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Monarch Mining reports resource increase at Swanson

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Global Mining Review,

Monarch Mining Corp. has announced an updated mineral resource estimate for its wholly-owned Swanson project, 65 km northeast of Val-d’Or, Québec, Canada.

Monarch owns a 100% interest in the Swanson property, acquired from Agnico Eagle Mines Ltd. The property, which consists of one mineral lease and 127 claims covering a total area of 51.26 km2, hosts a known gold deposit. Located 65 km from the Beacon mill and 12 km northeast of Barraute, Québec, the property is accessible year-round via Route 367 and a gravel road. The property has a 500 m ramp down to 80 m and is crossed by a railway track and a transmission line.

Monarch mandated InnovExplo Inc. of Val-d’Or to update the 20 June 2018, resource estimate prepared for Monarch Gold Corp. The current resource estimate for Monarch Mining indicates that:

  • Geological and grade continuity are demonstrated for the four gold-bearing zones.
  • The estimated resources are reported for combined constrained pit and underground scenarios.
  • The total Indicated resource stands at 113 800 oz of Au, corresponding to 1 945 000 t at 1.82 g/t Au.
  • The total Inferred resource stands at 10 300 oz of Au, corresponding to 116 000 t at 2.76 g/t Au.
  • It is likely that additional diamond drilling at depth would increase the inferred tonnage and allow some of the inferred resources to be upgraded to the indicated category.

The resource area within the deposit measures 500 m along strike, 400 m wide and 500 m deep. The estimate is based on a database of 209 drill holes (146 surface holes and 63 underground holes) and 10 000 assays. Grades were capped at 15 g/t Au for the mineralised zones and 4 g/t Au for the dilution envelope. Capping was applied to raw assays before compositing. The mineral resource was estimated using a minimum cut-off grade for two combined potential extraction scenarios: constrained pit and underground. Cut-off grades of 0.75 g/t Au for constrained pit and 2.4 g/t Au for underground were defined based on a gold price of CAN$2160 and an exchange rate of 1.34 US$/CAN$. The independent and qualified persons for the mineral resource estimate, as defined by NI 43101, are Christine Beausoleil, P.Geo., and Alain Carrier, P.Geo., of InnovExplo.

This updated mineral resource results in 9% more gold in the indicated category and 45% more gold in the inferred category compared to the 2018 resource estimate. This increase in the resource is primarily due to the higher gold price and the resulting lower calculated cut-off grade.

“With our new company, Monarch Mining, we will continue to define and develop our gold assets in one of the most prolific greenstone belts in the world,” said Jean-Marc Lacoste, President and CEO of Monarch. “Our near-surface deposits have the potential to expand into significant economic deposits.”

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