Monique

Brief history:

Sporadic exploration was conducted on this property over the 1940-1983 period. After acquiring 81% of the property from SOQUEM in 1983, Louvem (acquired by Richmont in 2010) started its first diamond drilling program, which revealed economic gold intersections in one hole. Over 1983-1990, several diamond drilling programs, totaling more than 64,000 metres, were carried out on the property to define several gold zones. The most recent exploration program, conducted by Richmont in 2004, was undertaken to verify the G and J Zones. The potential for more gold mineralization still exists in the lateral and depth extensions of these zones.

 

Exploration drilling programs:

The 8,100 metre surface drilling program on the Monique property in 2011 included 47 holes that ranged between 80 and 215 metres in length. The goal of the program was to complete infill drilling on two previously identified gold zones on the property: the G Zone and J Zone, with the objective of evaluating the potential for a small open pit operation.

 

Past drilling on this property revealed the presence of economic gold mineralization, including 5.2 g/t Au over 14.2 metres, and 6.8 g/t Au over 21.3 metres at a depth of less than 100 metres in the G Zone.

 

In late December 2011, the Corporation announced Indicated open pit estimated resources of 728,164 tonnes grading 2.35 g/t Au for 55,112 ounces of gold. Richmont submitted the required documentation for the permitting of an open pit operation in November 2011.

 

Geological characteristics:

Gold mineralization on the property is associated with three deformation zones crossing the property with an orientation of 280° and dipping 75° - 80° to the north. These deformation zones are parallel to the geological units. Gold mineralization is defined by a network of quartz/tourmaline/carbonates veins and veinlets (1-10 cm) with disseminated sulphides in the altered wallrocks. Free gold is observed frequently in the veins. Twelve gold zones have been defined on the property, the most promising being the G and J Zones, and the A and B Zones.