Monarch plans to restart Beaufor gold mine next year
(Kitco News) - Today, Monarch Mining (TSX: GBAR) (OTCQX: GBARF) announced that it plans to reopen its wholly-owned Beaufor mine and Beacon mill by June 2022. The mine and mill are located some 20 kilometres east of Val-d'Or, Québec.
The company said it is moving into recruiting mode in preparation for the reopening of its facilities. Before operations were suspended, some 150 people worked at the Beaufor mine and 30 at the Beacon mill.
Monarch will focus on operating the Beaufor mine through two accesses (the production ramp near the mine (500 m) and the shaft), instead of the shaft access only.
The Beaufor mine has produced over 1.1 million ounces of gold at an average grade of 7.50 g/t Au since the early 1930s. The mine is currently on care and maintenance, which, the company said, enabled Monarch to undertake a huge diamond drilling program of 42,500 metres in June 2020 aimed at expanding and better defining the resource at the mine.
The 750 tonne-per-day Beacon mill, just 7 kilometres from the Beaufor mine, has also been on care and maintenance since being acquired in 2016. The mill is fully permitted to process up to 1,800,000 tonnes of tailings, representing some nine years of ore processing at full capacity.
The company added that the Beaufor mine has "excellent gold potential" in the vicinity of the existing mineralized envelope and at depth, and that Monarch is confident in realizing the project's full potential.
Monarch Mining is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch's wholly owned and fully permitted Beacon 750 tpd mill.