March 5, 2021
Monarca Minerals Inc. (TSXV:MMN, BUY, C$0.40 target, Taylor Combaluzier) announced that it continues to advance the permitting process for its upcoming ~5,000m drill program at its flagship San Jose Ag project in Chihuahua state, Mexico. The program is planned to consist of an initial 10 holes drilled to depths of up to 500m. The San Jose project is located on Ejido and Colonia (community or communal) lands, and in order to proceed with the drilling program the company is required to sign a surface rights agreement to allow for temporary occupation and surface use with the Ejido and Colonia authorities, which is expected to be signed by next week. The signed agreement and an environmental assessment report for the planned drilling area, which has already been completed, will then by submitted to the Mexican authorities for approval and receipt of drill permits. Additionally, Monarca has received three proposals from drilling contractors on the program and is expected to make a final decision on the contract in the near-term. As we outlined in our initiation report, we like Monarca Minerals because it offers substantial exploration upside at its San Jose project, and we believe the company could make a potential discovery at the project with its upcoming, maiden drill program. Read more
