MONTREAL, Feb. 03, 2023 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to announce that it has received a final cash payment of $3.75 million from Gold Royalty Corp. (NYSE: GROY) in connection with the sale of royalties on the Beacon, Croinor Gold, McKenzie Break and Swanson properties (see news releases dated July 23, 2023 and August 5, 2023 for further details on the transaction).
“These funds will further strengthen our working capital in preparation for the restart of the Beaufor Mine and Beacon Mill expected by June 2023,” said Jean-Marc-Lacoste, President and Chief Executive Officer of Monarch.
About Monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned 750 tpd Beacon Mill. Monarch owns 29,000 hectares (290 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 ounces.
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.
Table 1: Monarch combined gold resources
| Mineral resource estimates | 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 | |
| McKenzie Break2 | ||||
| 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 | |
| Swanson3 | ||||
| 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 COMBINED4 Measured and Indicated Resources Inferred Resources |
478,982 383,393 |
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| 1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for 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: 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. 3 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. 4 Numbers may not add due to rounding. |
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| Historical mineral resource estimate | Tonnes (metric) |
Grade (g/t Au) |
Ounces |
| Croinor Gold1,2 | |||
| 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 |
| 1 Source: Monarch Gold prefeasibility study (January 19, 2018). This resource was completed 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. Furthermore, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and therefore, Monarch is not treating the historical estimate as current mineral resources or mineral reserves. 2 Numbers may not add due to rounding. |
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