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Monarch Mining Corporation (TSX: GBAR, OTCQB: GBARF) has provided an update on its exploration activities for its McKenzie Break and Swanson gold projects. This week, a total of 3,891 samples will be sent for assaying, with 2,759 samples from McKenzie Break and 1,132 samples from Swanson. The company completed 41,465 meters of drilling since the 2021 mineral resource estimate, confirming potential for resource expansion. The ongoing exploration aims to inform the next stages of development, capitalizing on previously reported high-grade gold results, such as 35.9 g/t Au over 0.5 m at McKenzie Break.
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) announced the results of its annual general meeting held on December 21, 2022. All director nominees were re-elected, receiving overwhelming support from shareholders, with 40.99% of outstanding shares represented. Notable voting results include 99.37% approval for Jean-Marc Lacoste and 99.23% for Michel Bouchard. KPMG LLP was also approved as the external auditors. Monarch owns four gold mining projects and has a combined gold resource of 1,090,075 ounces across its properties in the Abitibi mining camp.
Monarch Mining Corporation reports promising gold assays from its 2022 McKenzie Break drilling program, revealing high-grade intersections such as 35.9 g/t Au over 0.5 m. The program, which has drilled 41,424 m in total, aimed to expand pit shell limits and increase underground resources. Noteworthy results include 28.2 g/t Au over 0.66 m and confirmation that mineralization remains open in multiple directions. The ongoing analysis is expected to further enhance the resource estimate as additional results are pending.
Monarch Mining Corporation (TSX: GBAR, OTCQX: GBARF) announced a debt settlement agreement exceeding $9.3 million. The corporation will issue 36,383,805 common shares at $0.075 each, deferring other debts to 2023-2025. Monarch also returned $6 million held in trust to Investissement Québec, reducing its liabilities to $12.5 million. Additionally, accounts payable were lowered by returning excess inventory. Monarch's CEO, Jean-Marc Lacoste, acknowledged the company's current challenges and expressed gratitude to creditors. Approval from regulators is needed for share issuance.
