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Monarques Gold Corporation reported its production results and other highlights for the fourth quarter ended June 30, 2018.
Monarques Gold Corporation (TSXV:MQR, OTCMKTS:MRQRF, FRANKFURT: MR7) reported its production results and other highlights for the fourth quarter ended June 30, 2018.
Highlights are as follows:
- Monarques produced 4,695 ounces of gold in its fourth quarter, down 5 percent from 4,932 ounces the previous quarter.
- The corporation recorded revenues of US$10 million in the fourth quarter, from the sale of 4,589 ounces of gold at an average price of US$1,609 per ounce (US$1,246), combined with revenue from custom milling, which was up 31 percent for the quarter.
- Monarques reported an initial set of results for its 2018 drilling program at the Beaufor mine. The results were for nine holes totalling 2,047 metres of drilling on the QF1 and 1700 projects
- Strong growth in revenue from custom milling operations, which rose more than 31 percent.
- Feasibility study ongoing for the Wasamac gold deposit (measured and indicated resources of 2,587,900 ounces of gold), based on proven Rail-Veyor material transport technology.
- Results of resource estimates for the McKenzie Break and Swanson deposits bring Monarques’ total combined measured and indicated resource to more than 3.15 million ounces of gold
Jean-Marc Lacoste, president and CEO, commented:
The highlights of the quarter were the strong growth in our custom milling operations and the start of our feasibility study on the Wasamac deposit. Our custom milling operations at the Camflo mill grew significantly, enabling us to offset some of the decline in production at the Beaufor Mine and generate fourth quarter revenues of US$10 million.
We expect to maintain the production rate at Camflo in the coming quarters. We also started several projects during the quarter, including the Wasamac feasibility study, which is based on the proven Rail-Veyor system, a material transport technology that has led to dramatically lower operating costs at other major mines. Given the current gold market, we will obviously be boosting our efforts to assess the options and technologies that allow us to advance the world-class Wasamac project and put the deposit into production at the lowest possible cost.