Montreal, Quebec, Canada, September 25, 2018 – MONARQUES GOLD CORPORATION (“Monarques” or the “Corporation”) (TSXV:MQR) (OTCMKTS:MRQRF) (FRANKFURT:MR7) presented the initial parameters today for the feasibility study to be carried out on its Wasamac gold property by BBA. The study, to be completed in December 2018, will include assessment, design, engineering and costing for the mine, the processing plant, the tailings management facility and all the related services and infrastructure required to develop and mine the Wasamac deposit.
Monarques is taking a different approach to the project than Wasamac’s previous owner. The Corporation will harness the latest technology and use a top-down rather than a bottom-up mining method in its attempt to put the Wasamac deposit into production at the best possible cost. Furthermore, the Corporation is opting for twin ramps and the use of the Rail-Veyor system underground to haul the mineralized material close to the railway, which will eliminate the hefty capital expenditures associated with building a shaft. The Rail-Veyor system is a promising new technology currently in use at Agnico Eagle’s Goldex project in Val-d’Or (see the Goldex Rail-Veyor system).
The study also assumes a production rate of 6,000 tonnes per day. In addition, the land acquired for the mill and tailings facility provides major advantages as it lies alongside the Ontario Northland railway track, on the other side of the Trans-Canada Highway, farther away from the local communities.
“We are working hard to make Wasamac a success, both economically and for the local communities,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. "We want this project to fulfill the economic and environmental criteria and meet the local communities’ requirements, and we are confident that with BBA’s help, we can achieve that goal. We are also keeping open the option of custom milling the ore at one of the sites identified by BBA's previous study (see map of potential sites).”
The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, Eng., 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.
Table 1 – Best drilling results on Wasamac
(1) High values are cut at 35 g/t
Table 2 – Monarques Gold Measured and Indicated Resource
1 Source: Technical Report on the Wasamac Project, Rouyn-Noranda, Québec, Canada, Tudorel Ciuculescu, M.Sc., P.Geo.,October 25, 2017, Roscoe Postle Associates Inc.
2 Source: Monarques prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016)
3 Source: NI 43‐101 Technical Report on the Swanson Project, June 20, 2018, Christine Beausoleil, P.Geo., and AlainCarrier, P.Geo., M.Sc., of InnovExplo Inc.
4 Source: NI 43‐101 Technical Report on the McKenzie Break Project, April 17, 2018, Alain-Jean Beauregard, P.Geo., andDaniel Gaudreault, Eng., of Geologica Groupe-Conseil Inc. and Christian D’Amours, P.Geo., of GeoPointCom Inc.
5 Source: NI-43-101 Technical Report on the Mineral Resource and Mineral Reserve Estimates of the Beaufor Mine as atSeptember 30, 2017, Val-d’Or, Québec, Canada, Carl Pelletier, P. Geo. and Laurent Roy, Eng.
6 Source: MRB et Associés (January 2015)