Monarques to Proceed with Financing for Croinor Gold Project

Monarques Resources Inc. (TSXV:MQR) announced the results of a prefeasibility study update and mineral resource estimate for its Quebec-based Croinor gold project, commenting that the former confirms the project’s economic viability.

As quoted in the press release:

The Corporation intends to pursue project financing based on this new information. Subject to the success of such financing, the Corporation plans to proceed with mine dewatering and pre-production as outlined in the Prefeasibility Study.

The mineral resource estimate was performed by Karine Brousseau, Eng., under the supervision of Carl Pelletier, B.Sc., P.Geo. who are both consultants with Val-d’Or-based InnovExplo Inc. One of goals of InnovExplo’s work was to prepare a 43-101 mineral resource estimate for the deposit.

At a 4 g/t Au cut-off grade, the deposit contains a measured resource of 80,000 tonnes grading 8.41 g/t Au for 22,000 ounces, an indicated resource of 600,000 tonnes at 9.18 g/t Au for 177,000 ounces, and an inferred resource of 160,000 tonnes at 8.56 g/t for 44,000 ounces.

Click here to read the full Monarques Resources Inc. (TSXV:MQR) press release.