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Monarch Continues to Intersect Broad Zones of Mineralization on Swanson, With 0.65 g/t Au Over 193.4 M (634.5 ft) Including 7.55 g/t Au Over 4.05 M (13.3 ft)

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Monarch Continues to Intersect Broad Zones of Mineralization on Swanson, With 0.65 g/t Au Over 193.4 M (634.5 ft) Including 7.55 g/t Au Over 4.05 M (13.3 ft)






  • 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


Hole From (m) To (m) Width (m)* Au (g/t)
SW-22-005_EXT 186.00 187.10 1.10 2.33
SW-22-005_EXT 309.00 310.30 1.30 9.85
SW-22-027       NSA
SW-22-028 120.00 129.00 9.00 0.80
Incl. 127.00 129.00 2.00 1.49
SW-22-028 249.00 250.50 1.50 1.45
SW-22-029 73.95 267.35 193.40 0.65
Incl. 73.95 75.50 1.55 4.38
And 123.30 124.35 1.05 4.63
And 139.85 141.35 1.50 2.46
And 147.70 148.70 1.00 2.80
And 158.85 162.90 4.05 7.55
And 173.30 178.20 4.90 2.17
And 182.20 186.90 4.70 3.11
And 211.55 212.55 1.00 3.59
And 265.30 267.35 2.05 2.80
SW-22-030 46.00 52.00 6.00 1.19
SW-22-031 300.65 301.20 0.55 4.26

*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


Hole UTM_E (m) UTM_N (m) Azimut (°) Dip (°) Length (m)
SW-22-005_EXT 310693 5381256 177 -60 249
SW-22-027 310660 5381310 178 -60 505
SW-22-028 310680 5381270 177 -60 381
SW-22-029 310794 5381210 178 -60 351
SW-22-030 310825 5380987 178 -60 102
SW-22-031 310900 5381295 178 -60 552


Table 3: 2021 MRE for Swanson


Area (cut-off grade) Indicated resource Inferred resource
In-pit (0.75 g/t Au) 1,864,000 1.76 105,400 29,000 2.46 2,300
Underground (2.40 g/t Au) 91,000 2.86 8,400 87,000 2.87 8,000
TOTAL 1,945,000 1.82 113,800 116,000 2.76 10,300


Table 4: Monarch Combined Mineral Resource Estimates


Mineral resource estimates Tonnes
(g/t Au)
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
Croinor Gold2      
Measured Resources 97,700 6.24 19,600
Indicated Resources 805,900 6.50 168,300
Total Measured and Indicated 903,600 6.47 187,900
Total Inferred 200,100 6.19 39,800
McKenzie Break3      
Total Indicated 1,441,377 1.80 83,305
Total Inferred 2,243,562 1.44 104,038
Total Indicated 387,720 5.03 62,677
Total Inferred 1,083,503 4.21 146,555
Total Indicated 1,864,000 1.76 105,400
Total Inferred 29,000 2.46 2,300
Total Indicated 91,000 2.86 8,400
Total Inferred 87,000 2.87 8,000
Measured and Indicated Resources
Inferred Resources
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 Report and Mineral Resource Estimate for the Croinor Gold Project, June 17, 2022, Val-d’Or, Québec, Canada, Olivier Vadnais-Leblanc, P.Geo., Carl Pelletier, P.Geo. and Eric Lecomte, P.Eng., InnovExplo Inc.
3 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.
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 due to rounding.


Posted May 24, 2023

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