Monarch Mining Corporation (GBAR-T): Monarch reports up to 0.92 g/t Au over 225m, 0.97 g/t Au over 174m and 1.03 g/t Au Over 159m at Swanson, Abitibi
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Monarch (GBAR-T) announced on July 19, 2022 drill results from its 100%-owned Swanson project, ~65 km NE of Val-d’Or, Québec. The second batch of assay results reported are from 9 holes drilled to test 3 areas. Recall assay results for the first 7 drill holes of its 2021-2022 drilling program were reported on March 30, 2022 which was the first drilling program by Monarch since it acquired the Swanson Project from Agnico-Eagle Mines in December 2017. Results included up to 27.79 g/t Au over 10.18 m in hole SW-22-006 (see: https://www.dhirubhai.net/posts/eric-lemieux-9468715_quebec-abitibi-gold-activity-6914988860334571520-Vubk?utm_source=linkedin_share&utm_medium=member_desktop_web).
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The current drilling results focused on 3 areas on the Swanson deposit:
i) Expansion drilling at depth - 4 holes were drilled down-dip and down-plunge of hole SW-22-006, which had assayed 27.79 g/t Au over 10.18 m. The first two holes drilled (SW-21-008 and SW-22-009) intersected a similar style of mineralization, which includes quartz veins with visible gold. High-grade intersections included 6.23 g/t Au over 9.7 m (SW-22-008) and 9.92 g/t Au over 1.18 m within a much wider interval of 0.97 g/t Au over 174 m (SW-22-009). The subsequent deeper holes drilled to the NE, ~35 m apart, continued to intersect widespread gold mineralization with locally higher-grade intersections that included 0.92 g/t Au over 225.25 m (SW-22-010) and 1.03 g/t Au over 158.85 m (SW-22-014).
ii) Expansion drilling to the SE - Holes SW-22-011 and SW-22-012 were drilled in the southeast corner of the proposed pit shell, beyond the currently interpreted wireframes. The best assays in this area included 1.03 g/t Au over 2 m (SW-22-011) and 0.58 g/t Au over 1.5 m (SW-22-012).
iii) Infill drilling - Holes SW-22-013 and SW-22-015 were drilled within the limits of the currently defined pit shell to enhance understanding of the mineralization. A 93-metre hole drilled in the central part of the pit shell intersected 1.93 g/t Au over 61.7 m, including a higher-grade section of 4.43 g/t Au over 19.7 m (SW-22-013). A second hole (SW-22-015) that intersected the mineralization in the central part of the pit and extended beyond the proposed pit wall into the footwall intersected 0.39 g/t Au over 158.85 m, including smaller higher-grade sections, such as 2.32 g/t Au over 2.8 m
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Potentially growing: Based on the strong results, Monarch has again expanded its Swanson drilling program and now plans to drill a total of 13,000m The Swanson property is composed of a contiguous group of 127 map-designated claims and one mining lease covering an area of 5,125.8ha. The property is located 12 km NE of Barraute and 65 km from the 750 tpd Beacon mill and likely rail accessible as it is crossed by a CN railway. The property has a 500-m ramp down to 80 m and is traversed by an electrical transmission line.
The Swanson deposit is interpreted as an intrusive-associated disseminated gold deposit located along a major regional structure. The gold mineralization is typical of other structurally controlled gold deposits associated with felsic intrusions. The deposit measures approximately 350 m along strike by 150 m wide and has currently been tested to a depth of >400 m. A NI 43-101 mineral resource estimate for the Swanson property was prepared for Monarch by InnovExplo in January 2021. The estimate was based on a database of 209 drill holes (146 surface holes and 63 underground holes) and 10,000 assays (see: https://www.dhirubhai.net/pulse/monarch-mining-corporation-gbar-t-new-mineral-resource-eric-lemieux/).?
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Jean-Marc Lacoste, President and CEO stated: "This drilling program on Swanson continues to return very wide mineralized zones, indicating that there is a lot of gold in the system and confirming our initial observations that the deposit, which remains open down-dip and down-plunge, could be significantly expanded," said "We are pleased with this second batch of assay results, which includes both significant widths and high-grade subintervals. We are confident that the ongoing drill program, which we have now increased to 13,000 metres, will continue to generate positive results".
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Also on July 12, 2022, Monarch announced the appointment of Benoit Desormeaux as a director of the Corporation. Benoit Desormeaux is a seasoned mining executive having risen through the ranks of SEMAFO from 1997 to 2020, including as CEO, COO and CFO. He also has over 12 years of board experience, including as audit committee chair, with public and private companies and charitable organizations. During his career, he established a reputation for value creation, respecting guidance and timelines and delivering on commitments. He has a strong operations background, having operated mines in West Africa. He has a proven ability to take exploration and development projects through the full cycle of technical studies, permitting, financing, construction and operations. Mr. Desormeaux was with Deloitte LLP prior to joining SEMAFO and is a Chartered Professional Accountant.
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See also:??https://www.dhirubhai.net/pulse/monarch-mining-corporation-gbar-t-new-mineral-resource-eric-lemieux/
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Important Disclosures
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?
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UPDATE - August 30, 2022:
Monarch reports 18.18 g/t Au over 13.5m at Swanson, Abitibi, Québec
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On August 30, 2022 Monarch announced that it has received more high-grade results from the 2021-2022 drilling program on its 100%-owned Swanson gold project. These third set of results from the 2021-2022 Swanson drilling program for high-grade gold suggest down-plunge continuity of the Swanson deposit to a vertical depth of 360 m. The SW-22-023, hole intersected up to 3 mineralized lenses, all beyond the current limits of the interpreted wireframes used in the 2021 mineral resource estimate. The mineralized intersections included 1m @ 7.21 g/t Au, 7.65m @ 2.5 g/t Au and 2m @ 117.91 g/t Au, with the lower two zones contained within a 13.5 m intersection grading an average of 18.18 g/t Au. The Swanson deposit is currently tested to a vertical depth of 360 m and remains open at depth. The Swanson drilling program that totaled 11,277m in 31 holes was completed on August 29, 2022 and results for 14 drill holes are still pending. The Swanson gold project is comprised a contiguous group of 127 map-designated claims and one mining lease covering an area of 5,125.8 ha. The project lies 65 km NE of Val d’Or, Québec, and just 50 km north of Monarch’s wholly owned 750-tonne per day Beacon mill.
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The Swanson gold deposit is interpreted as an intrusive-associated disseminated gold deposit located along a major regional structure. The 2021-2022 drill program was the first drilling done on the property since Monarch Gold acquired it from Agnico-Eagle Mines in 2017. Earlier results of the program, which included 27.79 g/t Au over 10.18m and 0.92 g/t Au over 225m, have encouraged Monarch to continue testing the extensions of the gold mineralization along strike and at depth. The mineralization is hosted in altered and brecciated basalts interlayered with a syenite intrusion and is bordered on a larger scale by ultramafic rocks in the hanging wall and footwall. The mineralization remains open to the east and down plunge to the NE. A NI 43-101 mineral resource estimate for the Swanson property was prepared for Monarch by InnovExplo in January 2021 and total ~125,000oz Au. The estimate is based on a database of 209 drill holes (146 surface holes and 63 underground holes) and ~10,000 assays. The mineral resource was estimated using a minimum cut-off grade for two combined potential extraction scenarios: constrained pit and underground. Cut-off grades of 0.75 g/t Au for constrained pit and 2.40 g/t Au for underground were defined based on a gold price of CA$2,160 and an exchange rate of 1.34 USD/CAD.?The independent and qualified persons for the mineral resource estimate, as defined by NI 43101, are Christine Beausoleil, P.Geo., and Alain Carrier, P.Geo., of InnovExplo (see: https://www.dhirubhai.net/pulse/monarch-mining-corporation-gbar-t-new-mineral-resource-eric-lemieux/).?
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Jean-Marc Lacoste, President and Chief Executive Officer of Monarch stated: “We have now managed to define the plunge-trend of the Swanson gold deposit and are continuing to intersect significant high-grade gold mineralization beyond the currently defined mineral resource envelope. We are confident that the remaining drill holes will also yield positive results”.
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UPDATE - October 18, 2022:
Monarch reports 11.07 g/t Au over 7.4m within a wider zone of 1.76 g/t Au over 101.85m at Swanson, Abitibi, Québec
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On October 18, 2022 Monarch reported that it has received additional results from the 2021-2022 drilling program on its 100%-owned Swanson gold project, including more high-grade assays and wider mineralized zones. The Swanson property lies ~65 km NE of Val d’Or, Québec, and ~50 km north of Monarch’s 100% owned 750 tonne-per-day Beacon mill and is comprised of a contiguous group of 127 map-designated claims and one mining lease covering an area of >5,125ha.
Reported gold assay results are from a fifth set of results: The 2021-2022 drill program was the first drilling done on the property since Monarch Gold acquired it from Agnico-Eagle Mines in 2017. Monarch has investigated the extensions of the gold mineralization. Continuing positive results received have encouraged Monarch to continue testing the extensions of the gold mineralization along strike and at depth.
The most recently received assay results are for 3 holes, including those farthest to the NE (SW-22-024) and north (SW-22-025), which were drilled to test the down-plunge extension to the NE. Holes SW-22-024 and SW-22-025, located 100m apart on the surface, intersected multiple gold-bearing zones within a very wide mineralized corridor that has been traced to a vertical depth of 430m. Hole SW-22-025 intersected an impressive 11.07 g/t Au over 7.4m within a much wider zone of 1.76 g/t Au over 101.8 m. Hole SW-22-024 retuned 27.8 g/t Au over 0.6m, 14.75 g/t Au over 0.5m and 3.47 g/t Au over 7.3m, all within a wider intersection of 0.63 g/t Au over 151.7m and attests to the mineralized envelops being open the NE. ?
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Also, on September 8, 2022 Monarch had received assay results are for 6 holes. Drilling near surface to the west confirmed that the mineralization extends beyond the limit of the currently defined mineral resource, returning grades of up to 10.25 g/t Au over 0.50 m in DDH SW-22-018. Hole SW-22-020 intersected 7.07 g/t Au over 1.95m and 11.05 g/t Au over 1m at vertical depths of 280 m and 320 m below surface. Hole SW-22-022 intersected multiple gold-bearing zones within a very wide mineralized corridor that returned 7.83 g/t Au over 8.82m. within an intersection grading an average of 0.99 g/t Au over 237.82m.
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Extensions to the NE: The mineralization is hosted in altered and brecciated basalts interlayered with a syenite intrusion and is bordered on a larger scale by ultramafic rocks in the hangingwall and footwall. The Swanson deposit is interpreted as an intrusive-associated disseminated gold deposit located along a major regional structure. The gold mineralization is typical of other structurally controlled gold deposits associated with felsic intrusions. The mineralization remains open to the east and down plunge to the NE. The 2021-2022 program was completed on August 29, at a total of 11,277m in 31 holes. Final assay results are still pending for certain drill holes. The Swanson deposit measures likely >350m along strike by >150m wide and has currently been tested to a depth of 430m and drill results suggest gold endowment beyond the limits of the interpreted wireframes used in the 2021 mineral resource estimate by InnovExplo (~125,000oz Au total) (see: https://www.dhirubhai.net/pulse/monarch-mining-corporation-gbar-t-new-mineral-resource-eric-lemieux/).?
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Jean-Marc Lacoste, President and Chief Executive Officer of Monarch stated: “We continue to establish the continuity of the mineralized corridor at depth. These drill results push the limits of the mineralization even further out from the currently defined mineral resource envelope and the proposed pitshell".
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