Monarques Gold Corporation (TSXV:MQR) announced it is increasing the size of its ongoing drill program due to recent drill success. The company has
identified 26 drill targets to be prioritized at the Croinor property and launched an 8-hole program at Gold Bug. Subsequent to the discovery made
in January, on April 4, 2017, drilling at Gold Bug confirmed
a 15m wide shear corridor with a vertical depth of 115m containing anomalous gold grades, returning 6.96 g/t Au over 15 metres, including 17.1 g/t
Au over 5.9 metres. The company is focused on increasing current resources at Croinor, and developing the project towards production. To that end,
the company has completed a number of smaller development tasks, including permitting a powerline to service the Croinor Gold mine site. In addition,
drilling at Simkar is now complete (4 holes, totalling 3,000m), results are still pending. At C$117/oz, Monarques currently trades at a premium
to peers (C$60/oz). In our view, this valuation is supported by Croinor’s stage of development (pre-feasibility study), ongoing exploration success
and the recent acquisition of the Beacon Mill.
Derek Macpherson | VP Mining Analysis
Victoria Ellis Hayes | Associate
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Monarques Gold Corp - TSXV:MQR - 1,2,4
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