Business
Monarca Minerals Inc. Provides Corporate Update and Announces Agreement to Terminate Consulting Agreement
Toronto, Ontario--(Newsfile Corp. - August 21, 2017) - Monarca Minerals Inc. (TSXV: MMN) (" Mo...
About this update from Monarca Minerals Inc.
[{"type":"text","content":"Monarca Minerals Inc. Provides Corporate Update and Announces Agreement to Terminate Consulting AgreementToronto, Ontario--(Newsfile Corp. - August 21, 2017) - Monarca Minerals Inc. (TSXV: MMN) (\"Monarca\" or the \"Company\") is pleased to provide an update on the Company's recent activities. The last 12 months have been productive for Monarca Minerals Inc. With the closing of our first equity financing in over 4 years and by satisfying $463,058 of outstanding through the issuance of shares, we have improved our Balance Sheet. We presently have $1.3 million in cash and cash burn rate of approximately $50,000 per month.We have upgraded our Board of Directors with the addition of Carlos Espinosa who was born and educated in Mexico. Carlos has been developing and implementing a plan to secure the surface rights at Tejamen, Monarca's flagship property. Over the last 12 months Carlos has met with senior Government officials at the Federal, State and Municipal level. Monarca has the full support of all levels of government.In July 2017, Carlos initiated contact and met with the leaders of the local community of Tejamen. In those meetings Carlos listened to the Community's concerns, introduced the new Monarca management team, reviewed the benefits to the Community and outlined Monarca's plans once the surface rights have been secured. Monarca is dedicated to being a responsible Community partner.Mike Smith, President, has initiated a plan to re-analyze geological information for the Tejamen Project. This work will be focused on defining a new drilling program to follow previously drilled, at relatively shallow depths, high grade feeder veins at both the Los Mantos and Cerro Prieta portions of the project. The work will involve re-logging all drilling samples, re-interpretation of the geology and selecting drilling targets. One of the indicated veins (logged as a brecciated dike) at Los Mantos was intercepted in core hole TJBD-6 from 166 - 172m and reported 1,400 ppm silver, with 0.95 ppm gold, 0.44 % lead, 0.71 % zinc and 0.08 % copper. Lead and zinc may be at sufficiently high levels to be recoverable, as higher grade feeder vein mineralization might be milled for enhanced silver recovery. The drilling is proposed to be extended to greater depths than in the past to test the base of the volcanic rocks where they are cut by the high-g...