MQR.V
MONTREAL, July 14, 2016 /CNW/ - MONARQUES GOLD CORPORATION ("Monarques" or the "Corporation") (TSX-V: MQR) (FRANKFURT: MR7) is pleased to report that it has resumed work on its Croinor Gold ("Croinor") project, approximately 70 kilometres east of Val-d'Or, Quebec. Stripping work is presently underway on the Gold Bug showing, and will be ongoing until the end of July.
The Gold Bug showing was discovered by drilling during the intensive 2015 exploration campaign. It is characterized by a different geological environment than that of the Croinor deposit, which lies about 500 metres to the west. Gold Bug is characterized by a complex network of quartz veins in a felsic porphyry intrusive. Three short drilling programs have revealed a complex gold system punctuated by erratic gold values. The best results for the programs were as follows:
| Hole # |
From |
To |
Core length (m)* |
Grade Au (g/t) |
Notes |
| CR-15-463 |
17.00 |
18.00 |
1.00 |
236.47 |
VG |
| CR-15-469 |
33.31 |
43.80 |
10.49 |
4.46 |
VG |
| CR-15-470 |
73.30 |
74.20 |
1.00 |
0.14 |
|
| CR-16-473 |
66.30 |
66.90 |
0.60 |
1.34 |
|
| CR-16-473 |
70.00 |
71.00 |
1.00 |
3.22 |
|
| CR-16-474 |
77.00 |
81.00 |
4.00 |
2.27 |
|
| Incl. |
79.00 |
80.00 |
1.00 |
8.15 |
|
| CR-16-475 |
56.00 |
65.50 |
9.50 |
2.65 |
|
| Incl. |
62.50 |
63.50 |
1.00 |
19.50 |
VG |
| CR-16-475 |
77.00 |
83.00 |
6.00 |
1.35 |
|
| Incl. |
79.00 |
80.00 |
1.00 |
7.24 |
|
| CR-16-476 |
67.00 |
73.00 |
6.00 |
1.16 |
|
| Incl. |
67.00 |
68.00 |
1.00 |
2.11 |
|
| and |
72.00 |
73.00 |
1.00 |
3.73 |
|
| CR-16-478 |
68.00 |
69.00 |
1.00 |
0.77 |
|
| 72.00 |
72.72 |
0.72 |
0.71 |
||
| CR-16-479 |
37.00 |
39.00 |
2.00 |
3.64 |
|
| 64.00 |
65.00 |
1.00 |
1.79 |
*There is currently insufficient information available to determine true widths.
The program now underway is aimed at exposing the bedrock of the Gold Bug showing and providing a better understanding of the geometry of the gold-bearing structures and how they relate to the surrounding structures. It will also locate the extensions of the showing, both laterally and at depth, allowing the holes of the next drilling program to be properly oriented.
"We are very pleased with the developments on the Gold Bug showing," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarques. "Given its proximity to the Croinor deposit and the fact that it is very near the surface, the work we are doing now is essential to determining the showing's full potential."
The technical and scientific content of this press release has been reviewed and approved by Donald Trudel, P.Geo., B.Sc., the Corporation's Qualified Person under National Instrument 43-101.
ABOUT MONARQUES GOLD
Monarques Gold is a growing junior gold company focused on becoming the leading explorer and developer of gold properties in the Val-d'Or/Abitibi gold camp in Quebec, Canada. The Corporation currently has approximately 200 km² of gold exploration properties along the Cadillac Break, including its main asset the Croinor Gold mine, which has a great potential of becoming a producing mine. Monarques Gold is well financed and has over $9 million in credits from Quebec's Ministry of Energy and Natural Resources.
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.
SOURCE Monarques Gold Corporation
Image with caption: "Nice visible Gold from our main deposit. (CNW Group/Monarques Gold Corporation)". Image available at: http://photos.newswire.ca/images/download/20160714_C1934_PHOTO_EN_734319.jpg
Image with caption: "« To be the leading explorer and developer of gold properties in the Val D’Or / Abitibi Camp. » (CNW Group/Monarques Gold Corporation)". Image available at: http://photos.newswire.ca/images/download/20160714_C1934_PHOTO_EN_734321.jpg
Jean-Marc Lacoste, President and CEO, 1-888-994-4465 x 201, [email protected], www.monarquesgold.com; Katherine Fedorowicz, VP, Marketing & Investor Relations, Red Cloud Klondike Strike Inc., 1-877-919-5979, [email protected], www.RedCloudKS.com
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