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Monarch Mining Corporation reports promising assay results from its Swanson gold project, revealing high-grade intersections, including 27.79 g/t Au over 10.18 m. Notable results from drill holes SW-22-006 and SW-21-004 include 184.5 g/t Au over 1.5 m and 29.4 g/t Au over 1.2 m, respectively. Visible gold was also found in subsequent holes, prompting Monarch to expand its drilling program from 5,000 to 10,000 metres. The mineral resource currently stands at 1,945,000 tonnes at 1.82 g/t Au. Ongoing results could significantly bolster the project's mineral resource.
Monarch Mining Corporation has announced a major agreement with Gold Royalty Corp involving a combination of royalty sales and buyback eliminations. The deal includes selling a C$1.25 per tonne royalty on the Beacon Mill and eliminating a 1.25% royalty buyback on the Croinor Gold, McKenzie Break, and Swanson properties. In exchange, Monarch will receive a cash payment of C$4.5 million. The transaction is expected to close by April 15, 2022, strengthening Monarch's financial position and operational flexibility.
Gold Royalty Corp. (NYSE: GROY) announced a definitive agreement with Monarch Mining Corporation (TSX: GBAR, OTCQX: GBARF) for C$4.5 million in royalty financing, enhancing their existing gold royalty interests. This includes raising the per tonne royalty on the Beaufor Mine and increasing net smelter return royalties to 2.75% for several properties. The deal also eliminates existing buyback rights and retains pre-emptive rights for future royalties. The transaction, to be completed by April 2022, aims to enhance cash flow as Monarch plans to restart production at the Beaufor Mine in June 2022.
Monarch Mining Corporation (TSX: GBAR) has announced high-grade assay results from its ongoing underground drilling program at the Beaufor Mine. Notable results include 19.05 g/t Au over 6.8 meters, confirming the continuity of the prolific Q Zone for at least 150 meters in both westward and downward directions. Current estimates show 247,000 tonnes averaging 5.66 g/t Au in the Q Zone, indicating significant potential for the mine. The program continues with five drilling rigs, while the company plans to restart operations by June 2022, following extensive exploration efforts.
MONARCH MINING CORPORATION (TSX: GBAR) (OTCQX: GBARF) has amended its agreement with Metalla Royalty & Streaming Ltd., removing a clause that exempted a 1% net smelter return royalty on gold production from the Beaufor Mine until 100,000 ounces of gold were produced. This amendment, effective immediately, follows a US$1 million cash payment to Monarch. CEO Jean-Marc Lacoste emphasized the importance of this non-dilutive move for enhancing financial stability ahead of the Beaufor Mine and Beacon Mill restart.
Monarch Mining Corporation has reported high-grade gold intersections from its 2021 underground drilling program at the Beaufor Mine, with notable results of 52.19 g/t Au over 2.1 m, 57.0 g/t Au over 0.8 m, and more. The program covered 3,656 metres across 34 holes, contributing to a total of 21,791 metres in 169 holes for 2021. Ongoing exploration aims to define resources and identify new mineralized zones, with five drills currently in operation. Monarch is preparing for a resumption of mining in 2022, with developments in the Q Zone and ongoing underground rehabilitation efforts.
Monarch Mining Corporation (TSX: GBAR, OTCQX: GBARF) reported its Q2 financial results for the period ending December 31, 2021. The company incurred administrative expenses of CA$2.37 million and exploration expenses of CA$0.71 million. Notably, there was a net loss of CA$2.06 million for the quarter, translating to a loss per share of CA$0.03. Despite these challenges, Monarch is preparing to restart operations at the Beaufor Mine by June 2022 and has successfully extracted 15,000 tonnes of ore. The company also received regulatory approval to raise up to CA$100 million in funding if necessary.
Monarch Mining Corporation (TSX: GBAR) has entered into an agreement with Triple Flag Precious Metals Corp. to acquire an additional 0.75% net smelter return (NSR) royalty on gold production at the Beaufor Mine for $4.5 million. This transaction increases Triple Flag's total NSR to 2.75%. Monarch aims to strengthen its financial position ahead of the Beaufor Mine and Beacon Mill restart planned for June 2022. Approximately 15,000 tonnes of ore have been extracted in preparation for processing, with the first gold bar expected to be poured within 6 to 10 weeks.
Monarch Mining Corporation (TSX: GBAR) has received a final cash payment of $3.75 million from Gold Royalty Corp (NYSE: GROY) related to the sale of royalties on several properties, including the Beacon and Croinor Gold mines. This influx of cash is expected to enhance Monarch's working capital ahead of the anticipated restart of the Beaufor Mine and Beacon Mill by June 2022. Monarch's projects in the Abitibi mining camp boast a total measured and indicated gold resource of 478,982 ounces and inferred resources of 383,393 ounces.
Monarch Mining Corporation has announced positive final results from its 2021 surface drilling program at the Beaufor Mine, with high-grade gold assays reported, including 99.7 g/t Au over 0.6 m and 33.1 g/t Au over 0.5 m. These results reinforce the potential for mining reserves near the surface, located 350 meters from the main Beaufor shaft. To date, a total of 43,419 metres has been drilled in this exploration program. Continuous development drilling is underway, showing strong potential for increased mine resources.