MONTREAL, Sept. 28, 2023 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) reported its results today for the quarter and 232-day period ended June 30, 2023. Amounts are in Canadian dollars unless otherwise indicated.
Summary of financial results
| (In dollars, except per share data) | 232-DAY PERIOD ENDED JUNE 30, 2021 |
THREE MONTHS ENDED JUNE 30, 2021 |
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| Administration | 1,761,466 | 1,176,022 | ||
| Care and maintenance | 2,757,758 | 1,794,899 | ||
| Exploration | 3,471,155 | 2,229,013 | ||
| Income tax recovery deferred mining taxes | (1,766,907) | (1,790,126) | ||
| Net loss | (5,598,402) | (2,837,751) | ||
| Net loss per share, basic and diluted | (0.12) | (0.04) |
“Since being listed on January 26 as the new entity Monarch Mining Corporation, we have made great progress and are now well on our way to restarting operations at the Beaufor Mine, aiming to increase the mine’s previous annual production,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “At the moment, we are getting the Beaufor Mine and Beacon Mill ready to start the pre-production phase start this fall, and we are continuing to recruit personnel to that we can start commercial production by June 2023. On the exploration side, the 42,500-metre drilling program is ongoing at Beaufor, with four underground drills currently on site, and we are extremely pleased with the results to date.”
“Thanks to strategic financings undertaken during the year, we have managed to increase our cash and balance-of-sale-receivable position to approximately $38 million as at September 15, 2023, while minimizing share dilution for our shareholders. We also continue to move work forward on our other advanced projects, McKenzie Break and Croinor Gold, which both have excellent exploration potential,” concluded Mr. Lacoste.
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 Beacon 750 tpd mill. Monarch owns 28,702 hectares (287 km2) of mining assets in the prolific Abitibi mining camp that host 714,982 ounces of combined measured and indicated gold resources and 421,793 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:
Table 1: Monarch combined gold resources
| Tonnes (metric) |
Grade (g/t Au) |
Ounces | |
| Beaufor Mine1 | |||
| Measured Resources | 328,500 | 5.7 | 59,900 |
| Indicated Resources | 956,400 | 5.2 | 159,300 |
| Total Measured and Indicated | 1,284,900 | 5.3 | 219,200 |
| Total Inferred | 818,900 | 4.7 | 122,500 |
| Croinor Gold2 | |||
| 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 |
| 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 |
714,982 421,793 |
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| 1 Source: Mineral Resource Estimate of the Beaufor Mine Project, July 23, 2023, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Clovis Auger, P. Geo. and Dario Evangelista P. Eng., BBA Inc. 2 Source: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). This resource estimate was prepared 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. 3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2023, 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, 2023, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc. 5 Numbers may not add up due to rounding. |
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