Emerging gold mining company Monarch Gold’s wholly-owned subsidiary Louvem Mines has sold a 2% net smelter return (NSR) royalty on certain claims of the Chimo mine property to TSX-V-listed Cartier Resources for $350 000.
Monarch acquired Louvem as part of the acquisition of Richmont Mines’ Quebec assets in October 2017.
“This transaction allows us to monetise an asset that did not fit with our core business,” said Monarch president and CEO Jean-Marc Lacoste.
“The funds will be allocated to the development of our priority projects in Abitibi. Furthermore, we retain a portfolio of NSR royalties ranging from 0.50% to 2.50% on the Chalice gold mines property, which surrounds the Chimo mine property.”
Chimo is located about 45 km east of Val-d'Or.