The study, part of the initial phase of a new agreement signed by the operator and Glencore Canada on May 14, will look at the upgrade of either part or all of the concentrator and associated infrastructure. Monarch would like to ship the ore by rail, after which it will be processed and made into dore bars.
The study plans have outlined Ausenco to perform its evaluation in two phases; the first will focus on the development of high-level costs and financials for two project options, whole ore leach and flotation leach. Phase II will involve the development of the preferred option to a pre-feasibility study level.
Monarch said Ausenco's study results should be ready by October.
Wasamac, according to Monarch data, has a measured and indicated resource of 2.6 million ounces of gold, including proven and probable reserves of 1.8Moz.
The 100%-owned mine is located in Beauchastel township, Quebec, within the Abitibi gold mining camp.