• Monarch reports gold assays from the remaining six drill holes totalling 2,140 metres of its 2021-2022 Swanson drilling program.
• Hole SW-22-029 intersected a wide mineralized zone of 193.4 m at 0.65 g/t Au, with several higher grade sections, including 7.55 g/t Au over 4.05 m, extending the current pit shell at depth.
• Hole SW-22-030 has extended the footwall zone near surface with an intersection of 6.0 m at 1.19 g/t Au.
• Hole SW-22-031, located 75 m to the northeast of the current wireframes intersected 4.26 g/t Au over 0.55 m and is open to the east.
• Multiple zones were intersected in hole SW-22-028 (0.80 g/t Au over 9.0 m and 1.45 g/t Au over 1.50 m) and SW-22-005ext (2.33 g/t Au over 1.10 m and 9.85 g/t Au over 1.30 m), extending the current wireframes at depth.
• Results from the drilling program confirm that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 mineral resource estimate.

MONARCH MINING CORPORATION (TSX: GBAR) (OTCQB: GBARF) is pleased to report the results of the last six holes from the 2021-22 drilling program, which totalled 11,194 metres in 31 holes, on its wholly-owned Swanson gold project, located 50 kilometres north of the Corporation’s wholly owned Beacon mill (see Figure 1, Table 1 and 2).

The drilling program was aimed at expanding the 2021 mineral resource estimate (“2021 MRE”). The mineralized envelope currently measures 300 metres by 150 metres and has been tested down to a vertical depth of 430 metres and remains open to the east and at depth.

The most significant intersection was in hole SW-22-029, with 0.65 g/t Au over an impressive 193.4 m, including several higher grade sections of 4.80 g/t Au over 1.55 m, 7.55 g/t Au over 4.05 m, 2.17 g/t Au over 4.90 m, 3.11 g/t Au over 4.7 m and 2.80 g/t Au over 2.05 m. This wide corridor of mineralization was intersected within and below the proposed pit shell and extends to a vertical depth of 230 m below surface (see Figure 2).

Drill hole SW-22-030 identified a near-surface exposure of the footwall zone with an intersection of 1.19 g/t Au over 6.0 m. This intersection is located outside and to the southeast of the proposed pit shell.

Hole SW-22-031, located 75 m to the northeast of the deposit and current wireframes, intersected 4.26 g/t Au over 0.55 m, confirming that the mineralization is still open to the east.

Additional anomalous intersections below the pit shell were also encountered in hole SW-22-005ext, which returned assays of 2.23 g/t Au over 1.1 m and 9.85 g/t Au over 1.3 m (see Figure 3).

Since the publication of the 2021 MRE by InnovExplo (see Table 3), Monarch has drilled a total of 11,194 m in 31 drill holes. The holes are relatively shallow and were primarily drilled at the outer edge of the proposed pit shell limits and at depth in the area of the underground mineral resource blocks. The results from this drilling program has confirmed that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 MRE.

“The results from the remaining holes of the 2021-22 drill program continue to demonstrate the surprisingly widespread nature of the gold mineralization, extending below the proposed pit shell,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “Other anomalous intersections from these latest results continue to show that the mineralized system is open and more work is required on this project.”

Drilling and Quality Control

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, for assaying. The samples are crushed, pulverized and assayed by fire assay, with an atomic absorption finish. Samples exceeding 3 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 Louis Martin, P.Geo., the Corporation’s qualified person under National Instrument 43-101.

About the Swanson property

Monarch holds a 100% interest in the Swanson property, which consists of one mining lease and 127 claims covering over 51.26 km². A NI 43-101 mineral resource estimate for the Swanson property was prepared for Monarch by InnovExplo in January 2021. The estimate is based on a database of 209 drill holes (146 surface holes and 63 underground holes) and approximately 10,000 assays. The mineral resource was estimated using a minimum cut-off grade for two combined potential extraction scenarios: constrained pit and underground. Cut-off grades of 0.75 g/t Au for constrained pit and 2.40 g/t Au for underground were defined based on a gold price of C$2,160 and an exchange rate of 1.34 USD/CAD. The independent and qualified persons for the mineral resource estimate, as defined by NI 43-101, are Christine Beausoleil, P.Geo., and Alain Carrier, P.Geo., of InnovExplo. The technical report summarizing the results of the mineral resource estimate can be viewed on Monarch’s website.

The Swanson deposit is interpreted as an intrusive-associated disseminated gold deposit located along a major regional structure. The gold mineralization is typical of other structurally controlled gold deposits associated with felsic intrusions. The deposit currently measures approximately 300 m along strike by 150 m wide and has been tested to a depth of 430 m.

About Monarch

Monarch Mining Corporation) is a gold mining company that owns four projects, including the Beaufor Mine, which is currently on care and maintenance and 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 Beacon Mill with a design capacity of 750 tpd. 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 666,882 ounces and a combined inferred resource of 423,193 ounces.

Figure 1: Swanson – Significant Intervals on Plan View

Figure 2: Swanson – Cross Section Showing Hole SW-22-029

Figure 3: Swanson – Cross Section Showing Hole SW-22-005ext

Table 1: Swanson Assay Results and Significant Intervals

*The width shown is the core length. True width is estimated to be between 60% and 70% of core length.

NSA = No Significant Assays

Table 2: Swanson Drill Hole Location

Table 3: 2021 MRE for Swanson

Table 4: Monarch Combined Mineral Resource Estimates