- Monarch Mining (GBAR) has released more results from its 42,500-metre diamond drilling program at the Beaufor Mine
- So far, assay results have been received for a total of 206 holes
- Highlights include 56.91 g/t gold over 0.7 metres in the lowest level of the mine
- The drill program is ongoing, with four drills underground
- Monarch Mining is a fully integrated mining company that owns four projects
- Shares in Monarch Mining Corp. (GBAR) are up 1.32 per cent, trading at $0.77 per share
Monarch Mining (GBAR) has released more results from its 42,500-metre diamond drilling program at the Beaufor Mine.
Located near Val-d’Or, Québec, the Beaufor Mine initially began commercial production in the early 1930s and over the years has produced over 1.1 million ounces of gold.
The mine is currently on care and maintenance, which has given Monarch an opportunity to drill-test targets throughout the mine area.
In June 2020, Monarch initiated a 42,500-metre diamond drilling program to test two types of targets:
- The areas around historical high-grade intersections near the existing underground infrastructure, and
- Isolated resource blocks, which are typically defined by a single drill intersection.
So far, assay results have been received for a total of 206 holes representing roughly 57 per cent of the planned drilling.
Drilling from the exploration drift at the lowest level of the mine confirmed the continuity at depth of previously mined zones, including 56.91 g/t gold over 0.7 metres.
In addition, definition drilling along the periphery of previously mined areas has extended the continuity of previously known economic zones.
Jean-Marc Lacoste, president and CEO of Monarch, commented on the results.
“Although preliminary,” he said, “this drilling appears to demonstrate that the Beaufor Mine remains open at depth and continues to have excellent discovery potential, hence the possibility of increasing the mine’s resources.”
The drill program is ongoing, with four drills underground.
Monarch Mining is a fully integrated mining company that owns four projects, including the past-producing Beaufor Mine.
Shares in Monarch Mining Corp. (GBAR) are up 1.32 per cent, trading at $0.77 per share as of 1:45 pm ET.