Monarques Gold Corp. has reported 2.6 million oz in measured resources as an estimate for its wholly-ownedWasamac gold project, located 15 km west-southwest of Rouyn-Noranda, Québec.
The estimate was prepared by Tudorel Ciuculescu, M.Sc, P. Geo, Senior Geologist for Roscoe Postle Associates Inc. and a qualified person as defined by NI 43-101on 20 October 2017.
President and CEO of Monarques, Jean-Marc Lacoste said: "The outcome of the estimate is great news for Monarques, as the bulk of the previous Inferred resource has been upgraded to the Indicated category based on infill drilling".
"This is also an important step towards our goal of advancing the development of our Wasamac gold project. With our latest acquisition, which includes the Beaufor mine and the Camflo mill, we have become a fully integrated gold producer and now have the team and the resources to reach this goal. The Wasamac gold project is an important part of the future of Monarques and we intend to bring it to its full potential," La Coste added.
Based on a cut-off grade of 1.0 g/t Au, RPA estimated a resource of 3.99 million t at an average grade of 2.52 g/t Au for 323 300 oz in the measured category, and 25.87 million t at an average grade of 2.72 g/t Au for 2 264 500 oz in the indicated category. An additional 4.16 million t grading an average grade of 2.20 g/t Au for 293 900 oz were estimated in the inferred category. The cut-off grade is based on a gold price of US$1500/oz and assumed operation costs.
The database includes 3,317 holes drilled for various purposes on the property and surrounding area from the 1940s to 2012. Of these, 2,016 holes were used for the resource estimate. The resource holes consist of 288 surface holes with a total length of 122 781 m and 24 613 samples (24 401 m sampled) and 1,728 underground holes with a total length of 36 842 m and 24 018 samples (32 148 m sampled).
The estimate was supported by a block model and was constrained with mineralised wireframes capturing mineralised intercepts with a nominal grade of 1.0 g/t Au over a minimum thickness of 4 m. Erratic higher-grade samples were capped at 35 g/t Au prior to compositing to 2 m intervals. Block gold grade was estimated using an inverse-distance-to-the-power-three (ID3) interpolation method.
The new mineral resource estimate reflects a number of changes, including additional drilling, the exclusion of mineralisation previously considered as resources, the addition of new resources, a lower cut-off grade, and the upgrading of inferred mineral resources to the indicated category.
RPA thinks that the Wasamac property hosts a significant gold deposit and that the project has good exploration potential that warrants additional exploration and technical studies.
The 43-101 technical report will be delivered and filed on SEDAR within the next 45 days.