Saturday, July 12, 2025

Latest

Monarch Mining To Reopen Beaufor Mine, Beacon Mill By June 2022

Monarch Mining Corporation (TSX: GBAR) announced today its plans to reopen its wholly-owned Beaufor mine and Beacon mill by June 2022. Both the mine and the mill are located 20 kilometres east of Val‑d’Or, Québec.

The Beaufor mine is currently on care and maintenance, enabling the company to conduct a 42,500 metre drill program at the mine starting June 2020. Monarch Mining has so far reported the results for 14,465 metres of drilling (34% of the program), including highlight intersections of 783 g/t gold over 0.2 metres in October 2020, 35.87 g/t gold over 9.8 metres in January 2021, and 187.0 g/t gold over 0.5 metres in April 2021.

Since the 1930s, the Beaufor mine has produced over 1.1 million ounces of gold at an average grade of 7.50 g/t gold. The Beacon mill, 7 kilometres from the mine, is estimated to process 750 tonnes per day.

The company previously relayed that consulting firm BBA Inc. is scheduled to release a new resource estimate at Beaufor mine in the summer of 2021. Earlier this year, Monarch Mining upgraded the resource estimate to 92,700 measured & indicated gold ounces at 6.68 g/t gold.

Monarch President & CEO Jean-Marc Lacoste said Monarch Mining’s new production strategy, “will focus on operating the Beaufor Mine through two accesses, the production ramp and the shaft,” instead of the shaft access only.

On the other hand, the Beacon mill has also been currently on care and maintenance since Monarch Mining acquired it in 2016. The mill is permitted to process up to 1.8 million tonnes of tailings.

Before operations were suspended, around 150 people and 30 people worked on the mine and the mill, respectively. “Ever since the mine was temporarily closed in 2019, our goal has been to restart the mine with a view to creating long-term value and good-quality jobs in the Abitibi region,” Lacoste said in a statement.

Monarch Mining Corporation last traded at $0.88 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. 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.

Video Articles

Mergers Set the Stage for Uranium’s Growth Cycle | Forum-Baselode Merger

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Recommended

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

Related News

Gold Hits New Highs, Oil Soars On Reports of Trouble In Middle East

The spot price of gold is currently soaring to new highs as a result of...

Tuesday, January 7, 2020, 07:00:46 PM

SKRR Exploration Details 2020 Work Program At Saskatchewan Leland Property

This morning, SKRR Exploration Inc (TSXV: SKRR) announced that it will be conducting a 2020...

Monday, June 8, 2020, 02:18:00 PM

Great Bear Reports Further LP Fault Results, Extends Closing Of $69.9 Million Offering

Great Bear Resources (TSXV: GBR) keeps chugging along with its exploration program at the Dixie...

Tuesday, February 16, 2021, 08:13:13 AM

Pegasus Resources: New Exploration Focus In B.C.

Pegasus Resources (TSXV: PEGA), formerly Pistol Bay Mining, recently made a series of interesting moves...

Saturday, January 23, 2021, 05:32:00 PM

Gold Rush: From Eritrea to Saudi Arabia with Matthew Grainger of Alpha Exploration

At the Rule Symposium of Natural Resource Investing in Boca Raton, Florida, Matthew Grainger from...

Saturday, July 27, 2024, 11:29:00 AM