QUEBEC CITY, QUEBEC--(Marketwired - Oct. 9, 2013) - MONARQUES RESOURCES INC. ("Monarques" or the "Corporation") (TSX VENTURE:MQR)(FRANKFURT:MR7) is pleased to announce that it has started drilling on its Simkar gold property. The Simkar property is located 20 km east of Val-d'Or, covering a contiguous group of two mining concessions and 11 mineral claims for a total area of 4.05 km² in the heart of the Abitibi Greenstone Belt.
"This drilling program will enable Monarques to move ahead with the promising Simkar project, and release drill results throughout the fall of 2013 and into the early part of 2014," said Jean-Marc Lacoste, President and CEO of Monarques. "Drilling costs are much lower than they were two years ago, and we find ourselves in a situation where we are getting much more bang for our buck."
The Simkar property saw two periods of production, in the 1940s and the 1990s, with production totalling in excess of 51,915 ounces of gold (Technical Report Simkar Gold Property, MRB & Assoc 2010 - Eloro Resources on Sedar.com). Five lenses were partially mined to the -200m level from the shaft at Simkar (also known as Louvicourt Goldfields). Even though production was suspended, exploration work by Eloro has shown that the lenses extend downward and along strike from the historical stopes.
The current drilling program (Phase I) consists of another 8,000 metres of diamond drilling in some 20 holes, primarily targeting the direct extensions of the known mineralization and a number of high-potential geological targets. The program was designed to confirm and increase the current resource. The results of the program will be used to build a model and upgrade the gold resource to a 43-101 resource, and should generate a more accurate picture of the project's potential.
The Simkar project is centred on a sequence of volcanic rocks of the Malartic Group that includes mafic flows northward and pyroclastic rocks to the south. The volcanic rocks are intruded by a series of intermediate-to-mafic dykes that mainly host the gold mineralization. The mineralization strikes east-west in the general direction of the Cadillac Break and dips strongly to the south. The gold occurs in various settings in the dykes, ranging from stockworks forming wide zones to well-defined quartz- pyrite-tourmaline veins.
Antoine Fournier, geol., is the Corporation's qualified person under National Instrument 43-101 and is responsible for the technical content of this release.
Monarques is a junior gold exploration company dedicated to excellence and committed to a program of socially- and environmentally-responsible mineral project development. The Corporation is currently focusing its efforts on the acquisition of gold projects along the Cadillac Break, in the Val-d'Or area. Monarques has over 110 km² of property holdings in Val-d'Or, totalling 400 claims, two mining concessions and over $1.45 million in credits from the Ministère des Ressources Naturelles ("MRN"). Monarques is also developing other properties in the Nemaska area of Quebec's James Bay territory, covering nearly 550 km² and totalling 1,051 claims and over $7.2 million in MRN credits. In the James Bay area, the Corporation also owns a 100% interest in the Nisk-1 deposit, a nickel project with an NI 43-101-compliant resource of 2 million tonnes at a grade of 1,06% Ni .
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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