Montreal, Quebec, Canada, December 14, 2017 – MONARQUES GOLD CORPORATION (“Monarques” or the “Corporation”) (TSX.V:MQR) (OTCMKTS:MRQRF) (FRANKFURT:MR7)is pleased to report new results for its 2017 drilling program at Croinor Gold, including for the Gold Bug sector. These are the final results for the drilling program, which consisted of 26 holes totalling 9,388 metres of drilling on the Croinor Gold deposit and 26 holes totalling 5,457 metres in the Gold Bug sector (see Drilling location map).
“This was a successful drilling program because it enabled us to increase the size of the Croinor deposit, which remains open along strike and at depth,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. “Our understanding of the deposit improves with each new hole drilled. The controls on mineralization we are using appear to be appropriate. Our strategy is to continue testing the mineralization at depth and to drill some holes at the east and west ends of the deposit. We will also drill holes in areas of the Croinor Gold deposit where we lack information, and will try to increase the indicated resource for the zones of the block model. We also obtained interesting results for the Gold Bug sector that will allow us to better plan our next phase of work on this very promising sector.”
Croinor Gold Deposit
Drilling on Croinor Gold had two objectives: (1) to validate the geological interpretation and dip of the mineralized zones and (2) to discover new zones at depth. Consequently, the Corporation did both definition and exploration drilling.
All the drilling of the 2017 program achieved one or both objectives. The definition drilling intersected the known mineralized zones in areas where the drilling density was not considered high enough. The additional intersections should help increase confidence in the resource contained in the zones drilled. The best intersections were obtained in holes CR17-574, CR-17-577 and CR-17-578 (see Sections 100W and 240W), which returned significant gold grades over reasonable widths.
In addition, exploration holes CR-17-562, CR-17-563 and CR-17-565 identified a new mineralized zone at depth, although the grade intersected is not very significant. Hole CR-17-581 was drilled to follow up on another mineralized zone at depth intersected previously by CR-17-547 (see press release dated August 31, 2017). The presence of sericite alteration and quartz veins confirms the existence of the mineralized structure.
Gold Bug sector
The Gold Bug sector consists of three main mineralized zones (Gold Bug, Bug Lake and Trench 2). It is considered to be of interest because of its proximity to the Croinor Gold deposit and the Beacon mill. The 2017 drilling program for this sector was designed to follow up on promising results obtained at the end of 2016. It had two objectives: (1) to generate a better understanding of the geometry and size of the gold-bearing zones found in this sector and (2) to define targets allowing the known zones to be extended along strike and/or new zones to be discovered.
Holes CR-17-536 to CR-17-539 resulted in a higher drilling density in areas where information was lacking. The remaining holes drilled in the Gold Bug sector tested the extensions of the known mineralized zones along strike and at depth, including an area corresponding to a target generated by the Diagnos program. These holes returned particularly interesting results. Hole CR-17-540 intersected two gold zones, the first at a vertical depth of 81 metres, with intersections of 1.39 g/t Au over 3.9 metres, including 3.87 g/t over 1.0 metre, and the second at a vertical depth of 175 metres, with intersections of 1.38 g/t Au over 2.3 metres, including 3.36 g/t Au over 0.7 metres. Hole CR-17-545 also intersected two gold zones, the first at a vertical depth of 18 metres, with an intersection of 2.24 g/t Au over 3.1 metres, including 4.76 g/t Au over 1.3 metres, and the second at a vertical depth of 104 metres, with an intersection of 3.55 g/t Au over 0.8 metres. Table 2, in the appendix, provides a summary of the results for the Gold Bug sector.
The technical and scientific content of this press release has been reviewed and approved by Kenneth Williamson, P.Geo., the Corporation’s qualified person under National Instrument 43101.
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.
ABOUT MONARQUES GOLD CORPORATION
Monarques Gold Corp (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 more than 240 km² of gold properties (see map), including the Beaufor Mine, the Croinor Gold (see video) and Wasamac 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.
Table 1: Significant results for the Croinor Gold deposit
Table 2: Significant results for the Gold Bug sector