Monarch sells Monique project in Quebec

The Sakami project is located 500km north of Val-d’Or, pictured here. (Image by Tobie Charette Eltobito, Wikimedia Commons).

Monarch Gold (TSX: MQR) announced that it has sold its Monique property in Quebec to Probe Metals (TSX-V: PRB).

The deal entails that Probe has to issue 1,275,510 common shares to Monarch for a total value of $1.5 million. In addition, the buyer will assume any reclamation liabilities associated with the past-producing Monique open-pit mine, estimated at about $900,000.

Monique hosts a current inferred mineral resource of 9,126,500 tonnes at a grade of 2.25 g/t for 661,400 ounces of gold

“This transaction is consistent with the corporation’s stated objective to derive value from its non-core exploration assets, either through their sale or partnerships with well-established companies,” Jean-Marc Lacoste, Monarch’s president and CEO, said in a media statement.

“The Monique property was part of the assets acquired from Richmont Mines and was not part of our future plans. Probe has done excellent exploration work since acquiring the option from Richmont in January 2017 and we are confident that they will be able to develop this property to its full potential.” 

Monique consists of a mining lease and 22 mining claims covering an area of 5.5 square kilometres in the Louvicourt township. The site is located 25 kilometres east of Val-d’Or in the Canadian province.

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