Monarch Mining Expands McKenzie Break Mineralized Envelope
Monarch Mining Corporation has announced the final results for its 2020 exploration diamond drilling program on its wholly-owned McKenzie Break project, located 25 kilometres north of Val-d’Or, Québec. The results include several significant intersections as Monarch continues to extend the high-grade portion of the recently estimated resource towards the northeast and south Monarch President & Chief Executive Officer Mr Jean-Marc Lacoste said “We are very pleased with the results of drilling program in that we have been able to expand the mineralized envelope beyond the limits of the previous mineral resource estimate. The most recent drill results to the northeast and south, beyond the boundaries of the resource estimate, demonstrate that the mineralized envelope is still open and lies at a relatively shallow depth. We are continuing to follow and expand this high-grade portion of the resource by diamond drilling, and will also be testing similar features elsewhere on the newly-expanded property.”
Diamond drilling was carried out in 50‒100-metre step-out holes, with 14 holes drilled (6,697.4 metres). All assay results are now available for the remaining 8 holes of the second half of the program (4,097.4 metres). The most recent results for the resource expansion drilling program include hole MK-20-276, drilled at the southern limit of the mineralized envelope, which intersected 70.80 g/t Au over 0.4 metres and 10.2 g/t Au over 1.2 metres. The hole is approximately 113 metres from hole MK-20-255, which intersected 13.95 g/t Au over 14.35 m (see press release dated July 23, 2020), and has extended the mineralized envelope approximately 50 metres to the south.
Hole MK-20-266 intersected 8.80 g/t Au over 1.0 metre within a larger section of 6.47 g/t Au over 3.0 metres, at a vertical depth of 240 metres. Approximately 80 metres down the hole, a second, wider zone was intersected, assaying 2.25 g/t Au over 12.0 metres, including 13.8 g/t Au over 1.0 metre. This intersection is 75 metres northeast of the current resource envelope. Hole MK-20-267, located southeast of MK-20-266 and 104 metres east of the resource envelope, intersected 5.79 g/t au over 1.0 metre. The current drill results show good grade continuity towards the northeast and east. Other significant results are shown in Figures 1 to 4 and in Table 1, below.
Monarch started drilling the 14,300 metres of Phase 2 of its drilling program with one drill rig in April and plans to add a second drill rig in June. The program is designed to further expand and delineate the mineralization. The first hole, MK-21-268, located 50 metres east of the resource envelope, is now complete. Visual examination has identified visible gold in two areas in the hole, both associated with quartz-tourmaline veins with pyrite over 1.7 metres, hosted in an altered diorite. Assay results are pending.
Monarch has conducted a high-resolution detailed airborne magnetic survey on a 25-metre line spacing over much of the northern and southern parts of the property, including the new claims staked in March 2021. Final maps are pending. The magnetic survey will help in defining the geology and identifying magnetic signatures typical of the current mineralized zones.