Bullion miner Monarch Mining has reported a 44% increase in the indicated resource and a near 300% increase in the inferred category of its McKenzie Break project, in Quebec.
McKenzie Break, near its Beacon mill, now has 145 982 oz of gold in the indicated category and 250 593 oz in the inferred category.
The Toronto-listed company said it now had a total of 588 482 oz of combined measured and indicated resources and 329 393 oz of combined inferred resources from its four deposits in Abitibi, Quebec.
Monarch acquired the McKenzie Break from Agnico Eagle Mines in 2017 and expanded the property in 2020 through additional purchase agreements with local prospectors and map staking to now stand at 133 claims covering a total area of 5 130.4 ha.
The 2021 updated resource estimate follows the 2018 to 2020 diamond drilling programme that included 75 drill holes totalling 20 037.9 m.
"Our 2018 to 2020 drilling programmes have allowed us to significantly expand the known mineralised envelope, which lies at a relatively shallow depth. These programmes, totalling 20 037.9 m of drilling, managed to add 44 401 oz of indicated material and 186 566 oz of inferred material, which translate to an additional 2.2 oz of indicated resource and 9.3 oz of inferred resource for every metre we drilled. We believe that McKenzie Break continues to hold significant exploration potential, as shown by these latest results, and we intend to develop that potential through efficient drilling programmes,” said president and CEO Jean-Marc Lacoste.