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Monarques Gold Presents the Initial Parameters for the Feasibility Study on its Wasamac Gold Project

25.09.2018  |  CNW
  • The feasibility study will indicate that the Wasamac deposit will be mined using a top-down rather than a bottom-up sequence.
  • The initial parameters include a planned production rate of 6,000 tonnes per day, access to the deposit via twin ramps and the use of the Rail-Veyor transport system.
  • The project includes many large intersections that were drilled by Richmont Mines in 2011-2012 and that were part of the resource estimate done in October 2017 (see NI 43-101 report from Roscoe Postle Associates Inc.), including the following (see Table 1 for best results):
    • 6.40 g/t Au over a true width of 52.80 metres
    • 7.28 g/t Au over a true width of 31.40 metres
    • 4.61 g/t Au over a true width of 34.94 metres
    • 2.83 g/t Au over a true width of 71.76 metres
  • The goal of the study is to put the Wasamac gold deposit into production at the lowest possible cost.

MONTREAL, Sept. 25, 2018 - MONARQUES GOLD CORPORATION ("Monarques" or the "Corporation") (TSXV:MQR) (OTCMKTS:MRQRF) (FRANKFURT:MR7) presented the initial parameters today for the feasibility study to be carried out on its Wasamac gold property by BBA. The study, to be completed in December 2018, will include assessment, design, engineering and costing for the mine, the processing plant, the tailings management facility and all the related services and infrastructure required to develop and mine the Wasamac deposit.

Monarques is taking a different approach to the project than Wasamac's previous owner. The Corporation will harness the latest technology and use a top-down rather than a bottom-up mining method in its attempt to put the Wasamac deposit into production at the best possible cost. Furthermore, the Corporation is opting for twin ramps and the use of the Rail-Veyor system underground to haul the mineralized material close to the railway, which will eliminate the hefty capital expenditures associated with building a shaft. The Rail-Veyor system is a promising new technology currently in use at Agnico Eagle's Goldex project in Val-d'Or (see the Goldex Rail-Veyor system).

The study also assumes a production rate of 6,000 tonnes per day. In addition, the land acquired for the mill and tailings facility provides major advantages as it lies alongside the Ontario Northland railway track, on the other side of the Trans-Canada Highway, farther away from the local communities.

"We are working hard to make Wasamac a success, both economically and for the local communities," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. "We want this project to fulfill the economic and environmental criteria and meet the local communities' requirements, and we are confident that with BBA's help, we can achieve that goal. We are also keeping open the option of custom milling the ore at one of the sites identified by BBA's previous study (see map of potential sites)."

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. (TSXV: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 five 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 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.

Table 1 – Best drilling results on Wasamac

Hole Number

Length
(metres)

From
(metres)

To
(metres)

True
Width
(metres)

Au Cut
Grade(1)
(g/t)

Ag Cut
Grade(1)
(g/t)

Zone

Vertical
Depth of
Intersection
(metres)

WS-11-61

705

544.00

627.00

65.66

2.16

-

Main

578

WS-11-65

849

738.00

792.90

46.60

3.45

-

Main

713

WS-11-66A

174

507.20

590.00

68.42

2.66

-

Main

534

WS-11-72

610

502.00

541.75

31.40

7.28

-

Main

513

WS-282-01

616

483.00

563.53

69.47

2.97

-

Main

506

WS-282-02

615

476.85

540.00

52.80

6.40

0.85

Main

488

WS-282-03

591

450.20

535.00

71.76

2.83

0.31

Main

470

WS-289-01

597

493.20

567.30

56.70

3.70

-

Main

526

WS-292-01

618

537.50

581.00

34.94

4.61

1.19

Main

549

WS-302-02

678

570.00

611.80

29.89

3.70

-

Main

590

WS-11-107

531

497.00

502.17

4.01

6.11

-

1

469

WS-11-123

826

703.20

748.00

37.14

2.45

-

1

675

WS-11-74A

870

786.95

826.00

32.88

2.17

-

2

752

WS-390-01

618

526.70

543.70

11.77

3.43

-

2

529

WS-392-02

391

310.00

319.00

7.01

3.80

7.34

2

303

WS-393-01

558

492.60

505.00

9.45

3.37

4.42

2

487

WS-403-03

447

383.80

392.30

7.20

7.12

-

2

355

WS-404-02

480

398.25

411.80

11.11

5.16

0.73

2

384

WS-406-01

406

331.40

346.40

12.11

3.56

-

2

322

WS-11-95

608

550.20

565.80

12.17

4.52

-

3

550

WS-11-100

676

597.80

615.30

12.87

3.63

-

3

600

WS-11-113A

486

431.55

443.00

11.26

2.96

-

3

316

WS-458-02

441

327.35

338.00

7.81

5.19

0.53

3

310

WS-480-01

679

578.00

585.00

5.22

7.09

2.00

4

550

(1) High values are cut at 35 g/t

 

Table 2 – Monarques 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.

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)

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/monarques-gold-presents-the-initial-parameters-for-the-feasibility-study-on-its-wasamac-gold-project-300717984.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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