Source:
June 8, 2020 - Monarch Gold Corporation is pleased to announce the closing of the sale of the Fayolle property to IAMGOLD Corporation ("IAMGOLD") (TSX: IMG) (NYSE: IAG) for a total consideration of $11.5 million.
Summary:
The Fayolle deposit comprises wide alteration zones that contain brecciated mineralized zones. Gold mineralization is hosted in both porphyritic dykes of intermediate composition and volcanic rocks. The main lithology intersected in drill hole is magnetic komatiite. Locally, primary volcanic textures, such as varioles and spinifex, are observed beyond the mineralized zones. Spinifex texture was observed in komatiites, whereas the varioles suggest that mafic volcanicrocks are intercalated with the komatiites. Most examples of varioles from the southwestern Abitibi Subprovince are plagioclase spherulites, which are always found in aphyric tholeiitic basalts inferred to have been superheated during eruption. The volcanic rocks of the Fayolle deposit are intruded by dykes ranging from monzonitic to dioritic and/or granodioritic composition. The rocks are generally brecciated with little clast rotation and cemented with ankerite.
The volcanic rocks are variably carbonatized. Acid colouration tests reveal carbonate zonation, with calcite as the distal phase and ankerite in the core of the auriferous mineralization. Just beyond the limits of the mineralized zones, carbonatization is represented by scattered calcite and ankerite in the matrix of volcanic rocks, grading to dominant ankeritization inside the zones.
Most of the ankerite and quartz-ankerite veins occur in brecciated rocks. Several ankerite and quartz ankerite veins, 0.5 to 2 cm wide, as well as chlorite- filled fractures and gouge with irregular orientations, have been observed within and near the mineralized zones. Vein density increases from 5% to 80% in the mineralized zone, and fuchsite alteration is locally observed.
Mineralization is characterized by disseminated pyrite (generally 1-5%) spatially associated with or contained within veinlets of quartz and/or carbonate minerals. Gold is present in the pyrite or as grains of free gold in quartz veinlets. Pyrite is generally found as pods and fine grained disseminations along schistosity planes and chloritized fractures which are variably deformed at dyke contacts. Pyrite also occurs as barren cubic grains (up to 12%) in the host rocks, and pyrite content is therefore not a direct indicator of gold mineralization in the Fayolle deposit.
Summary:
According to InnovExplo, the conventional open pit option is the better way to successfully mine the deposit and extract the most resources while minimizing the economic risk.
Mining will be undertaken by contractors using conventional truck and shovel equipment.
Overburden removal equipment:
- 1 Caterpillar 365 hydraulic excavator
- 4 Caterpillar 735 trucks
- 1 Caterpillar D6 dozer
Production equipment:
- 1 Caterpillar 385 hydraulic excavator
- 4 Caterpillar 770 trucks
- 1 Tamrock DX-800 drill
- 1 Caterpillar D7 dozer
Processing
- Agitated tank (VAT) leaching
- Merrill–Crowe
- Cyanide (reagent)
Source:
Summary:
The mineralized material would be transported and processed off-site at IAMGOLD’s Westwood mill. This assumption was established for the purpose of estimating milling and transportation costs. The distance separating the Fayolle Project from Westwood is 40 km.
Recoveries & Grades:
Commodity | Parameter | Avg. LOM |
Gold
|
Recovery Rate, %
| 94 |
Gold
|
Head Grade, g/t
| 4.35 |
Projected Production:
Commodity | Units | LOM |
Gold
|
oz
| 74,813 |
All production numbers are expressed as metal in doré.
Operational Metrics:
Metrics | |
Stripping / waste ratio
| 3.7 * |
Daily ore mining rate
| 1,000 t * |
Annual mining capacity
| 350,000 t * |
Waste tonnes, LOM
| 2,092,148 t * |
Ore tonnes mined, LOM
| 568,941 t * |
Total tonnes mined, LOM
| 3,937,889 t * |
* According to 2013 study.
Reserves at August 30, 2019:
Category | OreType | Tonnage | Commodity | Grade | Contained Metal |
Indicated
|
In-Situ (UG)
|
300,800 t
|
Gold
|
4.17 g/t
|
40,380 oz
|
Indicated
|
In-Situ (OP)
|
405,600 t
|
Gold
|
5.42 g/t
|
70,630 oz
|
Indicated
|
Total
|
706,400 t
|
Gold
|
4.89 g/t
|
111,010 oz
|
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