• Monarch reports both high-grade and widespread gold assays in a fourth set of results from its 2021-2022 Swanson drilling program.
• Hole SW-22-022 intersected an impressive 7.83 g/t Au over 8.82 m within a much wider zone of 0.99 g/t Au over 237.82 m.
• Other notable high-grade intersections include 10.25 g/t Au over 0.50 m (SW-22-018), 7.07 g/t Au over 1.95 m and 11.05 g/t Au over 1.0 m (SW-22-020).
• The Swanson deposit is currently tested to a vertical depth of 430 m.
• The Swanson drilling program was completed on August 29, 2022; results are still pending for eight drill holes.

MONARCH MINING CORPORATION (TSX: GBAR) (OTCQX: GBARF) is pleased to report that it has received additional results from the 2021-2022 drilling program on its wholly-owned Swanson gold project, including more high-grade assays and wider mineralized zones. Comprising a contiguous group of 127 map-designated claims and one mining lease covering an area of 5,125.8 ha, the Swanson property lies 65 kilometres northeast of Val-d’Or, Quebec, and just 50 kilometres north of Monarch’s wholly owned 750 tonne-per-day Beacon mill.

The 2021-2022 program is the first drilling done on the property since Monarch Gold acquired it from Agnico-Eagle Mines in 2017. Earlier results of the program, which included 27.79 g/t Au over 10.18 m, 0.92 g/t Au over 225.0 m and 18.18 g/t Au over 13.5 m, were reported in press releases dated March 30, 2022, July 19, 2022 and August 30, 2022. The positive results received to date have encouraged Monarch to continue testing the extensions of the gold mineralization along strike and at depth.

The most recently received assay results are for six holes, including two drilled to test the down-plunge extension to the northeast, two that tested the down-dip extension to the north and two that tested the western extension near surface (see Figure 1 and Figure 2).

The deepest, most easterly down-plunge hole, SW-22-022, intersected multiple gold-bearing zones within a very wide mineralized corridor that has been traced to a vertical depth of 430 m. The highest-grade interval within the corridor from the reported holes included segments of up to 7.83 g/t Au over 8.82 m. The mineralized corridor appears to widen at depth and includes an intersection grading an average of 0.99 g/t Au over 237.82 m.

The highest-grade intersection from the reported down-dip holes included segments of 7.07 g/t Au over 1.95 m and 11.05 g/t Au over 1.0 m (SW-22-020) at vertical depths of 280 m and 320 m below surface.

Drilling near surface to the west confirmed that the mineralization extends beyond the limit of the currently defined mineral resource, returning grades of up to 10.25 g/t Au over 0.50 m (SW-22-018).

The mineralization is hosted in altered and brecciated basalts interlayered with a syenite intrusion and is bordered on a larger scale by ultramafic rocks in the hangingwall and footwall. The mineralization remains open to the east and down plunge to the northeast. The 2021-2022 program was completed on August 29, at a total of 11,277 metres in 31 holes. Final assay results are still pending for 8 of the holes.

“We continue to demonstrate by diamond drilling that the mineralization is open in all directions, and in particular that the mineralized corridor is getting wider at depth,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “The drilling continues to push the limits of the mineralization beyond the currently defined mineral resource envelope, and we are confident that the drill results that are still pending will also be positive.”

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.

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 CA$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 measures approximately 350 m along strike by 150 m wide and has currently been tested to a depth of 360 m.

The table below shows the combined resources for the Swanson deposit. The Swanson assay results and significant intervals and drill hole locations, as well as Monarch’s combine gold resources, can be found in tables at the end of this press release.

Table 1: Combined resources by category for the Swanson deposit at the selected cut-off grades

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 Monarch

Monarch Mining Corporation 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 666,882 ounces and a combined inferred resource of 423,193 ounces.