| Announcement Date: | 2022-10-18 |
|---|---|
| Announcement Type: | Drilling Results |
| Announcement Code: | NI43-101 |
| Company name: | Monarch Mining Corp. |
| Project name: | Swanson |
| Location: | Canada |
| Commodities: | Gold |
| Highlight: | Drilling results incl. 101.85m at 1.76g/t Au from 300.15m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Montreal, Quebec, Canada, October 18, 2022 – MONARCH MINING CORPORATION (“Monarch” or the “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 AgnicoEagle 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, 18.18 g/t Au over 13.5 m and 7.83 g/t Au over 8.82 m were reported in press releases dated March 30, 2022, July 19, 2022, August 30, 2022 and September 8, 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 three holes, including those farthest to the northeast (SW-22- 024) and north (SW-22-025), which were drilled to test the down-plunge extension to the northeast (see Figure 1, Figure 2 and Figure 3). |
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