Quebec gold projects attracting ‘considerable’ interest – Monarch CEO
Emerging miner Monarch Gold, which owns projects in the Abitibi mining camp of Quebec, is continuing discussions with potential mining and financial partners for its Wasamac, Croinor Gold and Beaufor gold projects.
CEO Jean-Marc Lacoste said on Monday that these projects were “fairly advanced” and that it was thus attracting “considerable interest in the current gold market environment”.
“Any future production from Croinor Gold and Beaufor could easily be processed at the Camflo and Beacon mills, which is a significant advantage for both those projects.”
Production was suspended at the Beaufor mine in June and at the Camflo mill in July.
Monarch is cleaning the Camflo mill to recover the gold that has been locked up in the circuits and equipment for several years. The clean-up started in the September quarter, which is the company’s first financial year quarter, and is expected to be finished in the December quarter.
The company reported revenue of $3.14-million in the first quarter, compared with $7.78-million in the first quarter of 2018. The revenue comprised the sale of gold in inventory and the sale of a portion of the ounces recovered from the Camflo mill cleaning.
Monarch’s net earnings improved to $1.18-million, from a net loss of $1.85-million a year earlier.
During the quarter under review, the company completed the acquisition of the Fayolle property from Hecla Quebec and Typhoon Exploration and also announced a new resource estimate for the project. The new estimate shows a pit-constrained indicated resource of 405 600 t at an average grade of 5.42 g/t gold for a total of 70 630 oz of gold, and an underground indicated resource of 300 800 t at an average grade of 4.17 g/t gold for a total of 40 380 oz.
The Toronto-listed miner closed 4.76% higher at C$0.22 a share on Monday.
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