Monarch holds a 100% interest in the Beaufor Mine, which includes two mining leases, a mining concession and 23 mining claims covering an area of 6.91 km². The mine is located at about 20 kilometres northeast of the town of Val-d’Or, in the Abitibi-East township, in the Province of Quebec. The Beaufor Mine is an underground mine.
On June 3, 2021, Monarch announced that it plans to reopen the Beaufor Mine and Beacon Mill by June 2022.
The planned exploration program will be one of the largest exploration programs ever undertaken on the Beaufor property, consisting of approximately 270 drill holes for a total of 42,500 metres. Exploration drilling will be done in several phases, including:
- Underground work in proximity to the exploration targets of the mine (high-grade intervals and isolated resource blocks)
- Near-surface and mine targets
- Targets below the current mine workings
- Regional exploration targets