Monarques Acquires a Gold Property in Val-d'Or
QUEBEC CITY, QUEBEC -- (Marketwired) -- 05/07/13 -- MONARQUES RESOURCES INC. ("Monarques" or the "Company") (TSX VENTURE: MQR) is pleased to announce the acquisition of the Regcourt gold property. Located 30 km East of Val-d'Or, it comprises 53 claims for a total area of 30 km2. Underground work has been carried out on the Regcourt property in 1946-47, and we can still find a 544-foot-deep (165 m) mine shaft and 1,317 feet (400 m) of drifts on it.
Under the agreement with the sellers, which is subject to the approval of the TSX Venture Exchange, Monarques acquired a 100% interest for a purchase price of $43,500. Monarques also repurchased the existing 2% NSR on that property for a sum of $15,000.
"The purchase of the Regcourt property is in line with our strategy of acquiring highly prospective gold projects in the Val-d'Or sector," commented Jean-Marc Lacoste, President and CEO of the company."In addition, we got our hands on a property holding over $800,000 in work credits with the Ministry of Natural Resources and Wildlife (MNRF), which allows us to maintain the control over the property for the years to come at low costs."
The Regcourt property is hosted in Archean rocks that contain a gold-bearing quartz-tourmaline-pyrite vein system. Those are fault-fill veins that intersect a granodiorite intrusion of about 200 m x 400 m. The Regcourt property mineralization shows similarities with that of the Beaufort Mine (Richmont Mines Inc) located nearby. The first Regcourt gold showings were discovered in 1944 when a rock outcrop area of the property has been stripped, thus exposing a wide quartz vein that returned an average grade of 8.13 g/t Au (grams per tonne) on an average width of 0.76 m and a strike length of 67 m. This work will need to be verified before it can be used for a resource estimate.
The technical sections of this press release have been prepared by Jonathan Lalancette, Eng., employee of Monarques Resources and Qualified Person within the meaning of Regulation 43-101.
ABOUT MONARQUES
Monarques Resources Inc. (MQR) is a junior gold exploration company dedicated to excellence and committed to a socially and environmentally responsible development plan. The Company is currently focusing its efforts on the acquisition of gold projects in the Val-d'Or sector and the development of its properties located in the James Bay territory, in Quebec, which cover nearly 625 km2. The Company also holds a 100% interest in the Nisk-1 deposit, a 2-ton nickel project according to the National Instrument 43-101.
Forward-Looking Statements
The forward-looking statements herein involve inherent known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Monarques to be materially different from any future results, performance or achievements expressed or suggested in this press release. Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
Jean-Marc Lacoste
President and CEO
1-888-994-4465 x 201
jm.lacoste@monarquesresources.com
Vincent Janelle
Vice-President, Investor Relations
1-888-994-4465 x 202
Vincent.janelle@monarquesresources.com
www.monarquesresources.com
