Monarques Gold Provides Updates On The Croinor Gold Project
Wednesday, January 11, 2017
After a volatile yet profitable year for gold prices, 2017 looks equally promising for the industry. Many market experts have predicted that gold prices will shrug off the temporary decline that was seen during the tail end of 2016. These predictions make companies such as Monarques Gold Corp. (TSX-Venture:MQR) attractive at these levels.
Monarques Gold is a junior gold company mainly active in the Quebec region of Canada. The company currently has nearly 200 square km’s of gold exploration properties, thus giving Monarques Gold a stable ground to build its business upon. The company also has a collaboration with Quebec’s Ministry of Energy and Natural Resources, which has provided it with approximately $9 million in credits.
Monarques Gold recently provided an update for its ongoing 10,000 metre drilling program being carried out at its Croinor Gold Project. The results are mostly upbeat as the company reported one of the veins returning 3.95 g/t Gold over 3.2 metres, including 15.7 g/t Gold over 0.7 metres at a depth of 230 metres. These readings shows that the property has a high likelihood of having multiple high-grade gold structures in the western part of the Croinor Gold deposit.
Jean-Marc Lacoste, President and Chief Executive Officer of Monarques, expressed his optimistic view about the property. He said that current drilling will help the company in properly understanding the potential of the mining area.
The company’s stock has seen a strong surge in buying over the last year as it gained close to 600% in that time. Like many other mining Companies, shares of MQR touched their 52 week high in the middle of 2016, before tapering off. However, in the past month the stock has showed renewed signs of recovery as it gained nearly 43% during this time period.
The main impetus behind the rise in the stock price of MQR had been several encouraging announcements from the company along with strength in the price of gold and strong bullish sentiment towards commodities as a whole.
Among some of the announcements made, the Company recently reported its new financing arraignment. Monarques closed the second tranche of a flow—through financing for the total amount of $1.5 million. The financing will help the company in boosting its liquidity positon going forward.
The company plans to grow organically as well as through acquisitions. Recently, it finalized the purchase of the Beacon property from Quebec Inc. The property consists of a metallurgical processing plant, tailings management ponds, underground installations, a 500-metre deep shaft, a mechanical shop and relevant mineral rights extending to one mining concession and 11 mineral claims totaling 1.8 km2.
The property is situated close to the company’s Croinor Gold property and will further improve the prospects of the company’s operations, which may also provide a further boost to the Company’s shares as 2017 rolls on.
Copyright © 2017 AllPennyStocks.com. All rights reserved. Republication or redistribution of AllPennyStocks.com's content is expressly prohibited without the prior written consent of AllPennyStocks.com. AllPennyStocks.com shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.