QUEBEC – Having acquired the former Croinor gold mine 70 km east of Val d’Or last year and conducted two phases of drilling this year, Monarques Gold Corp. of Quebec City says it is boosting the contained gold in measured and indicated resources by 37,300 oz or 18.8%. The new M&I resource estimate at a cut-off of 4 g/t is 804,600 tonnes grading 9.12 g/t Au and containing 236,000 oz of gold. The inferred estimate is an additional 160,800 tonnes grading 7.42 g/t and containing 38,400 oz.
Monarques said the new estimate is based on additional holes that included 1,724 metres in six holes drilled in 2011 that were not part of the 2014 estimate and 36 holes totaling 12,546 metres drilled in 2015.
The increased resource is due to two factors, according to the company. One is the good results of the 2015 drill program, and the other is the geological reinterpretation of the zones between 200 and 350 metres below surface as more information was collected during deeper drilling.
The prefeasibility study for the Croinor project is available on the Monarques website.