Monarch Gold Corp (TSX: MQR) has released its preliminary second quarter financial results as well as mineral resource results ending on December 31, 2019.
The company has reported quarterly revenues of $2.5 million, which is a significant decrease compared to the previous years second quarter revenues of $11.4 million. Comparatively, ending in December 31, 2018, Monarch had sold approximately 5,169 ounces of gold at an average price of $1,656 per ounce, but in the second quarter a year later, only 1,383 ounces of gold were sold at a price of $1,771 per ounce.
Monarch Gold also reported it had an inventory of 500 ounces of gold, $5.1 million cash, as well as holding short-term investments of $3.6 million as of December 31, 2019.
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The company also provided mineral grades for seven of its gold properties. Its Wasamac property, located in Quebec reported indicated resources to be a grade of 2.72 grams of gold per tonne, the Croinor Gold mine was given a indicated grade of 9.20 grams per tonne, and the Fayolle property a total indicated grade of 4.89 grams per tonne. The company’s McKenzie Break property, Swanson property, and Beaufor Mine reported indicated grades of 2.58 grams of gold per per tonne, 1.85 grams per tonne, and 7.83 grams per tonne, respectively.
Monarch Gold is a Canadian junior gold mining company predominantly focused on properties in Quebec, and is currently trading at $0.20 on the TSX.
Information for this briefing was found via Sedar and Monarch Gold Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
