ONTARIO – Monarques Gold Corp
. of Quebec City has received approximately $685,000 from the Quebec ministry of energy and natural resources (MERN) with which it will begin engineering design for a 25 kW power transmission line at its Croinor gold project 55 km east of Val d’Or.
Getting power to the site is a priority for chief exec Jean-Marc Lacoste, who called it “the first step in development.”
In May 2016 Monarques subsidiary X-Ore Resources was awarded a grant of $2.7 million by MERN for the 26-km power line to the site.
A prefeasibility study has been done for the Croinor project based on proven and probable reserves of 541,534 tonnes at 6.77 g/t Au, containing 117,862 oz of gold. After 18 months of construction and a cost of $42.3 million, the mine could produce between 21,000 and 40,000 oz of gold annually.
More information from the prefeasibility study is posted at www.MonarquesGold.com