Monarques Gold Corporation

Monarques Gold Corporation

April 10, 2015 08:45 ET

Monarques Traces a Gold Zone Over 96 Metres (315 Ft) on Croinor Gold by Drilling

QUEBEC CITY, QUEBEC--(Marketwired - April 10, 2015) - MONARQUES GOLD CORP. ("Monarques" or the "Corporation") (TSX VENTURE:MQR)(FRANKFURT:MR7) is pleased to report the results of 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 for four of the holes were previously reported, on March 26, 2015, and the results of the remaining eight holes have now been compiled. Four of these eight holes were drilled at the western end of the mining lease (between Sections 750W and 640W), and the other four in the centre of the deposit (between Sections 0 and 70-E).

On Section 0-East, a gold zone has been traced over a distance of more than 96 metres by five drill holes (see section), this gold zone is located below the current measured and indicated resource. Hole CR-15-420B grading an average of 6.73 g/t over 4.0 metres core length (CL) and Hole CR-15-431 with 15.12 g/t over 4.0 metres (CL) were drilled on either side of Hole CR-15-421 (16.01 g/t over 3.0 metres (CL)) and historic hole CN-89-135 (23.98 g/t over 2.76 metres (CL)). Like the earlier holes, both contained visible gold. Finally, historical hole CR-07-336 (1.32 g/t over 3.0 metres (CL)) marks the bottom of the 96-m zone, which remains open along strike in both directions.

"These results are very encouraging because they demonstrate the extension of the Croinor deposit along strike and at depth," said Jean-Marc Lacoste, President and CEO of Monarques. "The identification of this significant 96 metres gold-rich zone is particularly encouraging, as it shows that the deposit is continuous at depth. We are looking forward to starting Phase II of our program and testing other zones."

Table of all the Phase I results:

Hole # Section Dip
CR-15-420B 0-E -72 291.5 295.5 4.0 6.73 VG
CR-15-421* 0-E -69 272 275 3.0 16.01
Including 272 273 1.0 34.64 VG
and 274 275 1.0 12.87 VG
CR-15-431 0-E -61 279.8 283.8 4.0 15.12 VG
Including 279.8 280.8 1.0 44.18
and 282.8 283.8 1.0 15.74
CR-15-430 30-E -78 318.4 320.6 2.2 0.60 A
CR-15-422 70-E -76 A
CR-15-423* 750-W -70 300 301 1.0 1.00
326 327 1.0 0.92
CR-15-424 750-W -70 248.8 249.8 1.0 4.26
CR-15-425* 690-W -68 277 278 1.0 2.05
CR-15-428* 680-W -68 179 181 3.0 9.31
203 204 1.0 6.70
211 212 1.0 4.19
215 218 3.0 2.06
CR-15-426 670-W -73 182 184 2.0 1.75 A
200 204 4.0 3.05
Including 203 204 1.0 8.18 VG
CR-15-427 670-W -73 228.3 229.5 1.2 3.34 A
CR-15-429 640-W -68 291.1 293.3 2.2 4.12
295.1 298.3 3.2 3.13
335.4 337.3 1.9 0.70

VG = Visible Gold (Photo)

A = Assays pending

* Results reported in the press release dated 26 March 2015

** The holes were drilled to intersect the veins as perpendicularly as possible so as to approximate their true widths. True widths are estimated at about 95% of the intersected widths shown.

The drillhole parameters can be found at the following link.

The six other holes were drilled in the east and far west of the mining lease (Sections 30-E, 70-E, 640-W, 670-W and 750-W) and were aimed at testing the continuity of zones identified by earlier drilling. Each hole targeted three or four different zones, and all the holes intersected the zones as planned. The best result in this area was 8.18 g/t over 1.0 metres (CL) in Hole CR-15-426, with visible gold seen in the intersection.

Phase II of the 2015 program will take place from the beginning of May until early July. It has two key objectives: the first is to demonstrate the extension of the known zones and increase the Indicated and Inferred resources, and the second is to test the continuity of the deposit at depth and along strike by targeting downhole IP geophysical targets that have never, or only partially, been tested to date. Some 9,000 metres of drilling are planned for this phase.

A third phase planned for September 2015 will focus on the drilling of targets identified outside the diorite sill of the Croinor deposit. These targets have been defined through the compilation of historical data, the results of stripping done last fall, and the results of a study of spectral signatures identified from satellite imagery, carried out by JAPOSAT Satellite Mapping of Montréal. Some 2,000 to 3,000 metres of drilling are planned for this final phase of exploration on the Croinor Gold property.

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 3.0 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, the Corporation's Chief Geologist and its Qualified Person under Regulation 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 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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