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.
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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