The McKenzie Break property is an advanced exploration property located approximately 35 kilometers northeast of Val-d’Or, Québec. McKenzie Break is wholly owned and operated by Monarch Mining Corporation (“Monarch”) after its spinout from Monarch Gold Corporation in January 2021.
The 2022 drill program was successfully completed with 53 holes drilled for a total of 16,104 meters during the year. The objective was to increase the initial 2021 underground resource to the east and north and test additional exploration targets along the volcanic-intrusive contact to the south. Assay results from the drilling at the northern edge of the deposit intersected 35.9 g/t Au over 0.5 meters, confirming mineralization remaining open at the north. Further, drilling in the southwestern part of the deposit returned the greatest intersections of 12.65 g/t Au over 1.5 meters and 28.2 g/t Au over 0.66 meters, confirming the pit shell can be expanded to the west. The results of the 2022 drill program demonstrate project advancement and ultimately benefit the 2.75% NSR held by Gold Royalty. Monarch is expecting to complete an updated Resource Estimate at McKenzie Break in 2023.