Shares of Monarques Gold (TSX-V:MQR)(OTCPK:MRQRF) are gaining ground in Thursday trading on strong drill results from the company's Beaufor Mine project in the Abitibi mining camp in Quebec. The company released compelling images with the news release showing cores with large amounts of visible gold from exploration in Zone Q and Zone 1700 at the property.
More succinctly, several cuts of significant grades were released as part of the 2,239-metre drill program, including 61.48 g/t gold over 3.9 metres, inclusive of a shorter intersect of a whopping 361.00 g/t gold over 0.7 metres. The results were also highlighted by intersects of 39.05 g/t gold over 1.8 metres, including 99.95 g/t gold over 0.7 metres; and 15.44 g/t gold over 3.0 metres, including 49.55 g/t gold over 0.5 meters.
Furthermore, a new area was discovered in Zone 1700, evidenced by returns of a grade of 12.33 g/t gold over 1.6 metres, including 36.25 g/t gold over 0.5 meters. Effectively, the drilling is expanding the known mineralization as Monarques hoped.
Shares of MQR have been making a strong move upward since making what technical traders call a "double bottom" in November and December, bouncing each time of a support at 25 cents. The second bounce was followed shortly after by news that the company acquired two properties from (TSX:AEM)(NYSE:AEM).
In Thursday action, Toronto-listed shares of Monarques have shot ahead 11.4% to $0.39, with an intraday high of 42 cents as of about 2:30 p.m. EST.
