Benzinga | Jul 29, 2021 08:26AM EDT

Gold Royalty Reports Monarch Mining Corp. Disclosed Updated Mineral Resource Estimate At The Beaufor Mine Gold Project In Quebec, Canada; Gold Royalty Disclosed Purchase Of 1% Royalty On Beaufor Property

Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE:GROY) is pleased to announce that Monarch Mining Corporation ("Monarch") (TSX:GBAR) (OTCQX:GBARF) has disclosed an updated Mineral Resource estimate at the Beaufor Mine gold project in Quebec, Canada. As announced on July 23, 2021, Gold Royalty has entered into an agreement to acquire a 1% NSR Royalty on the Beaufor property as well as a C$2.50 per tonne royalty on the Beacon Mill which will process the material mined from Beaufor.

Highlights from Monarch's July 28, 2021 Press Release:

* Beaufor Mine gold project now has an estimated Measured Mineral Resource of 328,500 tonnes grading at 5.7 g/t Au for a total of 59,900 ounces of gold and an estimated Indicated Mineral Resource of 956,400 tonnes grading at 5.2 g/t Au for a total of 159,300 ounces, which equates to a 136% increase as compared to the prior Mineral Resource estimate disclosed by Monarch.

* Inferred resource estimate of 818,900 tonnes grading 4.7 g/t Au for a total of 122,500 ounces, a 307% increase versus the prior Mineral Resource estimate disclosed by Monarch.

* Approximately 24,700 metres of the ongoing 42,500 metre diamond drilling program are not included in the updated Mineral Resource estimate.

David Garofalo, CEO, President, and Chairman of Gold Royalty stated: "We are encouraged by the progress Jean-Marc Lacoste and the strong technical team at Monarch are making at Beaufor. The significant increase in the Mineral Resource estimate supports our recently announced transaction and highlights the future potential of the asset. With four drills currently active on the property as part of Monarch's 42,500-metre drill program, we look forward to future positive updates at the Beaufor property as they strive to meet their disclosed goal of reopening the mine by June 2022."

For further information regarding the proposed acquisition, please see the Company's press release dated July 23, 2021.