Monarch Gold (TSX: MQR) this morning announces high-grade assays from its drill program conducted earlier this year at the McKenzie Break gold project, located north of Val-d’Or, Quebec. The drill program, at 1,896 metres drilled, had highlights of 13.95 grams per tonne gold over 14.35 metres, including 311 grams per tonne gold over 0.5 metres.
The drill program consisted of a total of four drill holes on the property, which is located adjacent to Xander Resources (TSXV: XND) Senneville group of properties, and found a newly identified gold bearing zone below the target horizon. This new zone returned 27.15 g/t gold over 2.0 metres, which indicates that stacked veins may be present on the property.
The newly defined mineralization zone is located to the east of Monarch’s current resource estimate on the property, providing evidence of further mineralization on site. All four holes intersected at the targeted depth, with drilling indicating that the target Number 12 vein has continuity. The zone as a whole remains open to the south and east, with the latest program confirming the continuity of the zone and and increase in grade to the southeast.
| Hole | Length | From | To | Width* | Grade |
| number | (m) | (m) | (m) | (m) | (g/t Au) |
| MK-20-252 | 477 | 450.0 | 451.0 | 1.00 | 2.21 |
| MK-20-253 | 429 | 351.8 | 359.0 | 7.20 | 5.34 |
| Including | 351.8 | 352.5 | 0.70 | 14.35 | |
| Including | 358.0 | 359.0 | 1.00 | 23.60 | |
| MK-20-254 | 598 | 475.5 | 476.5 | 1.00 | 2.14 |
| MK-20-255 | 392 | 300.65 | 315.0 | 14.35 | 13.95 |
| Including | 300.65 | 301.5 | 0.85 | 25.40 | |
| Including | 307.0 | 307.5 | 0.50 | 311.00 | |
| Including | 314.0 | 315.0 | 1.00 | 15.10 | |
| 359.7 | 365.0 | 5.30 | 4.46 | ||
| Including | 359.7 | 360.4 | 0.70 | 26.70 | |
| 379.0 | 381.0 | 2.00 | 27.15 |
The property currently has a pit constrained resource estimate of 48,133 indicated ounces of gold, and 14,897 inferred ounces of gold. Underground resources on the property amount to 53,448 ounces indicated, and 49,130 ounces inferred. The estimate was conducted in 2018, with further drilling on the site having since occurred.
Further, Monarch Gold is now planning a 4,000 metre follow up drill program on the property due to the strong results it found on site.
Monarch Gold last traded at $0.54 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.
How it Works: Order Spoofing, Part Two – Spoofing In The Small Cap Sector
JP Morgan’s $920 million fine for having manipulated gold markets with order spoofing was widely...