Monarch Mining (TSX: GBAR; US-OTC: GBARF) has released a mineral resource estimate for its 100% owned Croinor gold project located 55 km east of Val-d'Or, Que. The resource estimate is based solely on potential underground mining and was prepared using all available information, including results from the latest drilling programs.
Resources in the measured and indicated category amount to 903,600 tonnes an average grade of 6.47 grams gold per tonne for 187,900 oz. of gold. Another 200,100 tonnes are classified as inferred at an average grade of 6.19 grams gold per tonne for 39,800 ounces.
Previously, the Croinor project had a historic resource that totalled 804,600 tonnes measured and indicated grading 9.12 grams gold for 236,000 oz. of gold, plus 160,800 tonnes inferred grading 7.42 grams gold for 38,400 ounces.
"This is excellent news for Monarch as it enables us to reach another milestone in terms of resources backed by NI 43-101 reports for each of our four gold projects," commented Jean-Marc Lacoste, Monarch's president and CEO."Now that we have confirmed Croinor's mineral resources more rigorously and with a higher degree of certainty, we will focus on finding the right partner to develop this promising project, which covers over 150 sq. km of land and remains open laterally and at depth."
As a result of the new estimate, Monarch has increased its combined measured and indicated resource by 39% to 666,882 oz. and its inferred resource by 10% to 423,193 oz., all lying within a 60 km radius of its wholly owned Beacon mill and other existing milling facilities in the area.
The company recently produced its first gold bar from the Beacon mill after spending the last few months mining ore at the nearby Beaufor mine and refurbishing the 750 tonne-per-day mill, in which it has invested about $20 million.