Monarques Gold Corp. has signed a letter of intent to acquire the Beacon property, which consists of a metallurgical processing plant, tailings management ponds, underground installations, a 500-m deep shaft, a mechanical shop and all mineral rights attached to the transaction, namely one mining concession, one mining lease and 11 mineral claims totaling 180 hectares. The facilities are located approximately 60 km from the Croinor Gold property, and near other properties of Monarques, and other mining companies in the Abitibi-Temiscamingue region.
“Not only does this acquisition provide Monarques with a tremendous exploration land package, it also provides the company with a mill at a price, which is at a fraction of its replacement cost [$C3.5 million cash and stock],” said Jean-Marc Lacoste, president and CEO, Monarques Gold. “Owning this mill will ensure that the Monarques will be able to process its own ore at such time in the future when it's fully permitted Croinor property is ready to go into production.”
The 750-tons-per-day (t/d) capacity mill has been given a certificate of authorization by the Ministère du Développement durable, de l'Environnement et de la Lutte contre les changements climatiques for the processing of 1.8 million mt of tailings, equivalent to approximately nine years of mineral processing at full capacity. The mill will require as much as $3 million in upgrade work.