Monarch Energy Limited (TSX VENTURE: MNL) (the "Company" or
"Monarch") is pleased to announce that the Company has entered into
a Letter of Intent with Tectonics Inc., of Calgary, Alberta, for
the acquisition of an interest in mineral properties located on and
offshore Long Point, on the Port au Port Peninsula, Newfoundland
and Labrador.
Acquisition
Monarch will purchase a 60% working interest (subject to a 2%
NSR) in Mineral License 016508M, comprising 68 claims (approx. 1700
hectares, 4352 acres); Mineral License 018019M, comprising 121
claims (approx. 3025 hectares, 7744 acres); Mineral License
018035M, comprising 121 claims (approx. 3025 hectares, 7744 acres);
and Mineral License 018387M comprising 3 claims (approx. 75
hectares, 290 acres) (collectively, the "licensed area"). Monarch
will agree to enter into a joint venture with the holder of the
remaining 40% interest for the exploration, development and
exploitation of the licensed area. The consideration payable by
Monarch will be the issuance to Tectonics or its assigns of
39,450,000 shares, following a 1.75:1 consolidation, at a deemed
price of $0.05 per share.
Approvals
The acquisition and related matters will be subject to approval
by the TSX Venture Exchange. The acquisition will be a Related
Party transaction, as the principal of Tectonics is George S.
Langdon, who is the President and a director of Monarch.
Accordingly the acquisition will also be subject to approval by the
disinterested shareholders of Monarch.
Focus of Exploration
The focus of the mineral exploration on the licensed area is a
feature known as the "Odd Twins Magnetic Anomaly". This feature has
been identified on magnetic surveys, covers a license area of 19840
acres and includes two prospective sandstone units with a gross
thickness of up to 506 meters. The possibility of low cost energy
from the production of oil and gas in west Newfoundland raises the
potential of commercial extraction of iron, titanium and chromium
oxides. Preliminary estimates from limited outcrop indicate a
concentration of heavy metals (magnetite, ilmenite and chromite) at
approximately 5% of the total rock.
Geological Setting and Heavy Mineral Potential
The upper Ordovician Long Point Group lies stratigraphically and
structurally above both the upper Cambrian to middle Ordovician
carbonate platform rocks, and their deepwater equivalents, the Cow
Head Group/Green Point Formation petroliferous shales of the Humber
Arm Allochthon, on the northern Port au Port Peninsula. As such,
the Long Point Group includes clastic sediments derived from uplift
of crystalline massifs lying to the east of the ancient Port au
Port area at the end of the middle Ordovician Taconian Orogeny, and
therefore represents the initiation of a foreland basin at this
time. These massifs contained suites of heavy minerals which were
eroded, transported westward, and deposited and distributed along a
shoreline along the ancestral west coast of Newfoundland. Such
bodies of sands with concentrations of heavy minerals are commonly
found along shorelines in the modern environment ("black sands").
When they are found within lithified rock units they are known as
"paleoplacers" and often bear significant quantities of heavy
minerals, concentrated in the sandstone by the action of ancient
winds, currents and tides, generally along shorelines, and within
deltas and rivers. Such units have been identified in the upper
part of the Long Point Group, which outcrops on Long Point, north
of the village of Lourdes, and has been documented by Waldron et
al. (2002, Can. Jour. Earth Sciences, p.1675). Modelling of the
geophysical data and field observation suggest the gross thickness
of the unit ranges from 294 to 506 metres, with a net magnetic
sandstone thickness of 134 metres.
Petrography of the sandstones from Long Point shows the
occurrence of three principal detrital heavy minerals: magnetite,
ilmenite, and chromite, which are interpreted to have had their
provenance principally in rocks of the Bay of Islands Ophiolite
Complex. A preliminary estimate of the concentration of these three
minerals from the very limited outcrop is placed at around 5% of
the total rock. Other opaque minerals occur in the rock and have
not yet been investigated for their economic potential.
Structural Attitude of the Long Point Group
The Long Point Group lies within the foreland basin succession
above and west of the east- verging roof thrust of the "triangle
zone" which encloses the deformed sediments of the Humber Arm
Allochthon, including oil-bearing units of the Green Point
Formation. As such, the group is a relatively undeformed unit which
dips uniformly north-westward about 34 degrees, for about 4 km
offshore, where it is seen to flatten to horizontal on offshore
seismic profiles at a depth of about 1200 metres.
Magnetic Signature of the Paleoplacers
Two magnetic linear traces seen on magnetic surveys from the
offshore north of the Port au Port Peninsula come onshore near
Misty Point and continue into the paleoplacer units onshore. This
feature was originally termed the "Odd Twins Magnetic Anomaly" by
Ruffman and Woodside (Can. J. Earth Sci., 1970, p. 326). Tectonics
Inc. has completed a hand-held magnetometer survey in three
traverses across the strike of the beds and these data will be used
to site the locations of drilling. The magnetite in the sandstones,
therefore, may not only have economic value in its own right, but
acts as a tracer mineral for the other minerals in the paleoplacer
units.
Work Program
A 2010 work program conducted by Canadian Imperial Venture Corp.
(CIVC) included the drilling of three core holes with orientations
both normal and parallel to the dip of the sandstone units. The
former will help establish the attitude and thickness of the units,
while the latter will explore lateral changes in facies, and
therefore, clast and heavy mineral composition, in a direction
perpendicular to the ancient shoreline, which in general shows the
most rapid facies transitions. Currently, an evaluation is underway
which will consist of core examination, petrographic studies, field
sampling and possibly trenching for bulk sample separation
analysis, and other germane studies, directed toward an early
assessment of potential commerciality. The results of this
evaluation are expected to be released in February 2011.
The cost of the initial work program ($200,000) was paid 100% by
CIVC to earn a 40% interest in ML 016508M and ML 018387M. CIVC has
the option to earn a 40% stake in ML 018019M and 018035M by issuing
5 million shares per licence and spending $200,000 per licence.
Economic Climate for Strategic Metals
Recently there has been a worldwide thrust to accumulate
strategic metals, and indeed commodities in general, by emerging,
particularly Asian, economies. Iron, titanium and chromium in
particular have participated in dramatic price run-up in the last
several years.
Technical Report
Monarch has undertaken to pay the cost of obtaining an NI 43-101
compliant Technical Report.
Dr. Ulrich Kretschmar PhD., P.Geo (APGO #1160) is the qualified
person and has approved the wording of the technical descriptions
in this news release.
ON BEHALF OF THE BOARD
MONARCH ENERGY LIMITED
Michael Turko, Director
This release includes certain forward looking statements which
reflect beliefs, expectations, objectives and goals which are
believed to be reasonable at the time such statements are made.
Actual results could differ materially from anticipated results and
may be impacted upon by such factors as commodity prices, political
developments, legal decisions, market and economic conditions,
industry competition, the weather, changes in financial markets and
changing legislation.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Monarch Energy Limited Gerald Otterman 604 641 1379
info@monarchenergy.ca www.monarchenergy.ca
Monarch Energy Limited (TSXV:MNL)
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Monarch Energy Limited (TSXV:MNL)
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