Mar 31, 2022

MONARCH MINING CORPORATION is reporting assay results for the first seven drill holes of its 2021-2022 drilling program on its wholly-owned Swanson gold project, located 55 kilometres north of Val-d'Or, Quebec. The Swanson property comprises a contiguous group of 127 map-designated claims and one mining lease covering an area of 5,125.8 ha. This is the first drilling program Monarch has carried out on the property since Monarch Gold acquired it from Agnico-Eagle Mines in 2017.

The Swanson diamond drilling program is ongoing, with assay results currently available for the first seven drill holes totalling 1,782 metres. The best assay results include 27.79 g/t Au over 10.18 m, including 184.5 g/t Au over 1.5 m (SW-22-006), intersected at a vertical depth of 195 metres below surface. A second high-grade intersection included 29.4 g/t Au over 1.2 m and 8.5 g/t Au over 0.52 m, within a broader zone of 2.63 g/t Au over 18.52 m (SW-21-004) from the most westerly hole of the program. Both holes are step-out holes to the west of the current resource envelope and proposed pit shell (InnovExplo, January 2021). The aim of the current drilling program is to expand the limits of the defined mineralized zones in all directions, beyond the currently proposed pit shell and defined wireframes.

Hole SW-21-007, targeting the area down-dip and outside of the currently proposed pit shell, intersected widespread gold mineralization across the entire width of the mineralized corridor with an average of 0.65 g/t Au over 208 metres, including higher grade sections of 12.85 g/t Au over 0.6 m and 2.35 g/t Au over 18.0 metres.

Two additional holes (SW-22-008 and SW-22-009), drilled to test the mineralized envelope approximately 60 and 90 metres down-dip and east of the intersection that returned 27.79 g/t Au over 10.18 m (SW-22-006), have intersected visible gold. The visible gold is associated with quartz veining hosted in broader mineralized zones at the contact between an altered basalt and syenite. The two holes are located at roughly the same vertical depth, about 250 m below surface, but are 42 metres apart and associated with the same mineralized zone. These holes confirm that the interpreted mineralized zone is open and continues at depth; assay results are pending.

"Given the impressive initial results for the Swanson gold project, we have decided to increase the size of the program from 5,000 to 10,000 metres," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. "Hole SW-22-006 is of particular interest given its high-grade intersection with a good width at a vertical depth of only 195 metres. We are also looking forward to the results of the two holes that showed visible gold. We understand that we are still early in the program, but if this trend continues, it could significantly boost the mineral resource of this project, which currently has a combined in-pit and underground indicated resource of 1,945,000 tonnes at 1.82 g/t Au, for 113,800 ounces of gold, and an inferred resource of 116,000 tonnes at 2.76 g/t Au, for another 10,300 ounces. Given what we are seeing, we think that the best may be yet to come."

Tags: Quebec / Exploration / Gold / All Articles