Monarch completes acquisition of Fayolle gold project in Quebec
Monarch Gold (TSX: MQR) announced that it completed the acquisition of an aggregate 100% interest in the Fayolle property from Hecla Quebec (NYSE: HL) and Typhoon Exploration (TSXV: TYP).
To do so, the Quebec-based company said it had to issue 12 million shares to Hecla and 3.4 million shares to Typhoon. It also had to pay Typhoon $500,000 and will pay an additional $500,000 in five months and $150,000 in 12 months.
The Fayolle property consists of 39 mineral claims covering 1,373 hectares in Aiguebelle and Cléricy townships, approximately 35 kilometres northeast of Rouyn-Noranda, Quebec.
According to Monarch, the deposit contains a historical estimate of 548,500 tonnes grading 5.75 g/t Au, for a total of 101,326 ounces of gold.
“Although the historical estimates may not be reliable, the Corporation nevertheless believes that they provide an indication of the property’s potential and are relevant for any future exploration program,” Monarch said in a media statement.