The project, 60 miles north of Yellowknife, is estimated to

Not content to rest on past successes, Monarch Resources (TSE) continues to increase gold production.

The company recently began producing gold at La Camorra mine and also increased production at its Revemin operation, both of which are in Venezuela. As a result, production rose to 734,839 grams (23,626 oz.) for the first nine months of 1994, compared with 435,286 grams (13,995 oz.) for the same period in 1993.

Earnings for the period amounted to US$835,000 (or US2 cents a share) on revenues of US$10.7 million, compared with a loss of $2.8 million (or US15 cents a share) on US$4.9 million in the same period last year. Now the company is turning its attention to exploring other concessions within Venezuela, as well as in Argentina and Mexico.

In Venezuela, nine drills are turning in programs at the Canaima, Emilia, Bochinche, El Tigrito and Ramon Lando concessions.

At Canaima, a 5,000-metre program is testing for deep mineralization around a previously drilled intersection that assayed 3.09 grams gold per tonne over 28.3 metres. The first hole of the new program intersected visible gold contained within three quartz veins, between 291 and 361 metres below surface. One of the quartz veins was 13 metres wide. Drill results are expected in the new year.

The target known as La Patricia, within the Emilia concession, was tested in a 20-hole, 3,462-metre program. However, results from the southerly extension of the Patricia shear zone were disappointing and drilling has since focused on additional mineralization below the open pit, as well as other targets. In the region known as El Callao, Monarch exercised its option to buy the Tigrito and Prueba No. 2 concessions for US$250,000 and a 5% gross royalty. Drilling on two vein systems within El Tigrito has confirmed the continuation of mineralization along a 250-metre strike length and to a depth of at least 100 metres below surface. Assay results from drilling ranged between 6.2 and 15.28 grams over widths varying from 1.28 to 3.65 metres.

On La Prueba No. 2, two mineralized veins will be further tested with drilling, and possibly trenching. One vein, the Viola, has returned up to 20.9 grams over 1.5 metres while the Guaruco vein cut 1.3 grams over 0.5 metre.

At the Bochinche 8 and 12 concessions, a major fault was identified by means of airborne geophysics. Limited ground work indicates that the fault is associated with quartz veining and is coincident with anomalous gold values in soil samples.

Meanwhile, in Argentina’s San Juan province, the company has completed its 60-day due diligence review of the Gualilan gold properties. As part of a joint-venture agreement with a subsidiary of Crown Resources (TSE), Monarch will fly an airborne geophysical survey and conduct a geochemical survey to delineate drill targets.

And in Mexico’s Durango state, the company will carry out work on the 2,840-hectare Rodeo property. The concession hosts a high-level, silica-rich, epithermal vein system. Monarch will search for a bulk-tonnage, low-grade target with potentially high-grade feeder zones.