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Monarch Intersects High-Grade on Beaufor Property, Including 119 g/t Au Over 0.5 m

Jul 7, 2021

MONARCH MINING CORPORATION has announced additional results from its 2020‒2021 42,500-metre exploration diamond drilling program on its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-d’Or. The results include several high-grade assays, including 119.0 g/t Au over 0.5 m within a wider zone of 18.93 g/t Au over 3.5 m, 56.1 g/t Au over 0.8 m within a wider zone of 29.53 g/t Au over 1.78 m and 45.6 g/t Au over 0.75 m within a wider zone of 27.60 g/t Au over 1.65 m, as Monarch continues to test for potential resources in proximity to the historical mine.

The Beaufor Mine initially began commercial production in the early 1930s and over the years has produced over 1.1 million ounces of gold. The mine is currently on care and maintenance, which has given Monarch an opportunity to drill-test targets throughout the mine area. In June 2020, the Corporation initiated a 42,500-metre diamond drilling program to test two types of targets: the areas around historical high-grade intersections near the existing underground infrastructure, and isolated resource blocks, which are typically defined by a single drill intersection. Both of these “near-mine” targets can often be tested from the existing underground workings, generally by holes less than 200 metres long. Currently, 275 holes are planned or are already being drilled at 25‑metre centres. If positive results are received, additional holes will be drilled to allow the zones in question to be converted into reserves and included in a future mine plan.

Assay results have been received for a total of 162 holes (19,394 m), representing roughly 46% of the planned metres of drilling. High-grade results previously reported from the program included 783 g/t Au over 0.2 m and 293 g/t Au over 0.5 m (see press release dated October 1, 2020), 35.87 g/t Au over 9.8 m (see press release dated January 19, 2021) and 187 g/t Au over 0.5 m and 151.5 g/t Au over 0.5 m (see press release dated April 29, 2021).

Since the last reported results, the Corporation has drilled 42 additional underground exploration holes (4,928 m). The best results are shown in Table 2 below and illustrated in the attached figures. Several of the holes have multiple intersections due to the stacked nature of the mineralization. The intersection widths reported are core lengths and high-grade intersections have not been capped, as the vein interpretation and statistics have not been finalized for the zones.

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