Monarch secures exploration option adjacent to Wasamac
Emerging gold mining company Monarch has acquired 24 claims covering about 5 km2, immediately west of its Wasamac property in Quebec.
The initial purpose of the acquisition was to secure the location of Wasamac’s future mining infrastructure, but Monarch CEO Jean-Marc Lacoste says a closer look at the new property revealed that it may have “interesting exploration potential”.
“In fact, the fault that hosts the Wasamac deposit seems to extend onto the property, which has not been the subject of work in this area. In addition, the main envelope of the Wasamac deposit lies about 500 m from the property boundary, which makes the property even more interesting,” he said on Wednesday.
Monarch would conduct a preliminary exploration programme to better assess its gold potential.
As consideration for this acquisition, Monarch issued one-million common shares of its share capital to Gwen Resources and will pay the private company a total of $150 000 in cash, consisting of $75 000 on closing of the transaction and $75 000 six months after closing.
Gwen will also be entitled to a 2.5% net smelter return (NSR) on the property. Monarch may buy back a 1.25% NSR for $2-million in cash.
Monarch recently filed a project notice with the Quebec government for its Wasamac project, marking the first step in the mining permit application process, which generally takes 18 to 24 months.
Located about 15 km west of Rouyn-Noranda in the Abitibi-Témiscamingue region, Wasamac is forecast to produce an average of 142 000 oz/y over an 11-year mine life at an all-in sustaining cost of C$826/oz.
The company intends to make Wasamac a Mining 4.0 project, combining new technologies and respect for the environment.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
