Monarch Receives Final Payment of $3.75 Million From Gold Royalty in Connection With the Sale of Royalties
February 03, 2022 at 12:35 pm
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MONTREAL, Feb. 03, 2022 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to announce that it has received a final cash payment of $3.75 million from Gold Royalty Corp. (NYSE: GROY) in connection with the sale of royalties on the Beacon, Croinor Gold, McKenzie Break and Swanson properties (see news releases dated July 23, 2021 and August 5, 2021 for further details on the transaction).
"These funds will further strengthen our working capital in preparation for the restart of the Beaufor Mine and Beacon Mill expected by June 2022," said Jean-Marc-Lacoste, President and Chief Executive Officer of Monarch.
About Monarch Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned 750 tpd Beacon Mill. Monarch owns 29,000 hectares (290 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 ounces.
Forward-Looking Statements The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.
FOR MORE INFORMATION:
Jean-Marc Lacoste President and Chief Executive Officer
1-888-994-4465 jm.lacoste@monarchmining.com
Mathieu Séguin Vice President, Corporate Development
1-888-994-4465 m.seguin@monarchmining.com
Elisabeth Tremblay Geologist and Communication Manager
1-888-994-4465 e.tremblay@monarchmining.com
www.monarchmining.com
Table 1: Monarch combined gold resources
Mineral resource estimates
Tonnes (metric)
Grade (g/t Au)
Ounces
Beaufor Mine1
Measured Resources
328,500
5.7
59,900
Indicated Resources
956,400
5.2
159,300
Total Measured and Indicated
1,284,900
5.3
219,200
Total Inferred
818,900
4.7
122,500
McKenzie Break2
In-pit
Total Indicated
1,441,377
1.80
83,305
Total Inferred
2,243,562
1.44
104,038
Underground
Total Indicated
387,720
5.03
62,677
Total Inferred
1,083,503
4.21
146,555
Swanson3
In-pit
Total Indicated
1,864,000
1.76
105,400
Total Inferred
29,000
2.46
2,300
Underground
Total Indicated
91,000
2.86
8,400
Total Inferred
87,000
2.87
8,000
TOTAL COMBINED4 Measured and Indicated Resources Inferred Resources
478,982 383,393
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine Project, July 23, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Clovis Auger, P. Geo., and Dario Evangelista, P. Eng., BBA Inc. 2 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc. 3 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc. 4 Numbers may not add due to rounding.
Historical mineral resource estimate
Tonnes (metric)
Grade (g/t Au)
Ounces
Croinor Gold1,2
Measured Resources
80,100
8.44
21,700
Indicated Resources
724,500
9.20
214,300
Total Measured and Indicated
804,600
9.12
236,000
Total Inferred
160,800
7.42
38,400
1 Source: Monarch Gold prefeasibility study (January 19, 2018). This resource was completed for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate. Furthermore, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and therefore, Monarch is not treating the historical estimate as current mineral resources or mineral reserves. 2 Numbers may not add due to rounding.
Gold Royalty Corp. is a Canada-based gold-focused royalty company offering financing solutions to the metals and mining industry. The Company acquires royalties, streams and similar interests at varying stages of the mine life cycle to build a portfolio offering near, medium and longer-term returns for its investors. Its diversified portfolio consists primarily of net smelter return royalties on gold properties located in the Americas. The Company's diversified portfolio consists of approximately 221 royalties located in mining jurisdictions throughout the Americas, producing, developing, advanced-exploration and early-exploration staged properties. Its royalties include Isabella Pearl, Granite Creek, Edna Mountain, Bald Mountain, Hammond Reef South, Princesse Annie, Hunter Mine Group, Entre Deux Lacs, Calamity, Winnie Lake, Perestroika Ouest, Lac Lemoyne, Harricana Fault, Blue Mountain, Bejopipa, Bench Depth, Amikougami, Aquilon, Casault, Des Meloizes, Fancamp, and among others.