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Monarch Mining awards MRE contract to BBA Inc.

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Global Mining Review,

Monarch Mining Corp. has announced that it has awarded the mineral resource estimate (MRE) contract for the Beaufor Mine gold project to BBA Inc.

The Beaufor Mine first entered commercial production in the early 1930’s and over the years has produced over 1.1 million oz of gold. The mine is currently on care and maintenance, which has given Monarch an opportunity to drill-test targets throughout the mine area. In June 2020, the corporation initiated a 42 500 m diamond drilling programme to test near-mine targets.

Monarch has retained the services of the engineering consulting group BBA Inc. to update the resource estimate for the Beaufor Mine property. Up until December 2020, MREs for the Beaufor Mine used a polygonal method on cross sections. The MRE to be produced by BBA Inc. will represent the first block model type resource estimate for the property. It will include much of the historical information as well as results of the ongoing 2020 – 2021 drilling programme. This work is in line with Monarch’s vision and approach of using new and more advanced technologies to treat vast amounts of historical data that had previously been worked and viewed in a predominantly 2D format. The MRE is expected to be completed in early 3Q21.

The results of the ongoing 2020-2021 drilling programme to be included in the updated MRE represent 171 recently completed holes (~17 000 m of drilling). Significant results include 783 g/t gold (Au) over 0.2 m and 293 g/t Au over 0.5 m (see press release dated 1 October 2020), 35.87 g/t Au over 9.8 m (see press release dated 19 January 2021) and 187 g/t Au over 0.5 m, 151.5 g/t Au over 0.5 m and 147.5 g/t Au over 0.3 m (see press release dated 29 April 2021).

Monarch has begun driving an exploration drift with drill bays at the lower-most level of the mine, approximately 900 m below surface. The drill bays will allow the corporation to properly test the continuity of the mineralised zones at depth. Historical intersections, obtained from up to 150 m below the mine workings, include 16.45 g/t Au over 6.75 m (hole 120-126), 17.06 g/t Au over 4.25 m (hole 18-150-69) and 26.11 g/t Au over 5.6 m (hole 128-35) (core lengths do not represent true thickness). The first phase of the exploration drift, currently in progress, consists of 75 m of lateral development plus drill bays, which will allow for 4400 m of exploration drilling. This drilling is considered an integral part of the ongoing 42 500-m programme.

“We are very much looking forward to seeing the results of the BBA Inc. mineral resource estimate, which will not only reflect the results of our most recent exploration drilling but will also reinterpret the geology and mineralisation using 3D modelling. This work will allow us to review and revisit parts of the mine that may not have been included in the previous polygonal resource estimate. We are also thrilled to be doing exploration drilling below the current mine workings, which up until now has been limited by the lack of a proper exploration drilling drift and drill stations. Given the results we have seen to date and discoveries at neighbouring mines at deeper depths, we have great confidence that Beaufor’s mineralisation continues at depth,” said Jean-Marc Lacoste, President and CEO of Monarch.

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