Monarques Gold Corporation

Monarques Gold Corporation

March 26, 2015 08:45 ET

Monarques Gold Intersects 16.01 g/t Au Over 3 m on Croinor Gold

QUEBEC CITY, QUEBEC--(Marketwired - March 26, 2015) - MONARQUES GOLD CORP. ("Monarques" or the "Corporation") (TSX VENTURE:MQR) (FRANKFURT:MR7) is pleased to announce the first results from the winter drilling program on its Croinor Gold project, approximately 70 kilometres east of Val-d'Or.

Phase 1 of the 2015 drilling program announced on February 9 was completed on March 17, with 12 holes drilled for a total of 3,984 metres of drilling. Results have been received for four holes to date.

Hole CR-15-421 was drilled in the centre of the deposit (see:W-E section) to test the results of Hole CN-89-135, which intersected 23.98 g/t over 2.76 metres core length (CL) (see press release dated 9 February 2015). This hole intersected the zone as planned, about 13 m from the Hole CN-89-135 intersection. Two of the quartz veins seen in the intersection contained visible gold: one had six gold grains (between 272.15m and 273m) and the other contained 10 grains of visible gold (between 274.22m and 275m). The average grade obtained was 16.01 g/t over 3 metres CL, including 34.64 g/t over 1 metre. The hole was drilled to intersect the veins as close to perpendicular as possible to approximate their true width. Based on these results, two additional holes were planned and drilled on either side of these two holes, 23 metres away vertically, in order to extend the zone. The results are expected shortly.

Three holes were drilled at the west end of the mining lease (Sections 690-O and 750-O) with the goal of demonstrating the continuity of the target zones. The best result in this area was 9.31 g/t over 3 metres, in Hole CR-15-428.

"The initial results are very encouraging and confirm our understanding of the deposit, as well as the potential for increasing the indicated and inferred resources this year," said Jean-Marc Lacoste, President and CEO of Monarques. "Monarques has sufficient funding to do nearly 13,000 metres of drilling this year, and these initial results support our strategic drill plan for the project. Obviously, the fact that we intercepted a good 3-m zone containing visible gold, but more importantly confirming a historical hole (CN-89-135) with equally interesting grades and widths, tends to make us very optimistic about the rest of the program, and we are looking forward to the next assay results."

The results obtained to date are as follows:

Hole # Section Dip From (m) To (m) Length (m) Au (g/t)
CR-15-421 0-E -69 272 275 3 16.01
Including 272 273 1 34.64 VG
and 274 275 1 12.87 VG
CR-15-423 750-O -70 300 301 1 1.00
326 327 1 0.92
CR-15-425 690-O -68 277 278 1 2.05
CR-15-428 680-O -68 179 181 3 9.31
203 204 1 6.7
211 212 1 4.19
215 218 3 2.06

VG= Visible Gold (see Photo)

The other holes are currently being logged and sampled.

Here are the coordinates of the Phase I drill campaign. ( see link )

Sampling normally consisted of 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 are crushed, pulverized and assayed by fire assay with atomic absorption finish. Results exceeding 5.0 g/t are re-assayed using the gravity method. Samples containing gold grains are assayed using the metallic sieve method at the Techni-Lab laboratory in Ste-Germaine-Boulé. Monarques has established a full QA/QC protocol, including the insertion of standards, blanks and duplicates.

The technical and Scientific content of this press release has been reviewed and approved by Valère Larouche, Eng., the Corporation's Chief Geologist and its Qualified Person under NI 43-101.


Monarques is a gold exploration company currently focusing its efforts on the development of gold projects along the Cadillac Break, in the Val-d'Or area of Quebec. Monarques currently has nearly 200 km² of property holdings in the Val-d'Or area, including two mining concessions and one mining lease with over $9.4 million in credits from the Ministère de l'Énergie et des Ressources naturelles.

Forward-Looking Statements

The forward-looking statements 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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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