- Monarch (GBAR) has produced the first gold bar from its wholly owned Beaufor Mine in Quebec
- Ore recovery for July has ranged from 96.3-98.7 per cent in preliminary data
- The company intends to ramp up to commercial production at Beacon Mill over the coming months
- Monarch Mining is a fully integrated mining company focused on four advanced projects
- Monarch (GBAR) is up by 25 per cent trading at $0.45 per share
Monarch (GBAR) has produced the first gold bar from its wholly owned Beaufor Mine in Quebec.
July production at Beacon Mill shows a record day of 765 tonnes of ore with recovery ranging from 96.3-98.7 per cent in preliminary data.
The ore stockpile stands at 23,914 tonnes averaging 4.76 g/t gold.
The company will now focus on ramping up to commercial production at Beacon Mill over the coming months, which should provide funding for its other exploration projects, including McKenzie Break, Swanson and Croinor Gold, all of which are yielding standout results.
“This first gold bar is the most significant milestone for Monarch since our listing in January 2021,” stated Jean-Marc Lacoste, President and CEO of Monarch. “Over the past 18 months, we have successfully restarted the Beaufor Mine and refurbished the Beacon Mill with a new production and exploration strategy, while dealing with the many challenges caused by the pandemic and recent geopolitical and economic events.”
“Despite some delays due to the plant’s automation systems and lost time due to COVID-19, we are proud to have achieved our goals with a slight delay of only six weeks,” he added.
Monarch Mining is a fully integrated mining company focused on four advanced projects.
Monarch (GBAR) is up by 25 per cent trading at $0.45 per share as of 10:17 am EST.