Monarch reports 136% increase in measured and indicated gold resource at Beaufor
(Kitco News) - Monarch Mining (TSX: GBAR) (OTCQX: GBARF) announced Wednesday a new mineral resource estimate (MRE) for its advanced, wholly-owned Beaufor Mine gold project, 20 kilometres northeast of Val-d’Or.
According to the company’s statement, Beaufor Mine now contains an estimated Measured Mineral Resource of 328,500 tonnes grading at 5.7 g/t Au for a total of 59,900 ounces of gold and an estimated Indicated Mineral Resource of 956,400 tonnes grading at 5.2 g/t Au for a total of 159,300 ounces, a significant 136% increase compared to the previous mineral resource.
Inferred resource estimated at 818,900 tonnes grading 4.7 g/t Au for a total of 122,500 ounces, a 307% increase (+92,400 ounces) versus the resource estimate announced in January 2021.
The company said that current MRE represents the first block-model-type resource estimate for the property, whereas previous MREs used the polygon method. It includes much of the historical information, as well as results from the 2020‒2021 drilling program up to May 18, 2021.
“This significant increase in the mineral resource at the Beaufor Mine, which is the outcome of excellent drilling program planning by our technical team, vindicates our decision to restart production at Beaufor,” said Jean-Marc Lacoste, President and CEO of Monarch. “Increasing our resource continues to be the focus of our current 42,500-metre drilling program, which is still under way, with four drills underground.”
Monarch Mining owns 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. On June 3, 2021, the company announced its decision to reopen the Beaufor Mine and Beacon Mill by June 2022.