Monarques Gold Corp. (Monarques) has reported its production results and highlights for the fourth quarter of 2017, ended 31 December 2017.
4Q17 production highlights
Monarques produced 5444 oz of gold in 4Q17, a 62% increase over the 3380 oz produced in the prior quarter by the previous owner, and a 16% increase over the quarterly average of 4715 oz produced during the prior nine-month period.
Monarques Gold Corp. recorded revenue of CAN$10.3 million in the second quarter based on an average gold price of CAN$1612/oz (US$1268) and 5444 oz sold combined with toll milling activities.
The company reported strong results from its drilling programme at the Beaufor mine, including 61.48 g/t Au over 3.9 m, which confirms the strong exploration potential in the area east of Zone Q.
President and CEO of Monarques, Jean-Marc Lacoste, said: We exceeded our target for the quarter by producing more gold than anticipated,” “Our toll milling activities were also strong. With the addition of Eldorado Gold and Nottaway Resources, the Camflo mill operated at 72% capacity during the last quarter, and based on the contracts signed for 2018 with Nottaway and Wallbridge Mining, among others, we expect to continue to increase mill productivity in the next quarter. On the exploration side, our recent drilling programme at Beaufor was a success, and we plan to continue drilling to increase the mine’s gold resource.”