Monarch Mining drills 0.97 g/t gold over 174 metres at Swanson, Quebec

VANCOUVER – Monarch Mining Corp. [GBAR-TSX; GBARF-OTCQX] reported the second set of results from its 2021-2022 drilling program on its 100%-owned Swanson gold project, located 55 km northeast of Val d’Or, Quebec. The Swanson property comprises a contiguous group of 127 map-designated claims and one mining lease covering an area of 5,125.8 hectares. The project is also located 50 km north of Monarch’s wholly owned 750-tonne-per-day Beacon mill.

This is the first drilling done on the property since Monarch Gold acquired it from Agnico-Eagle Mines in 2017. These positive drill results have encouraged Monarch to continue testing the extensions of the gold mineralization aalong strike and at depth. Monarch reported the results for the first seven holes of the program, which included 27.79 g/t gold over 10.18 metres in hole SW-22-006.

The second batch of assay results reported today were from nine holes drilled to test three areas. Expansion drilling at depth – Four holes were drilled down-dip and down-plunge of hole SW-22-006, which had assayed 27.79 g/t gold over 10.18 metres. The first two holes drilled (SW-21-008 and SW-22-009) intersected a similar style of mineralization, which includes quartz veins with visible gold. High-grade intersections included 6.23 g/t gold over 9.70 metres (SW-22-008) and 9.92 g/t gold over 1.18 metres within a much wider interval of 0.97 g/t gold over 174 metres (SW-22-009). The subsequent deeper holes drilled to the northeast, approximately 35 m apart, continued to intersect widespread gold mineralization with locally higher-grade intersections that included 0.92 g/t gold over 225.25 metres (SW-22-010) and 1.03 g/t gold over 158.85 metres (SW-22-014).

Expansion drilling to the southeast – Holes SW-22-011 and SW-22-012 were drilled in the southeast corner of the proposed pit shell, beyond the currently interpreted wireframes. The best assays in this area included 1.03 g/t gold over two metres (SW-22-011) and 0.58 g/t Agold over 1.5 metres (SW-22-012).

Infill drilling – Holes SW-22-013 and SW-22-015 were drilled within the limits of the currently defined pit shell to enhance understanding of the mineralization. A 93-metre hole drilled in the central part of the pit shell intersected 1.93 g/t gold over 61.7 metres, including a higher-grade section of 4.43 g/t gold over 19.7 metres (SW-22-013). A second hole (SW-22-015) that intersected the mineralization in the central part of the pit and extended beyond the proposed pit wall into the footwall intersected 0.39 g/t gold over 158.85 metres, including smaller higher-grade sections, such as 2.32 g/t gold over 2.80 metres.

“This drilling program on Swanson continues to return very wide mineralized zones, indicating that there is a lot of gold in the system and confirming our initial observations that the deposit, which remains open down-dip and down-plunge, could be significantly expanded,” said Jean-Marc Lacoste, president and CEO. “We are pleased with this second batch of assay results, which includes both significant widths and high-grade subintervals. We are confident that the ongoing drill program, which we have now increased to 13,000 metres, will continue to generate positive results.”

The Swanson property comprises 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 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 gold for constrained pit and 2.40 g/t gold for underground were defined based on a gold price of US$2,160/oz and an exchange rate of 1.34 US dollars/Canadian dollars.

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