Monarch Intersects High-Grade Gold on its Beaufor Property, Including 187.0 G/t Au Over 0.5 M (1.64 Feet) and 151.5 G/t Au Over 0.5 M (1.64 Feet)

Rhea-AI Summary

Monarch Mining Corporation (TSX: GBAR) announced significant high-grade gold results from its ongoing 42,500-metre exploration drill program at the Beaufor Mine in Québec. Key findings include 187.0 g/t Au over 0.5 m, 151.5 g/t Au over 0.5 m, and 147.5 g/t Au over 0.3 m. Phase 2 of the drilling is underway to explore near-surface resources, comprising 40 short holes totalling 4,000 m. The company aims to enhance near-mine resources for potential future production with minimal new capital. Results so far represent 34% of planned drilling, with ongoing exploration focused on high-grade mineralization.

Positive

• High-grade gold assay results: 187.0 g/t Au over 0.5 m, 151.5 g/t Au over 0.5 m, 147.5 g/t Au over 0.3 m.
• Ongoing 42,500-metre drilling program focused on both near-mine and underground exploration.
• Phase 2 surface drill program initiated to define additional resources, totaling 4,000 m.
• 34% of the planned drilling has been completed, demonstrating strong initial results.

Negative

• None.

• Corporation intersects multiple high-grade gold intersections from underground and surface exploration drilling.
• Best high-grade results include 187.0 g/t Au over 0.5 m, 151.5 g/t Au over 0.5 m and 147.5 g/t Au over 0.3 m.
• Monarch has initiated Phase 2 of the surface drilling program to follow up on the recent near-surface results.
• The 42,500-metre drilling program is ongoing, with four drills underground and one on surface.

MONTREAL, April 29, 2021 /PRNewswire/ - MONARCH MINING CORPORATION ("Monarch" or the "Corporation") (TSX: GBAR) (OTCMKTS: GBARF) is pleased to announce additional results from its 2020-2021 42,500-metre exploration diamond drilling program on its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-d'Or, Québec. The results include several high-grade assays, including 187.0 g/t Au over 0.5 m, 151.5 g/t Au over 0.5 m and 147.5 g/t Au over 0.3 m, as Monarch continues to test for potential resources in proximity to the historical mine.

The Beaufor Mine initially began commercial production in the early 1930's and over the years has produced over 1.1 million ounces of gold. The mine is currently on care and maintenance, which has given Monarch an opportunity to drill-test targets throughout the mine area. 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. Currently, 275 holes are planned or are already being drilled at 25-metre centres. If positive results are received, additional holes will be drilled to allow the zones in question to be converted into reserves and included in a future mine plan.

Assay results have been received for the first 121 holes (14,465 m), representing roughly 34% of the planned metres of drilling. High-grade results previously reported from the program included 783 g/t Au over 0.2 m and 293 g/t Au over 0.5 m (see press release dated October 1, 2020) and 35.87 g/t Au over 9.8 m (see press release dated January 19, 2021). Since the last reported results, the Corporation has drilled 83 additional holes (9,092 m), consisting of 79 exploration holes drilled from underground and 4 holes drilled from the surface. The best results are shown in Table 2 below and illustrated on the attached figures. Several of the holes have multiple intersections due to the stacked nature of the mineralization. The intersection widths reported are core lengths and high-grade intersections have not been capped, as the vein interpretation and statistics have not been finalized for the zones.

Figure 1: Beaufor property recent assay results (longitudinal view looking N)  
Figure 2: Beaufor property recent assay results (sectional view looking NW)

"We are thrilled with the results received to date. Our near-mine exploration drilling program continues to yield high-grade results as we intersect new mineralized zones and extensions of known zones outside the previously defined resource envelope. Monarch's goal is to significantly increase the near-mine resource so that a minimal amount of new development and capital will be required to put the mine back into production in the short term," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch.

Near-mine exploration drilling is ongoing, with four drill rigs underground and one on surface. The focus remains on high-grade composites that are open along strike and existing resource blocks that contain sufficient room for expansion.

In April, Monarch initiated a Phase 2 surface drill program to follow up on recent positive near-surface results, including 35.87 g/t Au over 9.8 m (see press release dated January 19, 2021). This Phase 2 program consists of approximately 40 short holes totalling 4,000 m with the aim of defining additional resources and subsequent reserves.

Sampling consists of sawing the drill core into equal halves along its main axis and shipping one of the halves to ALS Canada in Val-d'Or and AGAT Laboratories in Mississauga, Ontario, for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Samples exceeding 10.0 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 Pluton 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 dioritic 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 in December 2020 by Carl Pelletier, P. Geo., InnovExplo Inc., and John Langton, P. Geo., JPL GeoServices Inc. The mineral resource estimate is listed in the table below.

Table 1: 2020 mineral resource estimate for the Beaufor Mine

Category	Tonnes	Grade (g/t Au)	Gold (ounces)
Measured	121,000	5.62	21,900
Indicated	310,100	7.10	70,800
Total M+I	431,100	6.68	92,700
Inferred	134,600	6.96	30,100

Mineral Resource Estimate notes:

1. The independent and qualified person for the 2020 MRE, as defined by NI 43-101, is Carl Pelletier, P.Geo. (InnovExplo Inc.), and the effective date is December 18, 2020.
2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The mineral resource estimates follow CIM Definition Standards and Guidelines.
3. A capping of 68.5 g/t Au on assays was applied for zones 8, B, M, M1 and Q, and 34.25 g/t for all other zones. The DDH intercepts (min. 2.4 m) were capped at 16.5 g/t.
4. The estimate method was polygonal on cross-sections with a minimum width of 2.4 m using a density of 2.75 t/m³ for the 63 mineralized zones.
5. Measured resource polygons extend 8 m above and below development and up to 10 m laterally. Indicated resource polygons extend up to 20 m from DDH intercepts, along dip and along strike and a minimum of 2 polygons need to be in contact. Inferred resource polygons extend up to 40 m from DDH intercepts, along dip and along strike where a drill spacing ranges from 20 m to 40 m and/or in areas of isolated drill holes where mineralization is known.
6. The reasonable prospect for an eventual economical extraction is met by having a reasonable minimum width for the polygons, a cut-off grade of 3.20 g/t Au, application of constraining volumes on the blocks (potential underground scenario) below a 30 m crown pillar. The cut-off grades inputs are: a gold price of USD1,612/oz, a CAD:USD exchange rate of 1.34; a mining cost of $100/t for the long hole method and $145/t for the room and pillar method; a processing cost of $50/t; and G&A and environment of $13/t and includes the royalty of 1.0% and a refinery charge of $5/t. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate, mining cost, etc.).
7. Results are presented in situ. Ounce (troy) = metric tons x grade / 31.10348. The number of tonnes and ounces was rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations as per NI 43-101.
8. InnovExplo Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the mineral resource estimate.

About Monarch
Monarch Mining Corporation (TSX: GBAR) is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch's wholly owned and fully permitted Beacon 750 tpd mill. Monarch owns 28,725 hectares (287 km²) of mining assets in the prolific Abitibi mining camp that host 588,482 ounces of combined measured and indicated gold resources and 329,393 ounces of combined inferred resources.

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.

Table 2: Beaufor Mine significant assay results

Hole	From (m)	To (m)	Width* (m)	Au (g/t)
20-106-158	0.00	1.30	1.30	7.94
20-106-158	14.05	15.05	1.00	8.89
20-115-105	6.50	7.70	1.20	8.79
20-116-123	98.50	99.05	0.55	14.00
20-123-92	57.30	57.80	0.50	67.20
20-126-80	18.20	18.90	0.70	7.55
20-132-56	73.35	75.50	2.15	3.88
20-132-57	49.05	51.50	2.45	2.10
20-132-57	60.00	63.20	3.20	1.80
20-132-58	46.15	48.50	2.35	20.21
Incl.	46.15	46.45	0.30	147.50
20-133-61	45.00	45.50	0.50	22.80
20-133-63	41.80	42.30	0.50	11.60
20-133-63	93.50	97.50	4.00	7.04
Incl.	94.30	95.00	0.70	26.10
20-133-63	116.60	120.10	3.50	7.90
Incl.	116.60	117.20	0.60	29.00
20-133-64	107.00	108.40	1.40	5.69
20-133-66	68.80	71.25	2.45	3.98
Incl.	68.80	69.30	0.50	17.90
20-133-66	100.80	104.55	3.75	4.08
Incl.	100.80	101.65	0.85	16.00
20-133-67	63.50	66.05	2.55	2.61
20-133-67	79.50	85.50	6.00	2.66
20-133-68	84.30	87.25	2.95	3.48
20-133-68	94.30	97.40	3.10	3.20
Incl.	94.30	94.80	0.50	17.00
20-133-73	82.25	87.50	5.25	1.41
20-133-73	90.00	92.00	2.00	2.98
20-133-73	117.75	120.00	2.25	3.58
20-146-42	23.60	24.10	0.50	65.30
20-152-19	8.58	9.58	1.00	94.42
Incl.	9.08	9.58	0.50	187.00
20-152-19	36.80	37.80	1.00	32.92
Incl.	37.30	37.80	0.50	65.10
20-152-19	89.05	90.70	1.65	8.91
Incl.	89.05	89.55	0.50	26.50
20-97-68	3.85	5.20	1.35	57.40
Incl.	3.85	4.35	0.50	151.50
20-97-69	4.05	5.70	1.65	10.07
Incl.	4.05	4.55	0.50	26.70
20-97-70	7.70	8.20	0.50	97.90
BES-20-010	24.80	25.30	0.50	40.90
BES-20-010	59.40	60.80	1.40	5.81
BES-20-010	76.30	80.00	3.70	3.64
BEU-20-10-001	80.50	83.20	2.70	10.81
Incl.	82.50	83.20	0.70	23.90
BEU-20-15-001A	143.65	144.65	1.00	7.17
BEU-20-15-006	46.10	48.40	2.30	6.59
BEU-20-15-008	48.60	51.00	2.40	5.29
BEU-20-15-008	89.40	93.30	3.90	2.35
BEU-20-17-001B	100.90	101.90	1.00	58.14
Incl.	100.90	101.40	0.50	116.00
BEU-20-17-001B	136.30	141.05	4.75	7.11
Incl.	137.75	138.50	0.75	37.80
BEU-20-17-001B	148.35	152.15	3.80	2.67
BEU-20-17-002	12.55	13.15	0.60	66.90
BEU-20-17-002	94.25	96.05	1.80	21.89
Incl.	94.25	94.95	0.70	55.70
BEU-20-17-005	13.00	16.50	3.50	1.69
BEU-20-20-006	41.30	41.80	0.50	11.50
BEU-20-20-007	19.75	23.15	3.40	1.53
BEU-20-20-008	22.80	23.30	0.50	10.65
BEU-21-10-005	100.95	103.80	2.85	5.57
BEU-21-30-004	75.80	77.70	1.90	12.47
Incl.	75.80	76.30	0.50	47.20

*The width shown is the core length. True width is unknown at this time.

Table 3: Beaufor Mine drill hole location

Hole	Easting (Mine Grid)	Northing (Mine Grid)	Elevation (m)	Az (deg.)	Dip (deg.)	Length (m)
20-103-62	1849.08	3158.36	2358.75	183.0	-5.0	41.1
20-103-63	1849.05	3158.25	2360.66	179.0	47.0	31.0
20-106-158	1956.82	3306.93	2517.98	309.0	-41.0	85.2
20-106-159	1958.23	3306.36	2518.03	19.0	-76.0	51.3
20-114-167	2023.42	3258.38	2331.61	39.0	-5.0	192.9
20-114-168	2023.48	3258.08	2331.70	45.0	-2.0	162.0
20-114-168A	2023.48	3258.13	2331.77	44.0	0.0	224.2
20-115-105	2029.77	3245.89	2331.88	188.0	4.0	93.7
20-116-122	2047.59	3260.40	2327.98	22.0	-29.0	145.7
20-116-123	2047.23	3260.22	2327.74	15.0	-39.0	131.3
20-116-124	2048.04	3260.35	2327.57	31.0	-35.0	102.8
20-116-125	2047.41	3253.41	2256.06	29.0	-16.0	28.0
20-120-190	2081.72	3237.95	2260.30	24.0	-31.0	70.8
20-123-92	2144.41	3305.41	2319.39	97.0	69.0	63.0
20-126-79	2152.55	3247.65	2275.90	71.0	-18.0	184.0
20-126-80	2152.78	3247.44	2275.70	76.0	-22.0	178.6
20-132-56	2142.51	3083.75	2739.84	331.0	-85.0	82.2
20-132-57	2142.78	3085.13	2739.78	12.0	-44.0	65.5
20-132-58	2143.42	3085.69	2740.47	27.0	-14.0	77.0
20-133-61	2189.00	3164.00	2741.00	77.0	-4.0	90.2
20-133-62	2189.87	3163.79	2742.02	94.0	56.0	113.4
20-133-63	2190.06	3163.64	2741.64	100.0	42.0	124.0
20-133-64	2189.80	3163.57	2742.14	107.0	58.0	127.7
20-133-65	2190.13	3163.19	2741.44	117.0	37.0	108.0
20-133-66	2189.69	3162.93	2741.82	138.0	51.0	192.3
20-133-67	2188.69	3163.21	2742.25	171.0	60.0	157.7
20-133-68	2190.03	3163.49	2741.76	108.0	47.0	144.7
20-133-71	2184.47	3166.66	2739.16	70.0	-72.0	148.0
20-133-73	2185.91	3166.42	2739.26	78.0	-21.0	150.6
20-133-74	2185.23	3166.58	2739.20	90.0	-50.0	131.7
20-133-75	2185.00	3168.00	2742.00	94.0	-25.0	155.8
20-133-76	2185.00	3168.00	2742.00	96.0	-35.0	152.4
20-146-42	2330.57	3172.41	2598.69	314.0	60.0	75.0
20-152-19	2384.25	3135.53	2598.82	160.0	28.0	126.8
20-152-20	2384.96	3136.25	2566.02	135.0	38.0	9.9
20-152-20A	2384.90	3136.15	2599.04	135.0	38.0	159.1
20-97-68	1786.33	3158.47	2365.93	316.0	-62.0	167.1
20-97-69	1785.84	3158.66	2365.85	322.0	-49.0	175.5
20-97-70	1785.44	3159.39	2366.57	324.0	-14.0	30.9
20-97-71	1786.17	3158.82	2365.96	338.0	-48.0	149.4
20-97-72	1786.46	3158.63	2365.82	344.0	-62.0	145.8
20-97-73	1787.42	3159.10	2366.54	31.0	-20.0	25.8
BES-20-007	1849.74	3782.25	3047.78	45.0	-75.0	95.0
BES-20-010	2480.84	3420.56	3065.03	302.0	-60.0	108.0
BES-20-011	2480.84	3420.56	3065.03	44.0	-78.0	105.0
BES-20-022	1545.00	3105.00	3049.00	51.0	-75.0	432.0
BEU-20-10-001	2117.65	3201.87	2739.63	198.0	-9.0	168.5
BEU-20-15-001	2472.06	2993.14	2598.41	193.0	7.0	106.1
BEU-20-15-002	2472.55	2996.74	2598.85	10.0	19.0	94.6
BEU-20-15-003	2472.71	2996.86	2597.60	13.0	-17.0	58.5
BEU-20-15-004	2471.58	2996.80	2598.28	22.0	12.0	65.6
BEU-20-15-005	2422.89	3021.29	2596.57	3.0	-64.0	116.6
BEU-20-15-006	2362.64	3051.81	2596.23	160.0	-80.0	171.0
BEU-20-15-008	2361.00	3052.00	2599.00	256.0	-74.0	191.8
BEU-20-17-001A	1673.77	3402.22	2518.96	267.0	-36.0	152.7
BEU-20-17-001B	1669.54	3401.86	2518.93	267.0	-36.0	162.2
BEU-20-17-002	1673.17	3402.63	2518.85	278.0	-31.0	142.7
BEU-20-17-003	1679.97	3407.77	2519.59	36.0	-21.0	64.6
BEU-20-17-004	1748.28	3352.39	2518.50	229.0	-85.0	35.5
BEU-20-17-005	1741.83	3357.73	2518.58	307.0	-33.0	39.7
BEU-20-17-006	1750.22	3352.74	2518.57	90.0	-36.0	39.5
BEU-20-17-008	1811.97	3474.32	2519.25	268.0	14.0	196.5
BEU-20-20-001	1872.19	3318.87	2441.98	324.0	-30.0	26.0
BEU-20-20-002	1842.53	3362.22	2443.95	218.0	16.0	22.0
BEU-20-20-003	1866.10	3378.74	2444.45	266.0	79.0	22.5
BEU-20-20-004	1841.93	3362.02	2442.81	200.0	-6.0	26.0
BEU-20-20-005	1805.64	3383.19	2445.12	162.0	42.0	30.0
BEU-20-20-006	1804.63	3385.41	2444.74	29.0	-44.0	55.0
BEU-20-20-007	1804.70	3384.16	2444.85	201.0	60.0	35.0
BEU-20-20-008	1804.26	3383.11	2444.62	201.0	35.0	35.0
BEU-20-20-009	1777.96	3385.63	2442.92	213.0	-13.0	50.0
BEU-20-20-013	1918.16	3234.47	2443.58	30.0	-6.0	126.0
BEU-20-30-001	2031.49	3230.02	2251.52	305.0	-36.0	233.3
BEU-21-10-003	2117.14	3202.46	2739.74	212.0	-10.0	196.5
BEU-21-10-005	2116.98	3202.79	2739.54	223.0	-17.0	144.6
BEU-21-15-010	2027.92	3255.32	2595.31	4.0	-24.0	139.8
BEU-21-17-007	1812.85	3473.84	2520.05	230.0	31.0	130.8
BEU-21-20-010	1957.53	3311.32	2442.66	200.0	-22.0	38.0
BEU-21-20-012	2004.42	3310.28	2444.76	314.0	77.0	35.0
BEU-21-30-004	2051.01	3223.47	2248.44	25.0	-24.0	78.1
BEU-21-30-007	2118.32	3234.05	2240.10	66.0	-53.0	174.0
BEU-21-30-008	2120.06	3266.04	2235.36	40.0	-53.0	30.5
BEU-21-30-011	2156.50	3382.65	2221.59	156.0	42.0	46.6

 

Table 4: Monarch combined gold resources

	Tonnes (metric)	Grade (g/t Au)	Ounces
Croinor Gold1
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
Beaufor Mine2
Measured Resources	121,000	5.62	21,900
Indicated Resources	310,100	7.10	70,800
Total Measured and Indicated	431,100	6.68	92,700
Total Inferred	134,600	6.96	30,100
McKenzie Break3
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
Swanson4
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 COMBINED5 Measured and Indicated Resources Inferred Resources			588,482 329,393
1 Source: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). This resource estimate was prepared 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. 2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine, December 18, 2020, Val-d'Or, Québec, Canada, Carl Pelletier, P. Geo., InnovExplo Inc. and John Langton, P. Geo., JPL GeoServices Inc. 3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2021, Val-d'Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc. 4 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. 5 Numbers may not add up due to rounding.

 

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SOURCE Monarch Mining Corporation

FAQ

What are the latest drilling results from Monarch Mining Corporation (GBARF)?

Recent drilling results from Monarch Mining Corporation include high-grade gold assays of 187.0 g/t Au over 0.5 m, 151.5 g/t Au over 0.5 m, and 147.5 g/t Au over 0.3 m.

What is the purpose of Monarch's ongoing drilling program at the Beaufor Mine?

Monarch is conducting a 42,500-metre drilling program to enhance near-mine resources and identify new mineralized zones for potential future production.

How many holes have been drilled in Monarch's current exploration program?

As of the latest update, 121 holes have been drilled, accounting for approximately 34% of the planned exploration drilling.

What is the length and scale of Monarch's Phase 2 drilling program?

The Phase 2 drilling program consists of approximately 40 short holes totaling 4,000 meters aimed at defining additional resources.

When was the last update on Monarch Mining Corporation's drilling results?

The latest press release detailing the drilling results was issued on April 29, 2021.