- Forecast average production: 142,000 ounces of gold over 11 years
- Pre-tax NPV: $522 million
- Pre-tax IRR: 23.6%
- Cash cost: US $550 per ounce
Montreal, Quebec, Canada, May 1, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report its production and corporate highlights for the third quarter ended March 31, 2019. Amounts are in Canadian dollars unless otherwise indicated.
“Our custom milling operations at the Camflo mill continue to perform well despite the lower tonnage from the Beaufor mine,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “The Beaufor mine is currently operating at a reduced average rate of 7,000 tonnes per month with about 50 employees, and we are reassessing the mine’s operations on a monthly basis.”
“Our promising projects are unquestionably the Wasamac, Croinor Gold and McKenzie Break advanced gold projects. The Wasamac project continues to draw considerable interest from the mining and financial community, as evidenced by the increased virtual room traffic. We have also had preliminary discussions with a number of parties and will continue to work with them in the coming weeks. Meanwhile, Croinor Gold and McKenzie Break generated excellent drill results in 2018, which increased the gold potential of these projects.”
The Corporation has also received the assay results for the 1,750-metre drilling program carried out in February 2019 on the Croinor Gold property. The program included seven exploration holes drilled more than one kilometre away from the Croinor Gold deposit. While the holes did not return any significant intersections, they did yield important geological data. The Corporation still believes that Croinor Gold holds excellent exploration potential along strike and at depth, as these holes targeted only a small portion of the 151 km2 property. In fact, the Corporation plans to continue additional exploration work on Croinor Gold to locate additional drilling targets. On the MacKenzie Break property, the Corporation is currently planning its next drilling program on high potential targets.
Finally, the recommissioning of the Beacon plant has been delayed, mainly because the Corporation has not yet received the operating permits or obtained the financing needed to put the Croinor Gold deposit back into production.
The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, P.Eng., the Corporation’s qualified person under National Instrument 43101.
ABOUT MONARCH GOLD CORPORATION
Monarch Gold Corporation (TSX: 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 other 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 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.