high-grade gold for monarch at mt gordon

MEDIA RELEASE 1 MARCH 2005 HIGH-GRADE GOLD FOR MONARCH AT MT GORDON FOLLOW-UP IN-FILL DRILLING
PLANNED FOLLOWING BEST RESULT OF 4m @ 8.8g/t gold.

Monarch Resources Limited (ASX: MRS) has approved a follow-up drilling program at its Mt Gordon gold project in Western Australia’s Lake Johnston Greenstone Belt after announcing that it had intersected high-grade, near surface gold mineralisation in RAB drilling completed late last year.

The Perth-based explorer said today (Tuesday) it had received encouraging results from a wide-spaced RAB drilling program at the “Richard” Prospect area at Mt Gordon, including a best result of 4 metres at 8.8 g/t gold from a depth of 24 metres (hole MGRB565). Other results from the same program included 2 metres at 0.4 g/t from 48 metres in hole MGRB566, the next hole, 80 metres away along the same line from the high-grade intersection, and 12 metres at 0.6 g/t from 52 metres (including 2 metres at 2.2 g/t from 58 metres) in hole MGRB559 about 300m away on the adjacent line. All holes were vertical.

The geometry and dimensions of the mineralised zones are not yet clear and the true widths of the intercepts are not known. RAB drilling was completed on 200m by 80m spacings over four gold-in-soil anomalies at Mt Gordon. Monarch’s Chairman Colin Smith said that encouraging gold results from one of the areas had elevated Mt Gordon in terms of project prioritisation, with a program of in-fill follow-up RAB drilling to be undertaken as soon as practicable. “This outcome confirms a potential source for the widespread gold anomalism at Mt Gordon,” said Mr Smith. “The results appear to be significant for the Lake Johnston area, which historically has had very limited exploration for gold with most of the focus to date having been on nickel sulphide exploration,” Mr Smith said. “The tenor of the gold mineralisation is significant and the mineralised zone appears to be open.” A program of 2,500 metres of RAB drilling will be undertaken at Mt Gordon totalling 41 holes on 100 metre by 40 metre spacings, with local 20 metre spacing around the existing intercepts. Drilling will commence as soon as possible subject to final environmental clearances and drill rig availability.

The Mt Gordon Project is one of five prospect areas within Monarch’s Lake Johnston Project, which is located 540km east of Perth in the geologically prospective Lake Johnston Greenstone Belt. -ENDS-