- Results from McKenzie Break’s regional exploration drilling program include: 3.93 g/t Au over 2.83 metres (MK-21-281), 3.93 g/t Au over 5.45 metres (MK-21-281) and 1.52 g/t Au over 8.80 metres (MK-21-287).
- All the gold intersections are located 1 km south of the McKenzie Break deposit and are less than 100 m from surface and near an intrusive/volcanic contact, making them geologically similar to the defined McKenzie Break resource.
- Following recent claim staking, Monarch now controls more than 9 km of the favourable contact. The entire property has been surveyed by a high-resolution aeromagnetic survey this year and additional regional exploration target areas will be tested in 2021-22.
“This new discovery has the potential to become a game changer for the development of the McKenzie Break property, as it has similar geological characteristics and follows a clear high MAG trendline over a 1-kilometre stretch from the deposit,” said
Monarch has tested the current target area, located 1 km south of the mineral resource envelope, with seven drill holes totalling 1,419 metres. Full assay results are available for the three completed holes and partial results for the remaining four holes. A list of significant assay results is presented in Table 1. Best assays include 3.93 g/t Au over 2.83 metres, followed by a second zone 85 metres further down the hole that returned 3.93 g/t Au over 5.45 metres, including 11.58 g/t Au over 1.30 metres (MK-21-281). A second hole, located 125 metres to the north, intersected 1.52 g/t Au over 8.80 metres (MK-21-287). All the remaining holes in the target area for which assay results are available have intersected anomalous gold mineralization; additional assay results for these holes are pending.
The holes were drilled to test shallow targets, typically less than 100 metres below surface, along the same intrusive/volcanic contact that hosts the McKenzie Break deposit. The property covers 9 km of this favourable contact, which is clearly defined in a recent high-resolution helicopter airborne magnetic survey completed by the Corporation (see Figure 1 and Figure 2). Follow-up drilling is warranted along the contact between the current resource and the recent results, as well as to the south.
Monarch will continue exploration drilling on the property to the end of 2021, with one drill rig drilling holes every 50 metres to extending the limits of the current McKenzie Break deposit, and also testing additional regional exploration targets.
Table 1: Significant results for the McKenzie Break property
Hole # | From (m) | To (m) | Width** (m) | Grade (g/t Au) | |||
MK-21-279* | 140.68 | 141.52 | 0.84 | 6.00 | |||
MK-21-280 | 14.00 | 15.00 | 1.00 | 1.32 | |||
33.75 | 34.75 | 1.00 | 3.28 | ||||
49.50 | 52.50 | 3.00 | 2.39 | ||||
MK-21-281* | 39.00 | 40.11 | 1.11 | 4.04 | |||
52.58 | 55.41 | 2.83 | 3.93 | ||||
including | 52.58 | 54.00 | 1.42 | 6.46 | |||
138.00 | 143.45 | 5.45 | 3.93 | ||||
including | 138.43 | 139.73 | 1.30 | 11.58 | |||
MK-21-282* | 13.94 | 16.63 | 2.69 | 1.18 | |||
45.00 | 46.28 | 1.28 | 2.55 | ||||
MK-21-283 | 119.50 | 120.75 | 1.25 | 4.50 | |||
132.00 | 133.60 | 1.60 | 1.49 | ||||
MK-21-284 | 81.50 | 86.50 | 5.00 | 1.66 | |||
including | 81.50 | 82.50 | 1.00 | 3.30 | |||
MK-21-287* | 35.90 | 36.85 | 0.95 | 1.30 | |||
90.20 | 94.00 | 3.80 | 1.39 | ||||
112.20 | 121.00 | 8.80 | 1.52 | ||||
including | 112.20 | 114.00 | 1.80 | 3.61 | |||
* Partial assays | |||||||
** True width is 90% of indicated width |
Table 2: Collar coordinates
Hole | Azimuth | Dip | Length | UTM E | UTM N | Elevation | |
Number | (°) | (°) | (m) | (m) | |||
MK-21-279 | 270 | -50 | 207 | 309767 | 5357110 | 310 | |
MK-21-280 | 270 | -50 | 201 | 309767 | 5357010 | 308 | |
MK-21-281 | 270 | -50 | 201 | 309640 | 5357115 | 311 | |
MK-21-282 | 270 | -50 | 201 | 309640 | 5357015 | 309 | |
MK-21-283 | 270 | -50 | 204 | 309900 | 5356980 | 307 | |
MK-21-284 | 270 | -50 | 198 | 309900 | 5356880 | 309 | |
MK-21-287 | 270 | -50 | 207 | 309661 | 5357238 | 312 |
About McKenzie Break
Gold mineralization occurs in an elongated diorite unit or lens within a shallow embayment of the Pascalis Batholith. Monarch continues to have drilling success beyond the limits of the recent resource update provided by Geologica and GoldMinds (see Table 3 and press release dated
Table 3: Combined resources (in-pit and underground) by category for the McKenzie Break deposit at the selected cut-off grades (
Area (cut-off grade) | Indicated resource | Inferred resource | ||||
Tonnes (t) | Grade (g/t) | Ounces (Au) | Tonnes (t) | Grade (g/t) | Ounces (Au) | |
Pit-constrained (0.50 g/t Au) | 1,441,377 | 1.80 | 83,305 | 2,243,562 | 1.44 | 104,038 |
Underground (2.38 g/t Au) | 387,720 | 5.03 | 62,677 | 1,083,503 | 4.21 | 146,555 |
TOTAL | 1,829,097 | 145,982 | 3,327,065 | 250,593 |
Notes:
- Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues. The quantity and grade of reported inferred resources are uncertain in nature and there has not been sufficient work to define these inferred resources as indicated or measured resources.
- The database used for this mineral estimate includes drill results obtained from historical records and up to the recent 2018-2020 drill program.
- Mineral resources are reported at a cut-off grade of 0.50 g/t Au for the pit-constrained and underground mineral resources are reported at a cut-off grade of 2.38 g/t Au within reasonably mineable volumes.
- These cut-offs were calculated at a gold price of
C$1,980 ounce. - The pit-constrained resources were based on the following parameters: mining cost
$3.5 /t, processing, transportation + G&A costs$27 /t, Au recovery 95%, pit slopes 15 degrees for overburden and 50 degrees for rock. - The underground reasonably mineable volumes were based on the following parameters: mining cost
$98 /t, processing, transportation + G&A costs$27 /t, Au recovery 95%, dilution of 15% at 0 g/t Au with a minimum stope dimension of 10m x 10m x 5m. - The geological interpretation of the deposits was based on lithologies and the typical mineralized interval mainly composed by diorite hosted shear zones.
- The mineral resource presented here was estimated with a block size of 5m x 5m x 5m for the pit-constrained and for underground.
- The blocks were interpolated from equal length composites calculated from the mineralized intervals. Prior to compositing, high-grade gold assays were capped to 60 g/t Au applied on 0.6-metre composites.
- The mineral estimation was completed using the inverse distance squared methodology utilizing two passes. For each pass, search ellipsoids followed the geological interpretation trends were used.
- Tonnage estimates are based on rock specific gravity of 2.77 tonnes per cubic metre for all the zones. Results are presented undiluted and in situ.
- Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).
- This mineral resource estimate is dated
February 1, 2021 , and the effective date for the drillhole database used to produce this updated mineral resource estimate isSeptember 28, 2020 . - No economic evaluation of the resources has been produced.
The resource estimate was prepared by
Sampling consists of sawing the NQ-size core into equal halves along its main axis and shipping one of the halves to
The technical and scientific content of this press release has been reviewed and approved by Louis Martin,
About Monarch
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 | 1-888-994-4465 |
President and Chief Executive Officer | jm.lacoste@monarchmining.com |
Mathieu Séguin | 1-888-994-4465 |
Vice President, Corporate Development | m.seguin@monarchmining.com |
Elisabeth Tremblay | 1-888-994-4465 |
Senior Geologist – Communications Specialist | e.tremblay@monarchmining.com |
www.monarchmining.com |
Table 4: Monarch combined gold resources
Mineral Resource Estimates | Tonnes (metric) | Grade (g/t Au) | Ounces |
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 |
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 | 478,982 | ||
Inferred Resources | 383,393 | ||
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the 2 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, 3 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the 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 ( 2 Numbers may not add due to rounding. |
Source:
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