Monarques intersects a 9.5 m (31.5 ft) near surface gold zone including 1 metre at 19.5 g/t at Croinor Gold

The goal of the program was to test the continuity of the Gold Bug zone along strike and at depth by drilling a series of short holes no more than about ten metres apart due to the erratic nature of the mineralized system, which contains free (visible) gold. The program was carried out in April, and consisted of 774 metres of drilling in nine holes.

Four holes drilled under and into the northeast extension of the structure (CR-16-473, CR-16-474, CR-16-478 and CR-16-479) intersected the Gold Bug gold-bearing structure. Note that the gold in the structure is erratic in nature, and although all the holes intercepted the structure, the gold values obtained do not always reflect the visual aspect of the core. Visible gold is still the best indicator of high grade.

The program was also successful in identifying the northern contact of the porphyry. The contact between the porphyry and the volcanic rocks to the north is sheared and cut by a mineralized quartz vein. The two western holes that intersected this contact (CR-16-475 and CR-16-476) returned significant gold values, and visible gold was seen in CR-16-475, the more westerly of the two holes, where a grade of 19.5 g/t Au over 1 metre was obtained.

Given these results, Monarques is currently awaiting a forest management permit so it can carry out stripping to expose the Gold Bug zone and gain a better understanding of the geology of the complex quartz vein system and its relationship to the volcanic rocks farther north and the east-west Bug Lake structure, which lies 25 metres north of the porphyry-volcanic contact.

SOURCE Monarques Gold Corporation