Monarch Continues Underground Drilling at the Beaufor Mine; Recent Results From the “Q Zone” Include 122.0 g/t Au Over 1.4 m, 20.74 g/t Over 3.3 m, 83.2 g/t Over 0.5 m and 18.87 g/t Over 1.2 m

Rhea-AI Summary

Monarch Mining Corporation has announced additional high-grade assay results from its 2021-2022 underground drilling program at the Beaufor Mine, located near Val-d’Or, Québec. Significant assays include 122.0 g/t Au over 1.4 m and 20.74 g/t Au over 3.3 m from the Q Zone. The mine has produced over 1.1 million ounces of gold since its commercial production began in the 1930s. The ongoing drilling program, encompassing 335 holes totaling 54,723 meters, aims to convert identified zones into reserves. Monarch is currently utilizing five drill rigs underground to expand its exploration efforts.

Positive

• High-grade assay results, including 122.0 g/t Au over 1.4 m and 20.74 g/t Au over 3.3 m.
• Positive results from the Q Zone encourage continued drilling and potential reserve conversion.
• Total of 335 holes drilled since June 2020, totaling 54,723 meters.
• Utilization of five drill rigs for ongoing underground drilling to expedite exploration.

Negative

• None.

• Monarch has received additional high-grade assays from its 2021-2022 underground drilling program in the Q Zone, which include 122.0 g/t Au over 1.4 m, 20.74 g/t Au over 3.3 m, 83.2 g/t Au over 0.5 m and 18.87 g/t Au over 1.2 m.
• These results are from the underground drilling program currently being carried out in the lower and upper parts of the mine, with a focus on the Q Zone.

MONTREAL, June 16, 2022 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to announce additional results from its 2021-2022 underground drilling program on its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-d’Or, Québec. The recently received results are from the Q Zone located in the lower level of the Beaufor mine, and include 122.0 g/t Au over 1.4 m, 20.74 g/t Au over 3.3 m, 83.2 g/t Au over 0.5 m and 18.87 g/t Au over 1.2 m. The Q Zone has been mined through much of Beaufor’s recent history and has proven to be both continuous along strike and at depth and of considerable width. Other holes drilled in the area throughout 2021 and 2022 also returned positive results. These holes have been incorporated into the new geological model, which includes all recent and historical data and is based on BBA’s geological interpretation as seen in their 2021 NI 43-101-compliant resource estimate. These positive results have encouraged Monarch to continue drilling the Q Zone at depth, while strategically extending holes to reach the deeper R and S zones, which have yet to be mined.

The Beaufor Mine initially began commercial production in the early 1930s and over the years has produced over 1.1 million ounces of gold. In June 2020, the Corporation initiated a 42,500-metre diamond drilling program to test two types of targets: the areas around historical high-grade intersections near the existing underground infrastructure, and isolated resource blocks, which are typically defined by a single drill intersection. Both of these “near-mine” targets can often be tested from the existing underground workings, generally by holes less than 200 metres long. However, the depth and position of newer targets has required Monarch to drill longer holes with underground electric drill rigs and, as a result, exploration drifts for diamond drilling are being developed to allow deeper drilling and optimal interception angles and reduce overall exploration costs. Since June 2020, 335 holes totalling 54,723 metres have been drilled during the exploration and definition drilling programs. Given the positive results, additional holes are now being drilled to allow the zones in question to be converted into reserves and included in a future mine plan. Monarch is continuing to drill, with five drill rigs underground.

Underground development and rehabilitation are ongoing in the W and 350 zones, which are easily accessible from the surface ramp located 100 metres from the main Beaufor shaft, and presently extends to a vertical depth of 180 metres.

“This underground drilling program continues to return very encouraging results,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “We are pleased to have confirmed the high-grade nature and significant width of the Q Zone to the west. Additional drilling will definitely focus on expanding this zone.”

Drill results are obtained by sawing the drill core into equal halves along its main axis and shipping one of the halves to ALS Canada in Val-d’Or, Quebec, or AGAT Laboratories in Mississauga, Ontario, for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Samples exceeding 10 g/t Au are re-assayed using the gravity method and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

The technical and scientific content of this press release has been reviewed and approved by Christian Tessier, P.Geo., the Corporation’s qualified person under National Instrument 43-101.

About Beaufor
The Beaufor Mine is located within the Bourlamaque Batholith at the eastern contact with the Dubuisson Formation. The Bourlamaque Batholith, a synvolcanic intrusion, is a major geological feature of the Val-d’Or mining camp. It is a quartziferous granodiorite cut by fine-grained diorite dykes. Gold mineralization occurs in veins associated with shear zones dipping moderately south. Mineralization is associated with quartz-tourmaline-pyrite veins resulting from the filling of shear and extension fractures. Gold-bearing veins show a close association with mafic dykes intruding the granodiorite. A National Instrument 43-101 resource estimate for the Beaufor Mine property was prepared for Monarch Mining and amended on October 13, 2021 by Charlotte Athurion, P. Geo., Pierre-Luc Richard, P. Geo., and Dario Evangelista, P. Eng., BBA Inc. The mineral resource estimate is listed in the table below.

Table 1: 2021 mineral resource estimate for the Beaufor Mine

Category	Tonnage (t)	Grade (g/t Au)	Ounces Au (oz)
Measured	328,500	5.7	59,900
Indicated	956,400	5.2	159,300
Total Measured and Indicated	1,284,900	5.3	219,200
Inferred	818,900	4.7	122,500

Mineral resource estimate notes:

1. The independent qualified person for the 2021 MRE, as defined by National Instrument (“NI”) 43-101 guidelines, is Charlotte Athurion, P.Geo., of BBA Inc. The effective date of this MRE is July 23, 2021.
2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
3. The mineral resource estimate follows CIM definitions (2014) for mineral resources.
4. Results are presented diluted and considered to have reasonable prospects for economic extraction. Isolated and discontinuous blocks above the stated cut-off grades are excluded from the mineral resource estimate. Must-take material, i.e. isolated blocks below cut-off grade located within a potentially mineable volume, was included in the mineral resource statement.
5. The resources include 166 mineralized zones with a minimum true thickness of 2.4 m using the grade of the adjacent material when assayed or a value of 0.00025 when not assayed. High-grade capping varies from 20 to 65 g/t Au (when required) and was applied to composited assay grades for interpolation using an Ordinary Kriging interpolation method (ID2 for 96_01, 96_02, 20 zones, 21_01, 140, 367 and 350 zones) based on 1.5 m composite and block size of 5 m x 5 m x 5 m, with bulk density values of 2.75 (g/cm³). A second capping was applied for the second and third passes in order to restrict high-grade impact at greater distance.
6. Inferred Mineral Resources were defined for blocks within the units that have been informed by a minimum of two drillholes within 50 m of a drillhole (100 m of drill spacing); Indicated Mineral Resources were defined for blocks within the units that have been informed by a minimum of three drillholes within 12.5 m of a drillhole (25 m of drill spacing); Measured Mineral Resources were defined for blocks within the units that have been informed by a minimum of three drillholes within 5 m of a drillholes (10 m of drill spacing) or 3 m around voids. Measured Mineral Resources were only defined for zones with a good reliability of the geological continuity or supported by underground workings.
7. The estimate is reported for potential underground scenario at cut-off grades of 2.8 g/t Au (>=45 degree dip) and 3.2 g/t Au (<45 degree dip). The cut-off grades were calculated using a gold price of US$1,550 per ounce, a USD:CAD exchange rate of 1.32 (resulting in C$1,914 per ounce gold price); mining cost C$125/t (>=45 degree dip); C$150/t (<45 degree dip); processing cost C$35/t; G&A C$16/t; metallurgical recovery of 97%; royalties of US$37.52 per ounce; and refining and transport cost of US$1.50 per ounce.
8. The number of metric tonnes and ounces were rounded to the nearest hundred and the metal contents are presented in troy ounces (tonne x grade/31.10348). Rounding may result in apparent summation differences between tonnes, grades and contained metals content.
9. BBA Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issues not reported in this Report that could materially affect the mineral resource estimate.

About Monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned 750 tpd Beacon Mill. Monarch owns 29,504 hectares (295 km²) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 ounces.

Forward-Looking Statements
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.

FOR MORE INFORMATION:

Jean-Marc Lacoste	1-888-994-4465
President and Chief Executive Officer	jm.lacoste@monarchmining.com
Mathieu Séguin	1-888-994-4465
Vice President, Corporate Development	m.seguin@monarchmining.com
Elisabeth Tremblay	1-888-994-4465
Senior Geologist – Communications Specialist	e.tremblay@monarchmining.com

www.monarchmining.com

Table 2: Beaufor Mine assay results and significant intervals (underground drill holes)

Hole	From (m)	To (m)	Width (m)*	Au (g/t)
BEU-21-30-023	39.7	41	1.3	10.70
BEU-21-30-023	66	67.4	1.4	122.00
BEU-21-30-023	77.2	78.3	1.1	7.31
BEU-21-30-033	110.5	112.6	2.1	4.80
BEU-21-30-038	221.5	224.2	2.7	1.37
BEU-21-30-038	222.9	223.4	0.5	7.11
BEU-21-30-038	234.1	234.6	0.5	1.26
BEU-21-30-039	58.2	58.7	0.5	5.06
BEU-21-30-039	151.9	152.4	0.5	83.20
BEU-21-30-040	227.5	228.1	0.6	3.53
BEU-21-30-041	224.5	225.64	1.1	5.23
BEU-21-30-053	72.9	74.1	1.2	3.70
BEU-21-30-053	77	77.5	0.5	4.47
BEU-21-30-064	99.5	102	2.5	1.86
BEU-21-30-065	86.4	89.2	2.8	0.25
BEU-21-30-070	27.6	30	2.4	1.27
BEU-21-30-070	56.4	58.5	2.1	1.49
BEU-21-30-086	10	12	2.0	1.76
BEU-21-30-087	147.7	150	2.3	0.08
BEU-21-30-088	34.4	36.55	2.2	9.69
BEU-21-30-088	38	42.3	4.3	6.67
BEU-21-30-088	101.8	105.05	3.3	20.74
BEU-21-30-088	133.55	134.25	0.7	3.20
BEU-21-30-088	135.6	136.1	0.5	3.32
BEU-21-30-088	144	145	1.0	9.96
BEU-21-30-090	123	125.7	2.7	5.30
BEU-21-30-091	30.9	32	1.1	6.37
BEU-21-30-091	104.9	105.7	0.8	17.60
BEU-21-30-091	127	129	2.0	2.98
BEU-22-30-045	217.3	217.8	0.5	11.90
BEU-22-30-119	70.5	71.3	0.8	2.88
BEU-22-30-126	5.8	6.3	0.5	0.01
BEU-22-30-128	18.5	19.7	1.2	18.87

*The width shown is the core length. The true width is taken into account in the mineral resource estimate.

Table 3: Beaufor Mine drill hole location

Hole	Mine_E (m)	Mine_N (m)	Elevation (m)	Azimuth (°)	Dip (°)	Length (m)
BEU-21-30-023	2050	3310	2163	3	-21	85.0
BEU-21-30-033	1942	3194	2344	319	-46	259.0
BEU-21-30-038	1942	3194	2344	329	-56	234.0
BEU-21-30-039	1942	3194	2344	336	-39	238.0
BEU-21-30-040	1942	3194	2344	339	-59	228.0
BEU-21-30-041	1942	3194	2344	340	-52	225.0
BEU-21-30-053	2275	3182	2148	312	-67	74.0
BEU-21-30-064	2050	3310	2163	9	-5	98.0
BEU-21-30-065	2050	3310	2163	15	-15	87.0
BEU-21-30-070	2115	3349	2172	341	-12	58.0
BEU-21-30-086	2171	3341	2148	331	-53	21.0
BEU-21-30-087	2231	3381	2220	147	41	131.0
BEU-21-30-088	2231	3381	2220	157	38	124.0
BEU-21-30-090	2231	3381	2220	167	58	100.0
BEU-21-30-091	2251	3372	2222	151	55	111.0
BEU-22-30-045	1942	3194	2344	348	-46	225.0
BEU-22-30-118	2048	3358	2179	335	-13	72.0
BEU-22-30-119	2048	3358	2179	347	-17	70.0
BEU-22-30-126	2214	3345	2159	37	-10	7.0
BEU-22-30-128	2214	3345	2159	1	23	32.0
BEU-22-30-129	2214	3345	2159	68	10	17.0

Table 4: Monarch combined gold resources

Mineral resource estimates	Tonnes (metric)	Grade (g/t Au)	Ounces
Beaufor Mine1
Measured Resources	328,500	5.7	59,900
Indicated Resources	956,400	5.2	159,300
Total Measured and Indicated	1,284,900	5.3	219,200
Total Inferred	818,900	4.7	122,500
McKenzie Break2
In-pit
Total Indicated	1,441,377	1.80	83,305
Total Inferred	2,243,562	1.44	104,038
Underground
Total Indicated	387,720	5.03	62,677
Total Inferred	1,083,503	4.21	146,555
Swanson3
In-pit
Total Indicated	1,864,000	1.76	105,400
Total Inferred	29,000	2.46	2,300
Underground
Total Indicated	91,000	2.86	8,400
Total Inferred	87,000	2.87	8,000
TOTAL COMBINED4 Measured and Indicated Resources Inferred Resources			478,982 383,393
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine Project, October 13, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Pierre-Luc Richard, P. Geo., and Dario Evangelista, P. Eng., BBA Inc. 2 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, October 14, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., of Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., of GoldMinds GeoServices Inc. 3 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc. 4 Numbers may not add due to rounding.

Historical mineral resource estimate	Tonnes (metric)	Grade (g/t Au)	Ounces
Croinor Gold1,2
Measured Resources	80,100	8.44	21,700
Indicated Resources	724,500	9.20	214,300
Total Measured and Indicated	804,600	9.12	236,000
Total Inferred	160,800	7.42	38,400
1 Source: Monarch Gold prefeasibility study (January 19, 2018). This resource was completed for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate. Furthermore, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and therefore, Monarch is not treating the historical estimate as current mineral resources or mineral reserves. 2 Numbers may not add due to rounding.

 

FAQ

What are the recent assay results for Monarch Mining's Beaufor Mine (GBARF)?

Monarch Mining reported high-grade assay results from the Q Zone, including 122.0 g/t Au over 1.4 m and 20.74 g/t Au over 3.3 m.

How many holes has Monarch Mining drilled at the Beaufor Mine as of June 2022?

As of June 2022, Monarch Mining has drilled a total of 335 holes, totaling 54,723 meters.

What is the focus of Monarch Mining's ongoing drilling program at the Beaufor Mine (GBARF)?

The ongoing drilling program focuses on expanding the Q Zone and converting identified zones into reserves.

When did commercial production start at the Beaufor Mine?

Commercial production at the Beaufor Mine commenced in the early 1930s.

How does Monarch Mining ensure the quality of its assay results?

Monarch Mining employs a comprehensive QA/QC protocol, including the insertion of standards, blanks, and duplicates during the assay process.