QUEBEC CITY, QUEBEC–(Marketwired – Dec. 8, 2015) – MONARQUES GOLD CORP. (“Monarques” or the “Corporation”) (TSX VENTURE:MQR)(FRANKFURT:MR7) is pleased to announce that it will conduct a geophysical survey on its Simkar Gold project (“Simkar” or the “project”) in the next few days. The Simkar project is located 20 km east of Val-d’Or, Quebec, in the heart of the Abitibi Greenstone Belt, and is the site of the old Louvicourt Goldfield gold mine. (see the map)
Abitibi Géophysique will perform the survey using its OreVision induced polarization (IP) method, which measures rock chargeability and resistivity to a depth of up to 290 metres. The survey will take place about 1 km east of the old mine shaft, and will cover an area of 800 metres x 480 metres.
The survey area is also east of a gold showing identified during the 2013 drilling program (0.15 g/t over 38.35 metres core length (CL) (SK-13-01)) and west of a showing on an adjacent property (0.50 g/t over 25.6 metres CL (LP-11-33)). Very little work has been done to date in the area and no outcrops have been found; however, an old magnetic survey compiled for this area indicates structural continuity.
“This geophysical survey is in line with the concept of generating new targets by using innovative technology in a under-explored area near the old mining operation,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarque.
The geophysical survey was made possible in part thanks to SIDEX’s “Field Action 2015” program.
The Simkar project consists of 11 mineral claims (1.77 km2) and two contiguous mineral concessions (2.26 km2) hosting the old Louvicourt Goldfield mine in the Val-d’Or gold mining camp. Under a final agreement dated June 6, 2014, Monarques owns a 100% undivided interest in the Simkar project, subject to a 1.5% royalty, of which 0.5% can be bought back for $1 million. The mineralization on the property occurs in a gold-bearing, fault-fill and extensional quartz vein system sub parallel to the Cadillac Fault. This geological context is characteristic of many nearby gold deposits in the Val-d’Or mining camp, including the Sigma-Lamaque complex, which produced over 9 million ounces of gold. (See Integra gold site)
The technical and scientific content of this press release has been reviewed and approved by Valère Larouche, the Corporation’s Chief Geologist and its Qualified Person under National Instrument 43-101.
Monarques is a gold exploration company currently focusing its efforts on the development of gold projects along the Cadillac Break, in the Val-d’Or area of Quebec. Monarques currently has nearly 175 km² of property holdings in the Val-d’Or area, including two mining concessions and one mining lease with over $9 million in work credits from the Ministère de l’Énergie et des Ressources naturelles.
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.
President and Chief Executive Officer
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