Monarch Mining (TSX: GBAR) this morning released an update mineral resource estimate for its McKenzie Break property, located north of Val-d’Or Quebec. The updated estimate has reportedly seen a 44% increase in indicated gold resources, and close to a 300% increase in inferred gold resources.
The updated resource estimate is a result of drilling that took place on the property from 2018 through to 2020, following the acquisition from Agnico Eagle Mines in 2017. A total of 75 drill holes were conducted in that time with a total drill length of 20,037 metre that has now been included in the property’s resource estimate.
The new resource estimate, on a combined basis for constrained pit and underground models, now consists of 145,982 ounces of gold on an indicated basis at an average grade of 2.48 g/t, as well as 250,983 ounces of gold on an inferred basis at an average grade of 2.34 g/t gold. Additional drilling is expected to further increase and expand the current estimate.
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The company has indicated that it will continue to develop the property through additional drill programs, however further details were not provided.
Monarch Mining last traded at $1.16 on the TSX.
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