Monarques Resources Inc.

Monarques Resources Inc.

February 05, 2014 09:15 ET

Monarques Confirms the Presence of Silver at the Simkar Project

QUEBEC CITY, QUEBEC--(Marketwired - Feb. 5, 2014) - MONARQUES RESOURCES INC. ("Monarques" or the "Corporation") (TSX VENTURE:MQR)(FRANKFURT:MR7) is pleased to report on the latest collection of drill-core assay results from the Simkar property (the "Property"), in which it holds a 50% interest under an agreement signed with Eloro Resources ("Eloro") on September 23, 2013. The Property is located in the heart of the Val-d'Or mining camp, just north of the Cadillac Break, in the Abitibi Greenstone Belt. These results are additional to those released on January 16, 2014.

As part of Monarques' 2013 exploration program, two intervals, comprising a total of 599 samples, from holes SK13-09 and SK13-12 were assayed for silver (Ag). Of these, 67 samples returned values of over 0.2 ppm silver. The results show an average enrichment factor (EF) of 16.8 compared to gold concentrations, with EF ratios varying between 0.1 and 100.0 and individual silver-contents ranging from 0.2 ppm to 2.4 ppm. Based on these results, Monarques plans to re-assay the richest gold zones to determine their silver content.

"The Simkar Project is continuing to generate its share of surprises," said Jean-Marc Lacoste, President and CEO of Monarques. "In addition to demonstrating new potential on the Project, namely the presence of reasonably wide, low-grade gold-bearing zones near surface, we can now also confirm that there is an as-yet unassessed silver potential. It is important that this information be considered in its proper context to determine the best way forward for this project."

The 2013 drilling program consisted of 19 holes totalling 8,055 metres (m). The program was primarily aimed at extending the gold-bearing horizons previously identified as the "A", "B", "C", "D", "East" and "South" zones, with the goal of confirming their projected horizontal and vertical extension. A secondary goal was to develop and test new models of these same structures.

The latest assay results are from holes SK13-06 to SK13-12 (inclusive), which were drilled to test the extensions at depth of the old workings of the "A", "B", "C" and "D" zones. These mineralized Zones are typical of the vein-type nature of the Simkar deposit, having well-defined gold-bearing veins with weakly mineralized walls. The drilling results suggest that the gold mineralization in the defined Zones extends beyond the old stopes, indicating that the current 43-101 Resource could be augmented. The grades obtained, including a 4.5 m interval grading 2.13 g/t Au in Hole SK13-07, are consistent with the historical deposit grades, and reflect the variable nature of the mineralization. Hole SK13-09 intercepted 0.58 g/t Au over 15 m supporting the potential for a large, low-grade zone near surface.

Table 1 shows the best results for holes SK13-06 to SK13-12.

Table 1: Selected best results for holes SK13-06 to SK13-12.

Hole # From
SK13-06 154.5 159.0 4.5 0.46
211.5 216.0 4.5 2.13
258.0 260.0 2.0 2.08
SK13-07 106.5 108.0 1.5 0.25
141.0 164.3 23.3 0.19
including 157.5 159.0 1.5 1.14
297.5 298.0 0.5 0.95
319.1 321.0 1.9 0.26
326.3 327.0 0.7 0.24
SK13-08 37.5 40.5 3.0 1.12
238.6 240.0 1.4 0.37
279.0 286.0 7.0 0.62
351.5 353.0 1.5 0.41
385.5 387.0 1.5 0.27
SK13-09 67.3 67.6 0.3 1.63
76.5 91.5 15.0 0.58
including 85.5 87.0 1.5 3.64
108.0 111.5 3.5 0.46
115.5 117.5 2.0 0.26
231.0 234.0 3.0 1.58
515.0 516.0 1.0 0.25
SK13-10 72.0 73.5 1.5 0.34
283.0 289.0 6.0 0.58
including 285.0 285.5 0.5 1.13
and 288.0 289.0 1.0 2.19
SK13-11 189.0 190.0 1.0 0.41
SK13-12 138.3 139.0 0.7 1.74
358.5 361.5 3.0 0.24
*core length, not necessarily the same as the true width

The 2013 exploration program was planned and supervised by MRB & Associates of Val-d'Or, QC, who designed the drilling program, supervised the work and logged and sampled the core on Monarques' behalf. Sampling entailed sawing the core into two equal halves along its main axis and shipping one of the halves to Techni-Lab S.G.B. Abitibi Inc. in Val-d'Or for assaying. The samples were crushed, pulverized and assayed by fire assay with atomic absorption finish. Results exceeding 5.0 g/t were re-assayed using the gravity method. MRB & Associates established a full QA/QC protocol, including the insertion of standards, blanks and duplicates.

Antoine Fournier, P. Geo., exploration manager and the qualified person under National Instrument 43-101, has reviewed the technical and scientific content of this release.


Monarques Resources Inc. (TSX VENTURE:MQR) is a junior gold exploration company dedicated to excellence and committed to a program of socially- and environmentally-responsible development. The Corporation is currently focusing its efforts on the acquisition and development of gold projects along the Cadillac Break, in the Val-d'Or area. On October 31, 2013, Monarques had over 100 km² of property holdings in Val-d'Or consisting of 399 claims and two mining concessions, and over $1.72 million in credits from the Ministère des Ressources Naturelles (MRN).

Forward-looking Statements

The forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarques' actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.


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