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.