Monarch Mining Corp (TSX: GBAR) this morning released an updated mineral resource estimate for its Beaufor Mine, located 20 kilometres northeast of Val-d’Or, Quebec. The mine is currently on care and maintenance, enabling the company to conduct a 42,500 drill program at the mine.
The resource estimate indicates that there are an estimated 21,900 ounce of gold at 5.62 g/t on a measured basis, along with 70,900 ounces at 7.10 g/t on an indicated basis. An inferred estimate of 30,100 ounces at 6.96 g/t gold is also present for the mine, all of which is focused on an underground mining scenario. A cut-off grade of 3.20 g/t gold was used for the resource estimate.
|Category||Tonnes||Grade (g/t Au)||Gold (ounces)|
The property previously contained a measured resource estimate of 16,100 ounces at 6.71 g/t gold, along with 69,300 indicated ounces at 7.93 g/t gold and 12,400 inferred ounces at 8.34 g/t gold.
Key to the estimate however, is that it is based on information that was received up until October 27, 2020. This is important, as the ongoing 275 exploration hole drill program has seen the majority of its work not included in the current estimate. If these holes produce positive results, additional holes are planned to be drilled to allow these zones to be included into the resource estimate as well as a future mine plan.
The new mineral resource estimate is based on a strike length of 1.5 kilometres with a width of 900 metres, to a vertical depth of 1,200 metres. Data used included 10,009 drill holes, comprising of 63 distinct mineralized zones.
The company currently intends to continue to advance the mine to return it to commercial production. The return of gold production is currently targeted for 8 to 14 months.
Monarch Mining Corp last traded at $0.60 on the TSX.
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