the McKenzie Break project into production relatively quickly. With our Beacon Mill less than 20 km away scheduled to restart in the last quarter of 2018, we could potentially use this resource as additional feed for the mill. We think this could be a cost-effective strategy for this project, and we will now work on increasing the potential of the pit constrained resource."   

The McKenzie Break property is located in an area with existing infrastructure and several mills. It has surface and underground infrastructure, including a ramp down to a depth of 80 metres below surface. The main Green and Orange zones were drilled on a tight grid to define the resource. The mineralization consists of multiple, narrow and at times anastomosing high-grade veins. Assay results can be erratic due to the nugget effect of the gold.

The database contains conventional analytical gold assay results for 258 surface diamond drill holes, as well as coded lithology from the drill core logs (except for the Series WD04 and WD05 holes). This represents 39,611 m of core for a total of 14,758 m assayed core. The database does not include results for QA/QC samples. At least one of the mineralized zones or the potential pit mineralized material covered by the estimate was intersected in 244 of the holes. This represents 3,411 intersections (including 1,817 in the mineralized zone) for 56,141 composites (including 5,488 in the mineralized zone).

The report covers two scenarios. The first scenario has two elements: a proposed pit constrained operation for the near-surface mineralized material and an underground operation for the remaining zones deep underground. The second scenario contemplates an underground operation only.

Scenario 1: Pit Constrained and Underground Resource

Zone

Category

Cut off

Au (g/t)

Tonnes

Ounces


Category

Cut off

Au (g/t)

Tonnes

Ounces

Pit Constrained  

Indicated

0

0.69

2,536,066

56,193


Inferred

0

0.16

4,241,555

21,922

Pit Constrained  

Indicated

0.52

1.59

939,860

48,133


Inferred

0.52

1.52

304,677

14,897

Pit Constrained  

Indicated

0.6

1.70

854,780

46,610


Inferred

0.6

1.59

284,595

14,535

Pit Constrained  

Indicated

0.7

1.83

756,710

44,558


Inferred

0.7

1.66

264,512

14,123

Pit Constrained  

Indicated

0.8

1.97

672,586

42,530


Inferred

0.8

1.75

242,006

13,584

Pit Constrained  

Indicated

0.9

2.10

602,890

40,623


Inferred

0.9

1.82

222,616

13,054

Pit Constrained  

Indicated

1

2.25

530,026

38,402


Inferred

1

1.88

209,458

12,648

Zone

Category

Cut off

Au (g/t)

Tonnes

Ounces


Category

Cut off

Au (g/t)

Tonnes

Ounces

Underground  

Indicated

0

0.81

9,102,243

237,466


Inferred

0

0.72

8,837,871

203,293

Underground  

Indicated

2.5

4.50

524,116

75,892


Inferred

2.5

4.39

501,419

70,718

Underground  

Indicated

3.5

5.90

281,739

53,448


Inferred

3.5

5.66

270,103

49,130

Underground  

Indicated

4.5

6.95

183,683

41,040


Inferred

4.5

6.29

197,824

39,991

Underground  

Indicated

5.5

8.46

103,072

28,025


Inferred

5.5

6.95

125,917

28,144

Underground  

Indicated

6.5

9.19

79,934

23,624


Inferred

6.5

8.02

61,829

15,933

 

Scenario 2: Underground Resource (excluding Constrained Pit Resources)

Zone

Category

Cut off

Au (g/t)

Tonnes

Ounces


Category

Cut off

Au (g/t)

Tonnes

Ounces

Underground  

Indicated

0

0.92

9,793,562

291,102


Inferred

0

0.75

9,055,338

217,194

Underground  

Indicated

2.5

4.87

721,866

112,987


Inferred

2.5

4.50

560,260

80,975

Underground  

Indicated

3.5

6.27

422,166

85,059


Inferred

3.5

5.70

318,459

58,373

Underground  

Indicated

4.5

7.34

289,319

68,283


Inferred

4.5

6.42

225,735

46,574

Underground  

Indicated

5.5

8.63

185,861

51,590


Inferred

5.5

7.17

143,558

33,099

Underground  

Indicated

6.5

9.40

144,849

43,779


Inferred

6.5

8.31

74,930

20,023

 

Notes:

  1. CIM definitions for mineral resources were used.
  2. Mineral resources were estimated at a cut-off grade of 0.52 g/t Au for the pit constrained resource and at a cut-off grade of 3.50 g/t Au for the underground resource.
  3. Mineral resources were estimated using a 3-year average gold price of US $1,234.82 per ounce on the London market and an exchange rate of US $0.78 = C $1.00.
  4. A minimum mining width of 2 metres was used.
  5. A bulk density of 2.77 g/cm³ was used.
  6. Numbers may not add due to rounding.

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

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, by Alain-Jean Beauregard, P. Geo., of Geologica Groupe-Conseil Inc. and Christian D'Amours, P. Geo., of GeoPointCom Inc., all of whom are qualified persons 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 close to 300 km² of gold properties (see map), including the Beaufor Mine, the Croinor Gold (see video), Wasamac, McKenzie Break and Swanson advanced projects, and the Camflo and Beacon mills, as well as six promising exploration projects. It also offers custom milling services out of its 1,600 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 Measured and Indicated Resources


Tonnes
(metric)

Grade
(g/t Au)

Ounces

Wasamac property1




Measured Resources

3.99 million

2.52

323,300

Indicated Resources

25.87 million

2.72

2,264,500

Total Measured & Indicated Resources

29.86 million

2.70

2,587,900

Beaufor Mine2




Measured Resources

74,400

6.71

16,100

Indicated Resources

271,700

7.93

69,300

Total Measured & Indicated Resources

346,200

7.67

85,400

Croinor Gold Mine3




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

McKenzie Break property4




Pit Constrained




Indicated Resources

939,860

1.59

48,133

Underground




Indicated Resources

281,739

5.90

53,448

Simkar Gold property5




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

TOTAL




Measured & Indicated Resources



3,053,865





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: 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.

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

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: MRB et Associés (January 2015)

 

View original content with multimedia:http://www.prnewswire.com/news-releases/monarques-gold-confirms-pit-constrained-resource-on-its-mckenzie-break-gold-project-300666414.html

SOURCE Monarques Gold Corp.



Contact
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.com
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