Monarch to reopen Beaufor mine by next June
The past-producing Beaufor mine and Beacon mill, in Vald’Or, Quebec, will reopen by June next year, Toronto-listed Monarch Gold announced on Thursday.
The mine is currently on care and maintenance, which enabled the company to complete a 42 500 m diamond drilling programme. A new resource estimate will be announced in the summer of 2021.
“Following the release of our drill results last April, our technical team did their own internal compilation of the historical data and the drill results obtained to date, and they have given us the green light to proceed with the restart process. The next steps will mainly be to continue exploration, definition and development work, recruit the required personnel and purchase the equipment needed for production,” said CEO Jean-Marc Lacoste.
He stated that Monarch’s new production strategy would focus on operating the Beaufor mine through two accesses, the production ramp and the shaft, whereas historical production was always from the shaft.
“Ever since the mine was temporarily closed in 2019, our goal has been to restart the mine with a view to creating long-term value and good-quality jobs in the Abitibi region. We still believe that the Beaufor mine has excellent gold potential in the vicinity of the existing mineralised envelope and at depth, and we are confident of realising its full potential,” Lacoste added.
The 750 t/d Beacon mill, just 7 km from the Beaufor mine, has also been on care and maintenance since being acquired in 2016. The mill is fully permitted to process up to 1.8-million tonnes of tailings, representing some nine years of ore processing at full capacity.
Monarch said that it would post new job openings on its website in the next few weeks.
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