- Monarch Mining (GBAR) receives final payment of $3.75 million from gold royalty in connection with the sale of royalties
- This payment is in connection with the sale of royalties on the Beacon, Croinor Gold, McKenzie Break and Swanson properties
- Monarch Mining Corporation is a fully integrated mining company that owns four projects, including the Beaufor Mine
- Monarch owns 29,000 hectares (290 km2) of mining assets in the prolific Abitibi mining camp
- Monarch Mining Corporation (GBAR) is up 1.47 per cent, trading at C$0.69 at 1:04 pm EST
Monarch Mining (GBAR) has received a final cash payment of $3.75 million from Gold Royalty Corp. (NYSE: GROY).
This payment is in connection with the sale of royalties on the Beacon, Croinor Gold, McKenzie Break and Swanson properties.
“These funds will further strengthen our working capital in preparation for the restart of the Beaufor Mine and Beacon Mill expected by June 2022,” said Jean-Marc-Lacoste, President and Chief Executive Officer of Monarch.
Monarch Mining Corporation is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years.
Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly-owned 750 tpd Beacon Mill.
Monarch owns 29,000 hectares (290 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 ounces.
Back in January, it report its final results from its 2021 surface drilling program on its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-d’Or, Québec.
The results showed several high-grade assays. Much of the surface drilling consisted of shallow holes testing the W and 350 zones within 250 metres of surface. Monarch has reported previous surface drill results in the area, including 35.87 g/t Au over 9.8 metres and 11.02 g/t Au over 5.55 m.
Underground development and rehabilitation are ongoing in the area of the W and 350 zones, which is easily accessible from a surface ramp located 350 metres from the main Beaufor shaft. The surface ramp providing access to the W and 350 zones presently extends to a vertical depth of 180 metres below the surface.
Monarch Mining Corporation (GBAR) is up 1.47 per cent, trading at C$0.69 at 1:04 pm EST.