Monarch reports 11.07 g/t Au over 7.4 M (24.3 ft) and within the range of 1.76 g/t Au over 101.85 M (334.2 ft) at Swanson.

garretschoenbergOctober 18, 2022

Monarch reports both high-grade and extensive gold analysis in the fifth set of results from the 2021-2022 Swanson Drilling Program.
Hole SW-22-025 crossed an impressive 11.07 g/t Au at 7.40 m within a much broader zone of 1.76 g/t Au at 101.85 m.
Other notable results included 27.8 g/t Au over 0.60 m, 14.75 g/t Au over 0.5 m, and 3.47 g/t Au over 7.3 m, all of which were found in hole SW-22. It lies within the wider intersection of 0.63 g/t Au over 151.7 m. -024.
The Swanson deposit is currently being tested to a vertical depth of 430 m and the depth remains open.
The Swanson drilling program was completed on August 29, 2022. Additional results are pending.

MONTREAL, OCTOBER 18, 2022 (GLOBE NEWSWIRE) — Monarch Mining Corporation (“monarch” or “Ltd.) (TSX: GBAR) (OTCQX: GBARF) announced additional results from the 2021-2022 drilling program at the wholly owned Swanson Gold Project, including higher grade assays and wider mineralized zones. I am pleased to report that I have received the Consisting of a contiguous group of 127 map-designated claims and one mining lease covering an area of 5,125.8 hectares, the Swanson property is located 65 kilometers northeast of Val d’Or, Quebec, and is fully owned by Monarch 750 Tonnes. Located about 50 kilometers north. – Davey Conmill.

The 2021-2022 program is the first drilling at the facility since Monarch Gold acquired it from the Agnico Eagle Mine in 2017. Previous results from the program included 27.79 g/t Au over 10.18 m and 0.92 g/t Au over 225.0. m, 18.18 g/t Au over 13.5 m and 7.83 g/t Au over 8.82 m on 30 March 2022, 19 July 2022, 30 August 2022 and 8 September 2022 reported in the press release of the day. The date encouraged Monarch to continue testing the extension of gold mineralization at depth along the strike.

Analytical results recently received concern three holes, including the farthest to the northeast (SW-22-024) and north (SW-22-025), drilled to test the downplunge extension to the northeast. (see illustration). 1, Fig. 2 and Fig. 3).

Holes SW-22-024 and SW-22-025 are located 100 m apart at the surface and intersect multiple gold-bearing zones within a very wide mineralization corridor tracked to a vertical depth of 430 m. did. The highest grade intervals returned by reported holes in the corridor included segments of 11.07 g/t Au over 7.40 m. A mineralized corridor has been defined by diamond drilling and extends down the plunge toward the northeast.

SW-22-025 hole sectional view

Figure 3_Swanson_Oct2022

Mineralization is hosted in altered horn clastic basalts intermediate to syenite intrusions and is extensively bordered by hanging and footwall ultramafic rocks. Mineralization remains open to the east and plummets to the northeast. The 2021-2022 program he completed on 29 August with a total of 11,277 meters over 31 holes. Assay results are still pending for some wells.

Monarch President and Chief Executive Officer Jean-Marc Lacoste said: “These drilling results push the limits of mineralization further from the currently defined range of mineral resources and proposed pit shells.”

Drill results are obtained by cutting the drill core into equal halves along its major axis and sending one half to ALS Canada in Val d’Or, Quebec for analysis. Samples are crushed, powdered and analyzed by atomic absorption spectroscopy. Samples above 3 g/t Au are re-analyzed using the gravimetric method and samples containing visible gold are analyzed using the metal screen method. Monarch uses a comprehensive QA/QC protocol including inserts of standards, blanks and duplicates.

About Swanson properties
Monarch holds a 100% interest in Swanson’s assets, which consists of one mining lease and 127 claims covering 51.26 km.²The Swanson Property’s NI 43-101 Mineral Resource Estimate was prepared for Monarch by InnovExplo in January 2021. This estimate is based on a database of 209 drill holes (146 surface holes and 63 subsurface holes) and approximately 10,000 analyses. Mineral resources were estimated using a minimum cutoff grade combining two potential extraction scenarios: constrained pit and subsurface. Based on a gold price of CA$2,160 and an exchange rate of 1.34 USD/CAD, a cutoff grade of 0.75 g/t Au for constrained pits and 2.40 g/t Au for underground was defined. Independent qualified persons for mineral resource estimates, as defined in NI 43-101, are Christine Beausoleil, P.Geo. and Alain Carrier, P.Geo. of InnovExplo. A technical report summarizing the mineral resource estimates is available on the Monarch website.

The Swanson deposit is interpreted as an intrusion-related disseminated gold deposit located along the main regional structure. Gold mineralization is typical of other structurally controlled gold deposits associated with felsic intrusions. The deposit measures approximately 350 m along a 150 m wide strike and is currently being tested to a depth of 430 m.

The table below shows the total resources of the Swanson Deposit. The results of the Swanson analysis and key intervals, drill hole locations and Monarch combine gold resources are provided in the table at the end of this press release.

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

Area (cutoff grade)	indicated resource			Estimated resource
Area (cutoff grade)	tons (door)	Grade (g/t)	Ounces (Au)	tons (door)	Grade (g/t)	Ounces (Au)
Inpit (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

The technical and scientific content of this press release has been reviewed and approved by Louis Martin, P.Geo., our Qualified Person under National Instrument 43-101.

About Monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company with four projects, including the Beaufor mine, which has produced over 1 million ounces of gold over the past 30 years. Other assets include Croynor Gold, Mackenzie Blake and Swanson properties near the 750 tpd Beacon Mill wholly owned by Monarch. Monarch He owns 29,504 hectares (295 km).²) of the mining assets of the prolific Abitibi Mining Camp, which hosts a measured and indicated gold resource of 666,882 ounces and a total estimated resource of 423,193 ounces.

Forward-Looking Statements
The forward-looking statements in this press release involve known and unknown risks, uncertainties and Monarch’s actual results, performance and achievements that may differ significantly from those expressed or implied therein. It contains other factors that may have different causes. Neither TSX nor its regulated service providers (as those terms are defined in TSX’s policy) assume responsibility for the adequacy or accuracy of this press release.

For more information:

Table 2: Swanson Assay Results and Significance Intervals

hole	from (m)	up to (m)	Width (m)*	Gold (g/t)
SW-22-024	276.60	428.30	151.70	0.63
tax included	276.60	278.00	1.40	2.10
When	283.00	285.00	2.00	7.02
When	301.00	303.30	2.30	3.80
When	327.50	328.50	1.00	3.36
When	335.00	336.00	1.00	3.72
When	388.00	395.30	7.30	3.47
When	394.70	395.30	0.60	27.80
When	427.80	428.30	0.50	14.75
SW-22-024	495.80	496.80	1.00	2.39
SW-22-025	300.15	402.00	101.85	1.76
tax included	300.15	301.90	1.75	7.40
When	312.00	314.40	2.40	2.87
When	323.40	324.15	0.75	3.75
When	327.00	328.00	1.00	3.08
When	347.60	348.90	1.30	7.51
When	357.50	360.00	2.50	4.61
When	367.60	375.00	7.40	11.07
When	389.45	390.00	0.55	9.96
When	399.55	401.05	1.50	4.79
SW-22-026	257	257.5	0.50	1.40
SW-22-026	394	395	1.00	3.30

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

Table 3: Swanson Drill Hole Locations

hole	UTM_E (minutes)	UTM_N (minutes)	Azimuth (°)	dip (°)	Length (m)
SW-22-024	310870	5381330	178	-60	552
SW-22-025	310778	5381380	178	-60	558
SW-22-026	310700	5381350	178	-60	525

Table 4: Monarch Gold Resource Combinations

Estimation of mineral resources	tons (metric)	School year (g/t Au)	ounce
Beaufour Mine¹
Measured resource	328,500	5.7	59,900
the indicated resource	956,400	5.2	159,300
Measured and Indicated Total	1,284,900	5.3	219,200
total estimate	818,900	4.7	122,500
Croynor Gold²
Measured resource	97,700	6.24	19,600
the indicated resource	805,900	6.50	168,300
Measured and Indicated Total	903,600	6.47	187,900
total estimate	200,100	6.19	39,800
Mackenzie Blake³
*in-pit*
Shown total	1,441,377	1.80	83,305
total estimate	2,243,562	1.44	104,038
*underground*
Shown total	387,720	5.03	62,677
total estimate	1,083,503	4.21	146,555
swanson^Four
*in-pit*
Shown total	1,864,000	1.76	105,400
total estimate	29,000	2.46	2,300
*underground*
Shown total	91,000	2.86	8,400
total estimate	87,000	2.87	8,000
total^Five Measured and directed resources Estimated resource			666,882 423,193

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 Mackenzie Blake Properties, October 14, 2021, Val d’Or, Quebec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Groupe of Geologica- Conseil Inc., Merouane Rachidi, P.Geo. and Claude Duplessis, P.Eng. of GoldMinds GeoServices Inc. ^Four 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 . ^Five Numbers may not add due to rounding.