Monarch reports $57m in assets for second quarter

An outcrop at Monarch Gold's Fayolle gold property, 35 km northeast of Rouyn-Noranda, Quebec. Credit: Monarch Gold.

Monarch Gold (TSX: MQR) reported on Wednesday total assets of just over C$76 million ($57 million) for the second quarter ended December 31, 2019.

The Canadian company said that it undertook several strategic initiatives since the end of 2019 to develop major projects in the mining camp in Quebec, including Wasamac, Beaufor, Croinor Gold, Fayolle and McKenzie Break, which represent combined resources of more than 3.5 million ounces of gold.

"In terms of exploration potential, results to date for McKenzie Break suggest that the property has excellent high-grade gold potential"

"In terms of exploration potential, results to date for McKenzie Break suggest that the property has excellent high-grade gold potential, and we have only just started to investigate its potential at depth," said CEO Jean-Marc Lacoste in a statement.

"Based on the internal data collected since we started exploration, we consider that McKenzie Break could become a high-quality gold deposit."

Monarch aims to be a 100,000-200,000-ounce per year gold producer through the development of its projects covering 300 km ? in the Abitibi mining camp in Quebec.

The December 2018 feasibility study on the corporation's flagship Wasamac 2.6 million-ounce gold project forecasts average annual production of 142,000 ounces of gold for 11 years.