Monarch raises $5 million for possible reopening of Beaufor
Monarch Gold has attracted the attention of institutional investor Caisse de dépôt et placement du Québec. The gold producer has agreed to sell a 3% net smelter return royalty on gold production at the Beaufor mine for $5 million. In a news release, Monarch indicates CDPQ is going to hire GoldSpot Discoveries, a high-technology company that uses advanced artificial intelligence algorithms to increase the efficiency and success rate of mineral exploration.
“The objective is to optimize the drilling program on the Beaufor property using advanced analytical technology,” said Jean-Marc Lacoste, president and CEO of Monarch. “This investment is a turning point for the Beaufor mine, which still has considerable high-grade gold potential, as we demonstrated during our last drilling campaign in 2018.”
GoldSpot's technology will assist Monarch in identifying the best drill targets based on historical data compiled over the past two years at the Beaufor property.
The plan is to bring Beaufor back into production within 12 to 18 months, which will allow the company to take advantage of the current bull market for gold. The Beaufor mine began production in the 1930's and was closed for production in 2018.
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