Monarch Gold (TSX: MQR) reported this week mixed results from the quarter that ended on June 30, 2019.
In a press release, the Quebec-based company said it produced 3,572 ounces of gold, up 169% from the previous quarter. The increase -the brief states- was attributable to a rise in the production rate at the Camflo mill and the Beaufor mine combined with a higher grade of ore.
In the coming quarters, Monarch says it wants to focus on developing its flagship Wasamac project, which has an annual production potential of 142,000 ounces of gold over 11 years
The figure, however, represents a 24% decrease in y-o-y production from the 4,695 ounces produced in the same period of 2018.
“The corporation recorded revenues of C$7.3 million in the fourth quarter from the sale of 2,666 ounces of gold at an average price of C$1,764 per ounce (US $1,333) plus custom milling revenue, which was down 3.1% from the third quarter due to an increase in the tonnage milled from the Beaufor mine,” the media release reads.
Monarch owns close to 300 square kilometres of gold properties in Quebec, eastern Canada. Amongst those properties is the Wasamac deposit, whose measured and indicated resources are estimated at 2.6 million ounces of gold. The company also owns the Beaufor mine, the Croinor Gold, McKenzie Break and Swanson advanced projects, the Camflo and Beacon mills, as well as five exploration projects.
“This was a solid quarter in terms of performance, especially given that we operated with approximately one-third the workforce we had last year,” Jean-Marc Lacoste, the firm’s president and CEO, said in the media statement. “This quarter also marks the suspension of our production activities at the Beaufor mine during the quarter, as of June 27, 2019, and at the Camflo mill on July 10, 2019. Given the current gold environment, our team is focusing on identifying new exploration targets at the Beaufor mine and preparing a drilling program on the most promising targets.”