Monarch chairman Michael Kiernan said the intersection of the Baldock lode at Mount Ida meant the company was into the high-grade gold section which will be treated at its Davyhurst mill later this month.
"The intersection contains coarse free gold and is well mineralised," Kiernan said.
"The ore width is double what had been expected, with the ore exposed in the drive varying from a minimum of 1.4 metres up to a potential maximum of about 3.4 metres."
Meanwhile, Monarch has recently begun an $11 million drilling program with exploration drilling at Davyhurst intersecting high-grade mineralisation at the Walhalla North and Iguana prospects, and a potential new gold discovery at the Coronation prospect.
At Walhalla North, high grade gold intersected in reverse circulation drilling over 200m of strike and open at depth included 2m at 58.3 grams per tonne gold and 4m at 20.5gpt gold, while high grade gold intercepts in infill RC drilling at the Iguana prospect included 1m at 50.3gpt gold and 3m at 78gpt gold.
A new zone of mineralisation intersected in RAB drilling over 700m of strike, including 13m at 2.0gpt gold from 8m at the Coronation prospect, only 4km northwest of the Davyhurst mill.
At the Walhalla North prospect, Monarch said significant high-grade gold mineralisation has been intersected in several holes over 200m of strike and is open.
Better results include 5m at 26.5gpt gold from 54m including 2m at 58.25gpt gold.
Monarch has a resource base of more than 2.4 million ounces and now has the largest Australian-controlled ground position in the Kalgoorlie region.
MON Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
