Visible gold in drill core from the Gold Bug deposit.
QUEBEC – Monarques Gold Corp. of Montreal continues its successful drilling program at Gold Bug with the intersection of 17.1 g/t gold over 5.9 metres. Gold Bug lies less than 500 metres from the Croinor gold deposit about 55 km due east of Val d’Or.
The current drilling program at Gold Bug tested the shear zone discovered late last year with hole CR-16-521 (8.41 g/t gold over 25 metres). Monarques said that it has confirmed with drilling that the shear corridor contains gold mineralization over a width of about 15 metres to a vertical depth of at least 115 metres. Hole CR-17-526 intersected 6.96 g/t gold over 15 metres including the aforementioned 17.1 g/t.
A prefeasibility study has been done for Croinor that included proven and probable reserves of 541,534 tonnes grading 6.77 g/t gold and containing 117,862 oz. After an 18-month construction period, a mine producing 425 t/d and ramping up to 675 t/d would be established. The capital cost would be $42.3 million, including $15 million in sustaining and working capital.
Additional information is posted at www.MonarquesGold.com.