TSX-listed Monarch Mining has produced its first gold bar from the Beaufor mine and Beacon mill, in Val d’Or, Quebec.
“This first gold bar is the most significant milestone for Monarch since our listing in January 2021,” said president and CEO Jean-Marc Lacoste.
Over the past 18 months, the company has successfully restarted the Beaufor mine and refurbished the Beacon mill with a new production and exploration strategy.
“Despite some delays due to the plant's automation systems and lost time due to Covid-19, we are proud to have achieved our goals with a slight delay of only six weeks,” said Lacoste on Wednesday.
During July, the Beacon mill achieved a record day of 765 t of ore and ore recovery ranged from 96.3% to 98.7%. While Monarch cautions that the data on the milling process is preliminary at this stage, it is a positive result. After the first pour, the ore stockpile currently stands at 23 914 t at an average grade of 4.76 g/t.
Lacoste said the next step would be to gradually increase the production rate of the Beacon mill to reach commercial production, a goal the company expects to achieve in the coming months.
“This will ultimately allow us to recoup our investment and fund the development of our other promising exploration projects, including McKenzie Break, Swanson and Croinor Gold, which continue to show excellent results.”