QUEBEC CITY, QUEBEC--(Marketwired - Feb. 28, 2014) - MONARQUES RESOURCES INC. ("Monarques" or the "Corporation") (TSX VENTURE:MQR)(FRANKFURT:MR7) is pleased to report on a third and final set of drill results for its Simkar property (the "Property"). This drill campaign allowed us to fulfill all the contractual obligations of the joint venture with Eloro resources Ltd. ("Eloro"). Monarques now holds 57% ownership in the Simkar Gold property. 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 and February 5, 2014. (Click here for latest corporate video)
Holes SK13-03 and SK13-18 were drilled to intercept a large silicification halo associated with the "South" and "D" zones. This is the most intense alteration observed in the southern sector, and is accompanied by diffuse quartz veins and sulphides, more specifically pyrite, pyrrhotite and chalcopyrite. This zone returned multiple highly-anomalous values, such as 2.23 g/t Au over 2.5 m (including 5.49 g/t Au over 1.0 m). Holes SK13-014 to SK13-17 and SK13-019, on the other hand, were drilled on the extension of the "A" and "B" zone to test the mineralized stockwerks. These holes intersected their target, thus contributing to a better understanding of the networks of veins and veinlets within the zones. The gold system shows grades similar to grades mined previously, such as 4.21 g/t Au over 1.4 m (including 7.89g/t Au over 0.4 m) within an envelope of 1.21 g/t Au over 9.0 m and 1.27 g/t Au over 3.0 m (including 6.50 g/t Au over 0.40 m).
The following table shows the best results for holes SK13-01 to SK13-19:
Table 1 - Best results for Holes SK13-01 to SK13-19
| Hole # | From (m) |
To (m) |
Length (m)* |
Grade (g/t Au) |
| SK13-01 | 43.50 | 81.85 | 38.35 | 0.15 |
| 53.00 | 56.10 | 3.10 | 0.36 | |
| SK13-02 | 82.50 | 84.00 | 1.50 | 0.40 |
| 165.00 | 231.00 | 66.00 | 0.27 | |
| 171.00 | 198.00 | 27.00 | 0.57 | |
| including | 171.00 | 174.00 | 3.00 | 1.67 |
| 178.50 | 184.50 | 6.00 | 1.46 | |
| 229.50 | 231.00 | 1.50 | 0.49 | |
| 285.00 | 286.50 | 1.50 | 1.29 | |
| 331.10 | 332.00 | 0.90 | 1.80 | |
| 355.50 | 357.00 | 1.50 | 0.42 | |
| 375.00 | 376.50 | 1.50 | 0.39 | |
| SK13-04 | 13.50 | 16.50 | 3.00 | 0.37 |
| 39.30 | 67.50 | 28.20 | 0.14 | |
| including | 39.30 | 39.60 | 0.30 | 3.86 |
| 67.00 | 67.50 | 0.50 | 0.53 | |
| 210.00 | 211.50 | 1.50 | 0.46 | |
| 216.00 | 219.00 | 3.00 | 0.77 | |
| 401.90 | 409.40 | 7.50 | 0.38 | |
| including | 401.90 | 403.00 | 1.10 | 1.13 |
| 407.00 | 409.40 | 2.40 | 0.46 | |
| 445.00 | 446.50 | 1.50 | 2.18 | |
| SK13-05 | 225.90 | 228.00 | 2.10 | 0.88 |
| 310.00 | 311.10 | 1.10 | 0.79 | |
| SK13-06 | 154.50 | 159.00 | 4.50 | 0.46 |
| 211.50 | 216.00 | 4.50 | 2.13 | |
| 258.00 | 260.00 | 2.00 | 2.08 | |
| SK13-07 | 141.00 | 164.30 | 23.30 | 0.19 |
| including | 157.50 | 159.00 | 1.50 | 1.14 |
| 297.50 | 298.00 | 0.50 | 0.95 | |
| SK13-08 | 37.50 | 40.50 | 3.00 | 1.12 |
| 238.60 | 240.00 | 1.40 | 0.37 | |
| 279.00 | 286.00 | 7.00 | 0.62 | |
| 351.50 | 353.00 | 1.50 | 0.41 | |
| SK13-09 | 67.30 | 67.60 | 0.30 | 1.63 |
| 76.50 | 91.50 | 15.00 | 0.58 | |
| including | 85.50 | 87.00 | 1.50 | 3.64 |
| 108.00 | 111.50 | 3.50 | 0.46 | |
| 231.00 | 234.00 | 3.00 | 1.58 | |
| SK13-10 | 283.00 | 289.00 | 6.00 | 0.58 |
| including | 285.00 | 285.50 | 0.50 | 1.13 |
| including | 288.00 | 289.00 | 1.00 | 2.19 |
| SK13-11 | 189.00 | 190.00 | 1.00 | 0.41 |
| SK13-12 | 138.30 | 139.00 | 0.70 | 1.74 |
| SK13-13 | 180.00 | 197.00 | 17.00 | 0.17 |
| including | 184.00 | 185.00 | 1.00 | 0.89 |
| 310.50 | 313.00 | 2.50 | 2.23 | |
| or | 312.00 | 313.00 | 1.00 | 5.49 |
| 453.00 | 454.50 | 1.50 | 0.35 | |
| 462.50 | 463.60 | 1.10 | 0.47 | |
| SK13-14 | 79.50 | 80.00 | 0.50 | 0.34 |
| 193.50 | 195.00 | 1.50 | 0.66 | |
| 344.60 | 345.35 | 0.75 | 0.46 | |
| 360.00 | 360.40 | 0.40 | 0.41 | |
| 365.55 | 367.50 | 1.95 | 0.35 | |
| 372.00 | 381.00 | 9.00 | 1.21 | |
| including | 379.40 | 381.00 | 1.60 | 4.21 |
| including | 379.40 | 379.80 | 0.40 | 7.89 |
| SK13-15 | 88.50 | 92.55 | 4.05 | 0.23 |
| SK13-16 | 526.50 | 529.50 | 3.00 | 1.27 |
| including | 527.90 | 528.30 | 0.40 | 6.50 |
| SK13-17 | 123.00 | 124.20 | 1.20 | 1.81 |
| 242.15 | 242.50 | 0.35 | 1.83 | |
| 257.00 | 258.40 | 1.40 | 0.59 | |
| 433.50 | 435.00 | 1.50 | 1.52 | |
| SK13-18 | 17.00 | 20.00 | 3.00 | 0.51 |
| including | 18.00 | 18.65 | 0.65 | 1.66 |
| 90.50 | 93.50 | 3.00 | 0.38 | |
| 97.90 | 99.00 | 1.10 | 0.58 | |
| 123.00 | 124.50 | 1.50 | 0.37 | |
| 174.50 | 176.00 | 1.50 | 0.39 | |
| 248.70 | 249.00 | 0.30 | 0.33 | |
| 301.50 | 303.50 | 2.00 | 0.47 | |
| SK13-19 | 42.00 | 46.00 | 4.00 | 0.64 |
| 147.50 | 149.40 | 1.90 | 0.34 | |
| 402.70 | 405.70 | 3.00 | 0.40 |
| *core length; not necessarily the same as the true width |
"We are very pleased with the progress made on our Simkar project in the fall of 2013" said Jean-Marc Lacoste, President and CEO of Monarques. "In a matter of months, since the acquisition, we managed to demonstrate new potential on the project by identifying large, near-surface mineralized zones and by confirming the presence of silver. This opens up new exploration possibilities that need to be assessed now that we have received all the data."
Monarques is now expecting results for silver re-assays following the successful initial trial results disclosed on February 5, 2014. Meanwhile, the Corporation is evaluating and prioritizing the different targets following the 2013 drilling program in preparation for future work. This evaluation program also encompasses the Tex-Sol Property that is adjacent and in which Monarques holds a 100% interest. The Tex-Sol Property had historically shown potential for large, near-surface mineralised zones akin to the ones intercepted in holes SK13-01, SK13-02 and SK13-04 (see January 16, 2014 news release).
The 2013 drilling program consisted of 19 holes totalling 8,055 metres. 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 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.
PDAC 2014
Please join us during the upcoming PDAC 2014 International Convention in Toronto, Ontario. Monarques' management will be pleased to meet with you and introduce you to our Simkar projet at the Coreshack # 5028A (Sunday & Monday, March 2-3, 2014).
ABOUT MONARQUES
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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Contact Information:
President & CEO
1-888-994-4465 x 201
jm.lacoste@monarquesresources.com
www.monarquesresources.com
Vincent Janelle
Vice President, Investor Relations
1-888-994-4465 x 202
vincent.janelle@monarquesresources.com