Goal is to increase the 165,608-ounce pit-constrained/underground gold resource
MONTREAL, Sept. 18, 2018 /CNW/ - MONARQUES GOLD CORPORATION ("Monarques", "Monarques Gold" or the "Corporation") (TSXV:MQR) (OTCMKTS:MRQRF) (FRANKFURT:MR7) is pleased to announce the start of a new 8,350-metre diamond drilling program on its wholly-owned McKenzie Break gold property, located 25 kilometres north of Val-d'Or, near Monarques' Camflo and Beacon mills. Drilling started on September 13 with one drill, and a second drill will be added as the work progresses.
McKenzie Break is a high-grade, multiple-narrow-vein gold deposit hosted in the dioritic Pascalis batholith and underlain by porphyritic diorite and mafic and felsic volcanic rocks. On June 14, 2018, the Corporation reported an NI 43-101 pit-constrained resource of 48,133 ounces in the Indicated category and 14,897 ounces in the Inferred category on the property, as well as an underground resource of 53,448 ounces in the Indicated category and 49,130 ounces in the Inferred category, for a total of 165,608 ounces of gold (see press release dated June 14, 2018).
Historical drilling on the property totals 258 holes and 37,750 metres of core, most of which targeted the Green and Orange zones. The average length of the holes was only 150 metres. The current 39-hole drilling program will consist of holes 150 to 350 metres long to test the property's potential at depth below the known lenses and on the periphery of the Green and Orange zones (see projected drilling map). The peripheral holes represent infill drilling in areas where information is missing, and could lead to an increase in the size of the planned open pit.
"The McKenzie Break property has great exploration potential," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. "It has the advantages of being high grade at depth and easily accessible, as the average overburden thickness is only 5 metres, meaning that we could put the project into production relatively quickly. The program is aimed at increasing the property's pit-constrained resource and exploring its potential at depth."
The technical and scientific content of this press release has been reviewed and approved by Ronald G. Leber, P.Geo., the Corporation's qualified person under National Instrument 43-101.
ABOUT MONARQUES GOLD CORPORATION
Monarques Gold Corporation (TSXV:MQR) is an emerging gold mining company focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns close to 300 km² of gold properties (see map), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Beaufor Mine, the Croinor Gold (see video), McKenzie Break and Swanson advanced projects and the Camflo and Beacon mills, as well as five promising exploration projects. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill.
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarques' actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Monarques Gold Corporation
For further information: Jean-Marc Lacoste, President and Chief Executive Officer, 1-888-994-4465, [email protected], www.monarquesgold.com; Elisabeth Tremblay, Senior Geologist - Communications Specialist, 1-888-994-4465, [email protected], www.monarquesgold.com