Monarch Mining Corporation (GBAR-T) Monarch continues to hit high-grade gold intersections on the McKenzie Break Deposit, Abitibi, Québec
Update - December 1, 2022
Monarch continues to hit high-grade gold intersections, including 35.9 g/t Au over 0.5m and 12.65 g/t Au over 1.5m, on the McKenzie Break Deposit, Abitibi, Québec
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Monarch announced on December 1, 2022 additional results from the 2022 drilling program on its 100%-owned McKenzie Break gold project, located ~25km north of the Beacon mill with a design capacity of 750 tpd and located east of Val d’Or. The 2022 drilling program began in April 2022 and 53 holes have been drilled for a total of 16,104m. The drill program aimed at expanding the size of the 2021 MRE pit shell in the up-dip direction (to the west), increasing the current underground resource to the east and north and testing additional exploration targets along the volcanic-intrusive contact to the south. Assay results for 12 holes, namely holes MK-22-334 to 338, MK-22-343 to 344, MK-22-352 to 354 and MK-22-356 to 357 suggest a grade x true thickness of 4.23 g/t Au x m. Saliently, results for the holes drilled at the northern edge of the deposit include 35.9 g/t Au over 0.5 m and 11.05 g/t Au over 1.3m, indicating that the mineralization remains open to the north. Drilling in the southwestern part of the deposit returned best intersections of 12.65 g/t Au over 1.5m and 28.2 g/t Au over 0.66m, showing that the mineralization also extends in the up-dip direction, thus confirming that the pit shell can be expanded to the west. Up to 3 holes drilled within the pit shell limits to fill in larger gaps in earlier drilling returned a best intersection of 17.2 g/t Au over 0.9m. Results are pending for a remaining 30 holes.
Expanding footprint for MRE: Monarch’s exploration program aims to advance the McKenzie Break deposit with its current total mineral resources of 5,156Mt @ 2.39 g/t Au (396,575 oz. Au) (see: https://www.dhirubhai.net/pulse/monarch-mining-corporation-gbar-t-new-mineral-resource-eric-lemieux-1f/). Gold mineralization at McKenzie Break occurs in an elongated diorite unit or lens within a shallow embayment of the Pascalis Batholith. The mineralized envelope currently measures >1,100 m by >600 m and has been tested down to a vertical depth of 400 m. Since the publication of the 2021 MRE by Geologica and GoldMinds, Monarch has completed a total of 41,424 m of drilling in 121 drill holes. The holes are relatively shallow and were primarily drilled at the outer edge of the proposed pit shell limits and in the area of the underground mineral resource blocks. This drilling has confirmed that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 MRE.
Jean-Marc Lacoste, President and CEO of Monarch stated “Our primary aim is to continue to expand the footprint of the mineral resource estimate, including the proposed pitshell. The McKenzie Break mineralization remains open in all directions, and the near-surface intersections we are seeing confirm that the current pit shell limits and underground resource can still be expanded in several directions”.
Also, on November 30, 2022 Monarch announced a non-brokered private placement of a minimum of 15,384,615 and a maximum of 76,923,077 common shares at a price of $0.065 per share, with a minimum of $1M and a maximum of $5M in gross proceeds for working capital, creditor payments and care and maintenance costs.
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Update - June 7, 2022
Monarch continues to hit high-grade gold intersections on the McKenzie Break Deposit, Abitibi, Québec
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Monarch announced on June 7, 2022 final assay results for its 2021 diamond drilling program on the McKenzie Break deposit, located 25 km north of the 750 tpd Beacon mill.?Results are from the last 13 holes of the 54-hole 2021 drilling program (18,632m) and included high-grade results of 19.12 g/t Au over 1.9 m (DDH MK-21-316), 41 g/t Au over 0.5 m and 11.9 g/t Au over 1.5 m (DDH MK-21-293) as well as 16.7 g/t Au over 0.89 m ((DDH MK-21-324). These best intersections (DDH MK-21-316 and 293) are located along the NE extension of the current resource envelope. We estimate an average grade x true thickness metric of 5 g/t Au x m. Earlier results were reported on December 2, 2021 (73.5 g/t Au over 1.35 m), October 20, 2021 (3.93 g/t Au over 5.45 m), June 22, 2021 (70.8 g/t Au over 0.4 m) and March 22, 2021 (8.46 g/t Au over 13.8 m) (see: https://www.dhirubhai.net/pulse/monarch-mining-corporation-gbar-t-intersects-new-gold-eric-lemieux/?published=t
and https://www.dhirubhai.net/pulse/monarch-mining-corporation-gbar-t-new-mineral-resource-eric-lemieux-1f/?published=t). Gold mineralization at McKenzie Break occurs in an elongated diorite unit or lens within a shallow embayment of the Pascalis Batholith. The mineralized envelope currently measures 1,100 m by 600 m and has been tested down to a vertical depth of 400 m.
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Expanding footprint: The 2021 surface drilling program successfully expanded the mineralized footprint to >600 m by >1,100 m to a vertical depth of >400 m and confirmed that the gently dipping mineralization remains open in all directions, with additional high-grade intersections at depth to the NE. The 2021 drilling program continued to expand the McKenzie Break gold deposit and should supplement and expand the 2021 mineral resource estimate with holes drilled on 50-m centres down to a vertical depth of 400 m.
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More to come: The 2022 McKenzie Break diamond drilling program, which began in April 2022 with 1 drill rig, consists of 20,000 m of drilling in 65 holes. A second drill rig shall be added once Monarch's 10,000-m Swanson diamond drill program is completed. Monarch shall continue to investigate the deposit with holes at 50-m centres and aim at i) expanding the current underground resource to the north and east, ii) increasing the size of the currently proposed resource pit shell up-dip through expansion to the south and west and iii) testing additional exploration targets along the volcanic-intrusive contact to the south. Monarch is working towards updating its McKenzie Break mineral resource estimate later in 2022, which shall include a new interpreted geological model. the additional 18,632 m drilled in 2021 and several strategic holes to be drilled in 2022. The new drilling shall also be part of Monarch’s regional exploration program to test targets on the larger McKenzie Break property, outside the limits of the known deposit of current total mineral resources of 5,156Mt @ 2.39 g/t Au (396,575 oz. Au).
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Update - December 2, 2021
Monarch intersects 73.5 g/t Au over 1.35 m, expanding the McKenzie Break Deposit to the southwest
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On December 2, 2021 Monarch announced new assay results from ongoing drilling at 50-m centres on the McKenzie Break deposit, located 25 km north of the 100% owned 750 tonne-per-day Beacon mill in the Val d’Or area. These drill results are part of Monarch’s 2021 McKenzie Break exploration program, which consists of a total of 56 holes for ~19,000 m. The current exploration program is focused on expanding the size of the McKenzie Break gold deposit and supplementing the updated February 2021 mineral resource estimate. Monarch has intersected gold mineralization in diamond drill holes and succeeded in expanding the McKenzie Break deposit to the SW and NE. The project is located ~25 km NNE of downtown Val-d'Or, Québec. The drilling is part of Monarch’s regional exploration program to test targets on the larger McKenzie Break property, outside the limits of the known deposit of total mineral resources of 5,156Mt @ 2.39 g/t Au (396,575 oz. Au) (see: https://www.dhirubhai.net/pulse/monarch-mining-corporation-gbar-t-new-mineral-resource-eric-lemieux-1f/). Based on recent results outside the 2021 MRE envelope, the current program has expanded the outer limits of the deposit an additional 200 m to the SW (updip) and 100 m to the east and NE (downdip). The current mineralized envelope now measures 1,100 m by 600 m and has been tested from surface to a maximum vertical depth of 430 m. The McKenzie Break deposit continues to remain open for expansion and shows good grade and continuity. Monarch shall continue exploration drilling on the McKenzie Break property to the end of 2021 and results for a remaining 18 holes are expected to come in over the next couple of months.
Open in several directions: Key highlights of near-surface results intersected up to 200 m SW of the 2021 MRE include: 73.5 g/t Au over 1.35 m, followed by a deeper zone grading 1.38 g/t au over 4.95 m (DDH MK-21-286:).50 m south of hole MK-21-286, DDH MK-21-306 intersected widespread low-grade mineralization, including 0.92 g/t Au over 17 m and a deeper zone grading 0.98 g/t Au over 11.5 m. DDH MK-21-305, 50 m north of hole MK-21-286, returned 2.39 g/t Au over 2 m, followed by a deeper zone grading 4.5 g/t Au over 0.7 m.
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Highlights of grades intersected more than 100 m NE of the 2021 MRE include: MK-21-290 with 4. g/t Au over 1 m, followed by a deeper zone grading 8 g/t Au over 1 m. 50 m west of hole MK-21-290, DDH MK-21-294 returned 4.5 g/t Au over 1. m followed by a lower zone of 5.5 g/t Au over 1 m.
Highlights of grades intersected east of the resource and including those intersected more than 50 m from the 2021 MRE include: DDH MK-21-268 with 12.75 g/t Au over 1.7 m and DDH MK-21-295 with 12 g/t Au over 0.8 m and 4.29 g/t Au over 2.6 m.
We estimate an average grade x true thickness metric of 4.97 g/t x m for the disclosed 31 drill holes with a total of 91 intercepts.
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A new drilling program planned for 2022 shall include continued testing of the current outer limits of the resource estimate, drilling of a large target area between the resource pit shell and the recent intercepts 1 km to the south of the pit shell, and drilling of regional exploration targets located ~ 9 km south of the deposit. Monarch controls over >9 km of a favourable contact.?
Monarch Mining intersects new gold mineralization?1 km south of the Mckenzie Break Deposit
On October 20, 2021 Monarch reported results from McKenzie Break’s regional exploration drilling program of 7 drill holes totalling 1,419m. Monarch has intersected gold mineralization in diamond drill holes ~1 km south of the McKenzie Break deposit, located 25 km north of the 100% owned 750 tpd Beacon mill and 25 km NNE of downtown Val-d'Or, Québec. The drilling is part of Monarch’s regional exploration program to test targets on the larger McKenzie Break property, outside the limits of the known deposit of total mineral resources of 5.156Mt @ 2.39 g/t Au (396,575 oz. Au) (see: https://www.dhirubhai.net/pulse/monarch-mining-corporation-gbar-t-new-mineral-resource-eric-lemieux-1f/).
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Notable assay results include: 3.93 g/t Au over 2.83 m and, 85m further down the hole, 3.93 g/t Au over 5.45 m, including 11.58 g/t Au over 1.3 m (MK-21-281) as well as 125m to the north, 1.52 g/t Au over 8.8 m (MK-21-287). These new gold intersections are located ~1 km south of the McKenzie Break deposit and are <100 m from surface and near an intrusive/volcanic contact, making them geologically similar to the defined McKenzie Break resource. All the remaining holes in the target area for which assay results are available have intersected anomalous gold mineralization. We estimate an initial average grade x true thickness metric of 5.79 g/t Au x m.
Following recent claim staking, Monarch now controls over >9 km of the favourable contact. Saliently, the new discovery has similar geological characteristics as the McKenzie Break deposit and follows a clear high MAG trendline over a 1-km stretch. The entire McKenzie Break property has been surveyed by a high-resolution aeromagnetic survey.
Monarch shall continue exploration drilling on the property to the end of 2021, with 1 drill rig drilling holes every 50 m with objective of extending the limits of the current McKenzie Break deposit gold envelope. Drilling shall also investigate additional regional exploration targets in 2021-22. Next steps shall obviously also include testing the discovery at depth and along the multi-kilometer trendline to confirm its continuity.
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Important Disclosures
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Monarch Mining Corporation ??????????
A????????????The Mining Analyst, in his own account or in a family related account, owns securities in excess of 1,000 shares of the issued and outstanding equity securities of this issuer.
V????????????The Mining Analyst has visited material operations of this issuer, namely the Fayolle project and the outside perimeter of the Beacon Mill and Beaufor Mine.
R????????????This issuer has indirectly paid the Mining Analyst.
président chez géologica
2 年En extension ''downplunge'' des zones en profondeur!
président chez géologica
3 年à proximité du contact ouest de l’intrusion. C’est très logique et favorable! Beau travail Monarch!