Monarch Intersects High-Grade Gold on Its Beaufor Property, Including 119 G/T AU over 0.5 M (1.64 Feet), 56.1 G/T AU over 0.8 M (2.62 Feet) and 45.6 G/T AU over 0.75 M (2.46 Feet)

  • Near-mine underground exploration drilling yields multiple high-grade gold intersections.
  • High-grade results include 119.0 g/t Au over 0.5 m, 56.1 g/t Au over 0.8 m and 45.6 g/t Au over 0.75 m.
  • The 42,500-metre drilling program is ongoing, with four drills underground and one on surface.
  • Monarch has initiated exploration drilling testing the area below the lower most level of the mine.
  • First-ever Beaufor mine block model mineral resource estimate under way.

MONTREAL, QC / ACCESSWIRE / July 7, 2021 / MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX:GBAR) (OTCQX: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 119.0 g/t Au over 0.5 m within a wider zone of 18.93 g/t Au over 3.5 m, 56.1 g/t Au over 0.8 m within a wider zone of 29.53 g/t Au over 1.78 m and 45.6 g/t Au over 0.75 m within a wider zone of 27.60 g/t Au over 1.65 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 1930s 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 a total of 162 holes (19,394 m), representing roughly 46% 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), 35.87 g/t Au over 9.8 m (see press release dated January 19, 2021) and 187 g/t Au over 0.5 m and 151.5 g/t Au over 0.5 m (see press release dated April 29, 2021).

Since the last reported results, the Corporation has drilled 42 additional underground exploration holes (4,928 m). The best results are shown in Table 2 below and illustrated in 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)

Near-mine exploration drilling is ongoing, with four drill rigs underground and one on surface. The focus remains high-grade composites that are open along strike and existing resource blocks that contain sufficient room for expansion. The Corporation is also pleased to report that the exploration drift at the lower-most level of the mine is progressing well and the first drill station has been established. An underground drill has been mobilized to the first station and will start drill-testing the continuity of the mineralization below the lower-most level of the mine this month.

The BBA Inc. mineral resource estimate (MRE) for the Beaufor mine is in progress. This new resource estimate will incorporate much of the current 2020-2021 drilling program and will represent the first block model resource estimate for the Beaufor mine.

‘The drill results continue to meet and even beat our expectations,’ said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. ‘All the pieces of the puzzle put in place since we purchased the Beaufor mine back in 2017, starting with our initial 3D modelling and targeting, followed by a significant near-mine exploration drilling program with consistent high-grade results and our upcoming block model mineral resource estimate, are starting to come together.’

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, Quebec, 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 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 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/m 3 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 km 2 ) 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.

FOR MORE INFORMATION:

Jean-Marc Lacoste, 1-888-994-4465
President and Chief Executive Officer, [email protected]

Mathieu Séguin, 1-888-994-4465
Vice President, Corporate Development, [email protected]

Elisabeth Tremblay, 1-888-994-4465
Senior Geologist – Communications Specialist, [email protected]

www.monarchmining.com

Table 2: Beaufor Mine significant assay results

Hole

From (m)

To (m)

Width* (m)

Au (g/t)

20-125-69

102.7

105

2.30

8.05

Incl.

103.7

104.35

0.65

24.60

20-133-72

33.9

34.4

0.50

22.30

BEU-20-15-007

53.75

54.5

0.75

23.80

BEU-20-30-002

60.6

61.1

0.50

19.70

BEU-20-30-003

53.55

55.2

1.65

27.60

Incl.

54.45

55.2

0.75

45.60

BEU-21-10-005

100.95

103.8

2.85

5.57

BEU-21-10-011

82.0

83.78

1.78

29.53

Incl.

82.0

82.8

0.80

56.10

BEU-21-10-012

108.6

109.1

0.50

15.10

BEU-21-10-014

17.7

19.2

1.50

29.70

BEU-21-10-014

36.7

37.2

0.50

55.80

BEU-21-10-015

26.1

26.6

0.50

38.20

BEU-21-10-015

36.05

36.55

0.50

25.00

BEU-21-12-001

25.8

26.3

0.50

17.90

BEU-21-12-003

147.5

150.65

3.15

5.52

Incl.

147.5

148.7

1.20

12.00

BEU-21-12-004

132.0

133.0

1.00

8.75

Incl.

132.0

132.5

0.50

13.60

BEU-21-12-004

142.0

145.5

3.50

18.93

Incl.

144.0

144.5

0.50

119.00

BEU-21-15-014

3.4

4.8

1.40

18.70

BEU-21-15-014

12.0

12.5

0.50

14.70

BEU-21-15-014

20.4

20.9

0.50

18.20

BEU-21-15-014

27.3

28.8

1.50

8.27

Incl.

28.3

28.8

0.50

15.80

BEU-21-15-014

38.8

39.4

0.60

31.80

BEU-21-20-011

6.85

7.35

0.50

13.10

BEU-21-30-005

54.6

56.4

1.80

24.15

BEU-21-30-006

65.35

65.85

0.50

13.60

BEU-21-30-013

83.6

84.6

1.00

9.46

BEU-21-30-029

91.75

92.75

1.00

11.40

*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)

20-116-125A

2048.279

3253.518

2256.27

29

-18

82.4

20-125-69

2117.114

3202.596

2739.927

220

-3

174.9

20-133-72

2184.8

3166.768

2739.214

72

-60

131.5

BEU-20-15-007

2362.249

3051.656

2596.228

211

-76

214.3

BEU-20-17-009

1811.965

3474.44

2519.488

261

8

210.2

BEU-20-17-010

1811.339

3474.667

2519.882

258

4

205

BEU-20-17-011

1921.716

3318.44

2517.905

74

-57

102.1

BEU-20-30-002

2032.256

3229.841

2251.44

325

-61

88.2

BEU-20-30-003

2036.404

3228.737

2251.055

50

-59

91

BEU-21-08-002

2049

3648

2798

128

15

100.7

BEU-21-10-005

2116.982

3202.788

2739.538

223

-17

144.6

BEU-21-10-009

2209.071

3474.529

2740.371

22

40

215

BEU-21-10-010

2209.062

3474.585

2740.249

20

38

202.5

BEU-21-10-011

2149

3504

2740

213

22

156.1

BEU-21-10-012

2149

3504

2740

219

37

151.5

BEU-21-10-013

2110.05

3618.359

2737.238

333

-36

54

BEU-21-10-014

2124.144

3654.079

2736.531

333

-46

55.5

BEU-21-10-015

2123.955

3654.503

2737.377

333

-17

57.7

BEU-21-12-001

2237

3194

2673

142

50

212.5

BEU-21-12-003

2025.347

3327.479

2672.85

182

31

183

BEU-21-12-004

2025.329

3327.774

2673.084

181

41

181.8

BEU-21-15-009

2362.013

3052.04

2596.274

268

-79

161

BEU-21-15-011

2028.128

3255.221

2595.719

13

-10

82.1

BEU-21-15-012

2028.247

3255.047

2595.004

19

-40

128.3

BEU-21-15-013

2028.653

3255.093

2595.763

19

-40

94.8

BEU-21-15-014

2104.718

3293.553

2594.458

13

-57

46.6

BEU-21-15-015

2128.971

3347.104

2593.948

325

-40

35.5

BEU-21-15-016

2129.951

3346.995

2593.891

20

62

31

BEU-21-15-017

2199.086

3598.054

2592.662

61

-8

66.3

BEU-21-15-019

2176.669

3635.192

2592.529

335

-11

61.1

BEU-21-15-020

2177.6

3635.182

2592.559

6

-10

43.2

BEU-21-15-021

2177.753

3635.086

2592.118

12

-28

159

BEU-21-20-011

1991.852

3323.38

2444.051

196

22

31.8

BEU-21-30-005

2050.383

3223.386

2248.147

8

-34

80.2

BEU-21-30-006

2050.561

3222.519

2248.241

26

-53

69.6

BEU-21-30-010

2159.058

3381.587

2223.175

237

31

46.5

BEU-21-30-012

2156.736

3382.424

2220.618

228

0

59

BEU-21-30-013

2106.127

3382.927

2200.114

296

-36

109.2

BEU-21-30-028

2315.912

3255.547

2200.884

210

-11

147.9

BEU-21-30-029

2315.988

3255.565

2201.201

208

-1

117.4

BEU-21-30-030

2316.278

3255.275

2200.736

197

-14

165.5

BEU-21-30-031

2316.722

3255.158

2200.98

184

-7

177.4

Table 4: Monarch combined gold resources

 

Tonnes
(metric)

Grade 
(g/t Au)

Ounces

 
Croinor Gold 1        
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 Mine 2        
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 Break 3        
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

 
Swanson 4        
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 COMBINED 5

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.

SOURCE: Monarch Gold Corp.

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