Announcement Date: 2022-07-19
Announcement Type: Drilling Results
Announcement Code: NI43-101
Company name: Monarch Mining Corp.
Project name: Swanson
Location: Canada
Commodities: Gold
Highlight: Drilling results incl. 225.25m @ 0.92g/t Au from 236.35m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Montreal, Quebec, Canada, July 19, 2022 – MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to announce the second set of results from its 2021- 2022 drilling program on its wholly-owned Swanson gold project, located 55 kilometres 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 ha. The project is also located 50 kilometres 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 along strike and at depth. Monarch reported the results for the first seven holes of the program, which included 27.79 g/t Au over 10.18 m in hole SW-22-006, in a press release dated March 30, 2022. 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 Au over 10.18 m. 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 Au over 9.70 m (SW-22-008) and 9.92 g/t Au over 1.18 m within a much wider interval of 0.97 g/t Au over 174 m (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 Au over 225.25 m (SW-22-010) and 1.03 g/t Au over 158.85 m (SW-22-014).
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