Drilling extends deposit by some 180 metres horizontally to the northwest and down to 560 metres, 265 metres below the current resource envelope
Montreal, Quebec, Canada, July 10, 2018 – MONARQUES GOLD CORPORATION (“Monarques”, “Monarques Gold” or the “Corporation”) (TSX-V:MQR) (OTCMKTS:MRQRF) (FRANKFURT:MR7) is pleased to report new assay results from the 2018 diamond drill program at its wholly owned Croinor Gold project 50 kilometres east of Val-d’Or, Québec. The 20,000-metre diamond drilling program started in March 2018 and is focused on the expansion of the Croinor Gold deposit. The Phase 1 results are from a total of 4,584 metres of drilling in 16 holes (see plan view). Drilling is ongoing.
The Croinor Gold deposit is hosted in a sheared diorite sill three kilometres long by 60–120 metres wide, striking 295 degrees north and dipping 50–65 degrees to the north. The mineralization is associated with pyrite found within and adjacent to quartz-tourmaline veins. The goal of Phase 1 was to extend the western part of the deposit and confirm the continuity of mineralization intersected in Hole CR-17-547 (see press release dated August 31, 2017).
“The drill results on Croinor Gold continue to surpass our expectations, particularly in terms of the deposit’s potential at depth,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “Hole CR-18-586, drilled 50 metres west of Hole CR-17-547, returned a 9.4-metre intersection grading 3.08 g/t Au, including 6.61 g/t Au over 3.1 metres, from a vertical depth of 560 metres, 265 metres below the current resource envelope, indicating that the deposit remains open at depth, with wide, continuous mineralization. The other good news is that the deposit appears to extend some 180 metres to the northwest (see longitudinal map). All the holes intersected mineralization, including 18.40 g/t Au over 1.6 metres in Hole CR-18-585 and 16.05 g/t Au over 3.1 metres in Hole CR-18-597. We are excited by this outcome of Phase 1, and eager to see the Phase 2 results.”
Winter 2018: Phase 1 drill results from the Croinor Gold project
* The width shown is the core length. True width is estimated to be 90-95% of the core length.
** Hole CR-18-586 was drilled down dip, parallel to the diorite, to test for the presence of multiple directions of quartz veining. The width shown is the core length. True width is estimated to be 30-35% of the core length.
Sampling normally consists of sawing the core into two equal halves along its main axis and shipping one of the halves to the ALS Minerals laboratory in Val-d'Or for assaying. The samples are crushed, pulverized and assayed by fire assay with atomic absorption finish. Results exceeding 3.0 g/t are re-assayed using the gravity method, and samples containing gold grains are assayed using the metallic sieve method. Monarques uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.
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 (TSX.V:MQR) is an emerging gold producer 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 Beaufor Mine, the Croinor Gold (see video), Wasamac, McKenzie Break and Swanson advanced projects, and the Camflo and Beacon mills, as well as six promising exploration projects. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill. Monarques enjoys a strong financial position and has more than 150 skilled employees who oversee its operating, development and exploration activities.
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.