Toronto, Ontario–(Newsfile Corp. – March 4, 2021) – Monarca Minerals, Inc. (TSXV: MMN) (“Monarca” or the “Company”) is pleased to announce that it continues to advance the permitting process for its upcoming drilling program on the San Jose Silver Project (“San Jose”) located near the USA border in Chihuahua, Mexico.
Surface lands for the San Jose project area are partially covered by “Ejido” lands and “Colonia” lands (community or communal lands), therefore the Company is required to sign a surface rights agreement with both the Ejido and Colonia authorities to advance its environmental permit to proceed with its planned drilling program.
On February 21, 2021, Colonia elected its new authorities and plans to sign an agreement with Monarca Mining (Mexican subsidiary of Monarca Minerals) to change the use of land and temporary occupation allowing the Company to complete its drilling program at San Jose.
An environmental assessment report for the planned drilling area, which is a requirement to obtain a drilling permit, has been completed and will be submitted to the Mexican authorities as soon as a surface rights agreement with Colonia has been signed and ratified by a Mexican Public Notary. The Company expects this agreement to be signed by next week.
The Company has also received three drilling contractor proposals for the San Jose drilling program and will be making a final decision on a drilling contract soon. The initial drilling program at San Jose includes ten targets and approximately 5,000 metres of drilling. Eight targets are located on Colonia lands and two targets on Ejido lands. Prospecting and field mapping has already been completed.
Two drill holes (SJ1 and SJ2) are planned in the area of the Guadalupana mine at the southern end of the geophysical survey area (refer to the Company’s December 15, 2020 news release). These drilling targets are located over strong IP anomalies, adjacent to the southeast margin of a large magnetic anomaly, which is interpreted as a buried mineralized intrusive body. Drill hole SJ1 is designed to intercept the Guadalupana vein, which historically has returned high precious and base metal grades and is interpreted from the IP survey as “leakage” from a larger area of buried mineralization (refer to geophysical cross section and sampling photo below).
GEOPHYSICAL CROSS SECTION LOOKING NORTH – DRILL HOLES SJ1 AND SJ2 TARGETING IP ANOMALIES
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2584/76043_fig1.jpg
SAMPLING PHOTO – GUADALUPANA MINE CHANNEL SAMPLE: SJ0007
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2584/76043_fig2.jpg
Quality Assurance and Quality Control Statement
Procedures have been implemented by Monarca to assure Quality Assurance Quality Control (QAQC) of all assaying completed at ALS Global, which is an ISO Accredited laboratory and independent of Monarca. All grab samples taken in the field were placed in plastic bags closed with zip ties and stored in a secure location until shipment by Monarca personnel to the ALS sample preparation facility in Chihuahua, Mexico. A sterile blank sample (unmineralized rhyolite) and a mineralized reference standard (used by Monarca since 2009) were alternately placed in the sample sequence every 15th sample. The assays received for the QAQC samples were reviewed for acceptable values by Monarca’s Qualified Person, who determined in all cases that results were satisfactory, resulting in a high level of confidence in the assays reported for the San Jose Project. The sterile (blank) QAQC samples all reported low or nil values for the metals of interest. The mineralized reference standard samples all reported gold assays within 2 standard deviations of the accepted value (1.15ppm) and the silver assays reported within 3 standard deviations of the accepted value (83.9ppm).
Qualified Person Statement
Michael R. Smith is the Qualified Person (QP) who has prepared and approved the scientific and technical information disclosed in this news release. Mr. Smith is a Registered Member (#04167376 – Geology) of the Society for Mining, Metallurgy & Exploration (SME) and the Executive Vice President, Exploration for Monarca Minerals Inc.
About Monarca Minerals Inc.
Monarca is a Canadian mining company listed on the TSX Venture Exchange (TSXV: MMN) and focused on the exploration and development of silver projects along a highly productive mineralized belt in Mexico. The Company has a portfolio of silver projects including an Inferred Mineral Resource of 19.8 million tonnes at 45.0 g/t Ag (28.7 million ounces of contained silver) at its Tejamen deposit in Durango, Mexico.
For further information, please contact:
Carlos Espinosa
President, CEO & Director
Monarca Minerals Inc.
E: [email protected]
Cautionary Note Regarding Forward-Looking Statements Forward-Looking Statements:
The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
/NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76043