Monarques Gold has an option to acquire a 100% interest in the Swanson property from Agnico Eagle Mines Limited. The Swanson property hosts a gold deposit located 65 kilometres from the Beacon mill and 12 kilometres northeast of Barraute, Quebec. It consists of one mineral lease and 129 claims covering a total area of 51.1 km2, as well as a 500-metre ramp down to a depth of 80 metres. The property is accessible year-round via Route 367 and a gravel road. A railway track also crosses the property, as does a transmission line.
The Swanson deposit contains a historical estimate of 814,600 tonnes grading an average of 3.71 g/t Au, classified as inferred, for a total of approximately 91,200 ounces of gold. The historical estimate was realized by Lac Minerals in 1985. Previous operators concluded that there was potential to mine a smaller resource via an open pit. These estimates are not supported by a formal technical report. A Monarques qualified person has not performed sufficient work to classify these historical estimates as current mineral resources as defined by NI 43-101, and the Corporation therefore does not consider them as current mineral resources. Although the historical estimates may not be reliable, the Corporation nevertheless believes that they provide an indication of the property’s potential and are relevant for any future exploration program. In order for the historical estimates to become current resources, the Corporation must carry out new drilling on the property, and issue a new mineral resource estimate pursuant to NI 43-101.