Monarch Reports High-Grade Drill Results at Beaufor Confirming the Extension of the W and 140 Zones at Depth

- Monarch has received additional high-grade assays from its 2021-2022 underground drilling program that include 37.59 g/t Au over 2.5 m, 29.79 g/t Au over 2.45 m, 21.7 g/t Au over 2.87 m, 10.09 g/t Au over 3.6 m, 418.0 g/t Au over 0.63 m and 67.1 g/t Au over 1.1 m.

- These results are from the underground drilling program currently under way in the lower and upper parts of the mine and are primarily for the W and 140 zones in the upper part of the mine.

- The results also indicate the potential extension at depth of the W and 140 zones, which are part of Monarch’s near-term mining plan using the existing ramp access.

MONTREAL, July 25, 2022 - Monarch Mining Corporation (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) is pleased to report additional results from its 2021-2022 underground drilling program at its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-d’Or, Québec. The recently received results are from the W and 140 zones in the upper level of the Beaufor mine, and include 37.59 g/t Au over 2.5 m, 29.79 g/t Au over 2.45 m, 21.7 g/t Au over 2.87 m, 10.09 g/t Au over 3.6 m, 418.0 g/t Au over 0.63 m and 67.1 g/t Au over 1.1 m. Positive results were also received for other areas drilled in 2021 and 2022. These results have been incorporated in the new geological model, which takes into account all recent and historical data and is based on BBA’s geological interpretation as seen in their 2021 NI 43-101 compliant resource estimate. These new positive results have prompted Monarch to continue drilling the W and 140 zones. Zone 140 has only been sparsely mined in the past, and the W Zone has well-developed infrastructure that would allow near-term production.

Commercial production at the Beaufor Mine began in the early 1930s and the mine has produced over 1.1 million ounces of gold over the years. 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. However, the depth and position of newer targets has required Monarch to drill longer holes with underground electric drill rigs and, as a result, exploration drifts for diamond drilling are being developed to allow deeper drilling and optimal interception angles and reduce overall exploration costs. Since June 2020, 335 holes totalling 54,723 metres have been drilled during the exploration and definition drilling programs. Given the positive results, additional holes are now being drilled to allow the zones in question to be converted into reserves and included in a future mine plan. Monarch is continuing to drill, with five drill rigs underground.

Underground development and rehabilitation are ongoing in the W and 350 zones, which are easily accessible from the surface ramp located 100 metres from the main Beaufor shaft. The ramp presently descends to a vertical depth of 180 metres.

“We are happy with the results we are seeing so far with this program, which continues to generate strong drill results,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “In particular, these latest results confirm the high-grade nature and potential depth extension of the W and 140 zones, which are currently defined near surface and are part of our plan for near-term mining using the existing ramp. We will definitely focus our additional drilling on extending these zones at depth.”

Drill results are obtained by sawing the drill core into equal halves along its main axis and shipping one of the halves to ALS Canada in Val-d’Or, Quebec, or AGAT Laboratories in Mississauga, Ontario, for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Samples exceeding 10 g/t Au are re-assayed using the gravity method and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

The technical and scientific content of this press release has been reviewed and approved by Christian Tessier, P.Geo., the Corporation’s qualified person under National Instrument 43-101.


About Beaufor

The Beaufor Mine is located within the Bourlamaque Batholith at the eastern contact with the Dubuisson Formation. The Bourlamaque Batholith, a synvolcanic intrusion, is a major geological feature of the Val-d’Or mining camp. It is a quartziferous granodiorite cut by fine-grained diorite dykes. Gold mineralization occurs in veins associated with shear zones dipping moderately south. Mineralization is associated with quartz-tourmaline-pyrite veins resulting from the filling of shear and extension fractures. Gold-bearing veins show a close association with mafic dykes intruding the granodiorite. A National Instrument 43-101 resource estimate for the Beaufor Mine property was prepared for Monarch Mining and amended on October 13, 2021 by Charlotte Athurion, P. Geo., Pierre-Luc Richard, P. Geo., and Dario Evangelista, P. Eng., BBA Inc. The mineral resource estimate is listed in the table below.

Table 1: 2021 mineral resource estimate for the Beaufor Mine

Category	Tonnage (t)	Grade (g/t Au)	Ounces Au (oz)
Measured	328,500	5.7	59,900
Indicated	956,400	5.2	159,300
Total Measured and Indicated	1,284,900	5.3	219,200
Inferred	818,900	4.7	122,500

Mineral resource estimate notes:

1. The independent qualified person for the 2021 MRE, as defined by National Instrument (“NI”) 43-101 guidelines, is Charlotte Athurion, P.Geo., of BBA Inc. The effective date of this MRE is July 23, 2021.

2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability.

3. The mineral resource estimate follows CIM definitions (2014) for mineral resources.

4. Results are presented diluted and considered to have reasonable prospects for economic extraction. Isolated and discontinuous blocks above the stated cut-off grades are excluded from the mineral resource estimate. Must-take material, i.e. isolated blocks below cut-off grade located within a potentially mineable volume, was included in the mineral resource statement.

5. The resources include 166 mineralized zones with a minimum true thickness of 2.4 m using the grade of the adjacent material when assayed or a value of 0.00025 when not assayed. High-grade capping varies from 20 to 65 g/t Au (when required) and was applied to composited assay grades for interpolation using an Ordinary Kriging interpolation method (ID2 for 96_01, 96_02, 20 zones, 21_01, 140, 367 and 350 zones) based on 1.5 m composite and block size of 5 m x 5 m x 5 m, with bulk density values of 2.75 (g/cm3). A second capping was applied for the second and third passes in order to restrict high-grade impact at greater distance.

6. Inferred Mineral Resources were defined for blocks within the units that have been informed by a minimum of two drillholes within 50 m of a drillhole (100 m of drill spacing); Indicated Mineral Resources were defined for blocks within the units that have been informed by a minimum of three drillholes within 12.5 m of a drillhole (25 m of drill spacing); Measured Mineral Resources were defined for blocks within the units that have been informed by a minimum of three drillholes within 5 m of a drillholes (10 m of drill spacing) or 3 m around voids. Measured Mineral Resources were only defined for zones with a good reliability of the geological continuity or supported by underground workings.

7. The estimate is reported for potential underground scenario at cut-off grades of 2.8 g/t Au (>=45 degree dip) and 3.2 g/t Au (<45 degree dip). The cut-off grades were calculated using a gold price of US$1,550 per ounce, a USD:CAD exchange rate of 1.32 (resulting in C$1,914 per ounce gold price); mining cost C$125/t (>=45 degree dip); C$150/t (<45 degree dip); processing cost C$35/t; G&A C$16/t; metallurgical recovery of 97%; royalties of US$37.52 per ounce; and refining and transport cost of US$1.50 per ounce.

8. The number of metric tonnes and ounces were rounded to the nearest hundred and the metal contents are presented in troy ounces (tonne x grade/31.10348). Rounding may result in apparent summation differences between tonnes, grades and contained metals content.

9. BBA Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issues not reported in this Report that could materially affect the mineral resource estimate.


About Monarch

Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned 750 tpd Beacon Mill. Monarch owns 29,504 hectares (295 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 ounces.


Forward-Looking Statements

The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.



FOR MORE INFORMATION:

Monarch Mining Corporation
Jean-Marc Lacoste, President and Chief Executive Officer
1-888-994-4465
jm.lacoste@monarchmining.com

Mathieu Séguin, Vice President, Corporate Development
1-888-994-4465
m.seguin@monarchmining.com

Elisabeth Tremblay, Geologist – Communication Manager
1-888-994-4465
e.tremblay@monarchmining.com
www.monarchmining.com



Table 2: Beaufor Mine assay results and significant intervals (underground drill holes)

Hole	From (m)	To (m)	Width (m)*	Au (g/t)
20-146-41	13.05	14.55	1.5	0.82
20-146-41	23.65	26.65	3.0	5.69
20-146-41	48	48.7	0.7	1.27
BEU-21-10-008	56.5	57.3	0.8	18.70
BEU-21-10-008	64.3	65.2	0.9	1.35
BEU-21-10-008	67.4	67.9	0.5	11.90
BEU-21-10-016	78.7	79.4	0.7	0.47
BEU-21-10-018	23	26	3	1.15
BEU-21-10-018	93.9	96.2	2.3	3.38
BEU-21-10-019	92.5	94.45	1.95	0.00
BEU-21-10-019	127.8	128.3	0.5	7.96
BEU-21-10-020	75	76	1	0.00
BEU-21-10-020	80.4	81.45	1.05	0.39
BEU-21-10-022	15.3	18	2.7	3.19
BEU-21-10-022	77.7	81.4	3.7	2.34
BEU-21-10-030	106	107.5	1.5	0.20
BEU-21-10-036	19.5	22	2.5	4.81
BEU-21-10-036	83.5	87.5	4	1.10
BEU-21-10-037	44	46	2	9.24
BEU-21-10-037	59	60.6	1.6	23.26
BEU-21-10-037	65.2	68	2.8	4.35
BEU-21-10-037	152	153	1	0.38
BEU-21-10-037	160.5	161.1	0.6	5.05
BEU-21-10-039	9.3	10.18	0.88	1.66
BEU-21-10-039	35	39.8	4.8	1.78
BEU-21-10-039	59.5	62	2.5	37.59
BEU-21-10-039	78.9	79.6	0.7	86.00
BEU-21-10-040	7	9	2	7.65
BEU-21-10-040	25	27.25	2.25	45.93
BEU-21-10-040	58.5	59.5	1	24.80
BEU-21-10-040	70.4	73.65	3.25	4.73
BEU-21-10-040	92.5	95.3	2.8	0.00
BEU-21-12-010	24.1	24.7	0.6	15.50
BEU-21-12-012	52.35	53	0.65	2.07
BEU-21-13-001	84.5	88.15	3.65	1.14
BEU-21-13-001	112.3	113	0.7	3.82
BEU-21-13-003	41	41.5	0.5	14.90
BEU-21-13-003	94.5	95.2	0.7	0.68
BEU-21-13-003	113.7	115.5	1.8	1.81
BEU-21-13-006	77.4	79	1.6	2.48
BEU-21-13-006	90.2	92.5	2.3	0.95
BEU-21-15-022	1.5	2	0.5	114.50
BEU-21-15-022	368.5	369	0.5	0.12
BEU-21-15-023	0.8	1.3	0.5	24.60
BEU-21-15-023	167.7	169	1.3	1.95
BEU-21-15-023	353.7	355	1.3	0.00
BEU-21-15-024	58.5	60.4	1.9	0.39
BEU-21-15-024	77.1	77.73	0.63	418.00
BEU-21-15-024	86.5	87.2	0.7	3.25
BEU-21-15-024	98.7	99.3	0.6	7.26
BEU-21-15-024	335.5	338.1	2.6	0.03
BEU-21-15-028	318.3	319.4	1.1	2.37
BEU-21-W-023	44.7	46.8	2.1	1.20
BEU-21-W-024	39.97	41.12	1.15	0.02
BEU-21-W-025	27.4	27.9	0.5	0.80
BEU-21-W-026	44.25	45.8	1.55	0.83
BEU-21-W-028	57.3	59.35	2.05	0.49
BEU-21-W-032	66.75	68.05	1.3	0.03
BEU-21-W-033	40.9	43.35	2.45	29.79
BEU-21-W-033	72.45	73.2	0.75	1.10
BEU-21-W-034	92.9	93.4	0.5	0.00
BEU-21-W-036	81.2	83.1	1.9	12.10
BEU-21-W-036	88.1	88.6	0.5	1.65
BEU-22-10-027	12.3	13.5	1.2	4.86
BEU-22-10-027	19	21.5	2.5	3.83
BEU-22-10-027	29	31.5	2.5	6.01
BEU-22-10-027	64.4	68	3.6	19.09
BEU-22-10-027	84.5	86.7	2.2	0.39
BEU-22-10-027	94.3	97.17	2.87	21.70
BEU-22-W-001	81.5	84.1	2.6	5.87
BEU-22-W-006	130	132	2	0.10
BEU-22-W-007	138	141	3	0.01
BEU-22-W-008	92.8	95.2	2.4	1.89
BEU-22-W-031	75	77	2	6.37
BEU-22-W-037	73.6	74.3	0.7	0.38
BEU-22-W-039	37.35	38.9	1.55	3.99
BEU-22-W-040	43	48.4	5.4	0.91
BEU-22-W-041	32.6	33.2	0.6	0.00
BEU-22-W-042	98	102	4	0.29
BEU-22-W-042	141.4	142.5	1.1	67.10
BEU-22-W-043	41.1	41.9	0.8	3.23
BEU-22-W-043	122	124	2	2.43

*The width shown is the core length. The true width is taken into account in the mineral resource estimate.


Table 3: Beaufor Mine drill hole location

Hole	Mine_E (m)	Mine_N (m)	Elevation (m)	Azimuth (°)	Dip (°)	Length (m)
20-146-41	2335	3169	2598	298	53	57.7
BEU-21-10-007	2072	3503	2739	29	-44	27.0
BEU-21-10-008	2209	3473	2738	59	-36	65.0
BEU-21-10-016	2224	3740	2736	357	-27	76.9
BEU-21-10-018	2134	3193	2740	160	-7	94.0
BEU-21-10-019	2134	3193	2740	166	-9	92.0
BEU-21-10-020	2134	3193	2740	172	-6	84.0
BEU-21-10-022	2134	3193	2740	183	-7	77.0
BEU-21-10-030	2186	3165	2740	186	73	92.0
BEU-21-10-036	2186	3165	2740	90	41	120.0
BEU-21-10-037	2142	3084	2741	30	-43	153.0
BEU-21-10-039	2142	3084	2741	343	-55	88.0
BEU-21-10-040	2142	3084	2741	326	-47	93.0
BEU-21-12-010	2110	3640	2670	34	59	34.6
BEU-21-12-012	2427	3741	2668	347	8	46.2
BEU-21-13-001	2264	3742	2633	335	-53	95.0
BEU-21-13-003	2264	3742	2633	347	-38	93.0
BEU-21-13-006	2264	3742	2633	71	-32	76.0
BEU-21-15-022	1795	3329	2598	243	13	367.0
BEU-21-15-023	1795	3329	2598	236	14	334.0
BEU-21-15-024	1795	3329	2598	229	15	308.0
BEU-21-15-028	1795	3329	2598	167	33	304.0
BEU-21-W-023	1753	3266	2982	234	13	55.0
BEU-21-W-024	1753	3266	2982	210	36	43.0
BEU-21-W-025	1753	3266	2982	210	10	50.0
BEU-21-W-026	1753	3266	2982	180	28	46.0
BEU-21-W-027	1753	3266	2982	190	-2	55.0
BEU-21-W-028	1753	3266	2982	172	-4	60.0
BEU-21-W-030	1753	3266	2982	163	-15	78.0
BEU-21-W-032	1753	3266	2982	153	7	67.0
BEU-21-W-033	1753	3266	2982	153	-5	80.0
BEU-21-W-034	1753	3266	2982	146	-9	90.0
BEU-21-W-036	1753	3266	2982	137	7	89.0
BEU-22-10-025	2134	3193	2740	191	-16	109.0
BEU-22-10-027	2134	3193	2740	199	-1	71.0
BEU-22-W-001	1516	3331	2896	167	10	76.0
BEU-22-W-006	1516	3331	2896	154	-17	126.0
BEU-22-W-007	1516	3331	2896	154	-22	147.0
BEU-22-W-008	1516	3331	2896	170	-11	93.0
BEU-22-W-009	1516	3331	2896	170	-32	151.0
BEU-22-W-010	1516	3331	2896	162	-12	107.0
BEU-22-W-031	1753	3266	2982	138	15	78.0
BEU-22-W-037	1753	3266	2982	144	5	80.0
BEU-22-W-038	1753	3266	2982	142	-12	105.0
BEU-22-W-039	1717.5	3247	2951	208	-12	39.0
BEU-22-W-040	1717.5	3247	2951	158	-5	53.0
BEU-22-W-041	1717.5	3247	2951	200	42	37.0
BEU-22-W-042	1717.5	3247	2951	142	-23	100.0
BEU-22-W-043	1717.5	3247	2951	137	-20	115.0

Table 4: Monarch combined gold resources

Mineral resource estimates      Tonnes      Grade
                               (metric)   (g/t Au)    Ounces
Beaufor Mine1	 	 	 
Measured Resources	328,500	5.7	59,900
Indicated Resources	956,400	5.2	159,300
Total Measured and Indicated	1,284,900	5.3	219,200
Total Inferred	818,900	4.7	122,500
McKenzie Break2	 	 	 
In-pit	 	 	 
Total Indicated	1,441,377	1.80	83,305
Total Inferred	2,243,562	1.44	104,038
Underground	 	 	 
Total Indicated	387,720	5.03	62,677
Total Inferred	1,083,503	4.21	146,555
Swanson3	 	 	 
In-pit	 	 	 
Total Indicated	1,864,000	1.76	105,400
Total Inferred	29,000	2.46	2,300
Underground	 	 	 
Total Indicated	91,000	2.86	8,400
Total Inferred	87,000	2.87	8,000
TOTAL COMBINED4
Measured and Indicated Resources
Inferred Resources	 	 	478,982   383,393 

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 Evaluation Report on the McKenzie Break Property, October 14, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., of Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., of GoldMinds GeoServices Inc.
3 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.
4 Numbers may not add due to rounding.

Historical mineral resource estimate    Tonnes    Grade
                                      (metric)  (g/t Au)    Ounces
Croinor Gold1,2	 	 	 
Measured Resources	80,100	8.44	21,700
Indicated Resources	724,500	9.20	214,300
Total Measured and Indicated	804,600	9.12	236,000
Total Inferred	160,800	7.42	38,400

1 Source: Monarch Gold prefeasibility study (January 19, 2018). This resource was completed for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate. Furthermore, a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and therefore, Monarch is not treating the historical estimate as current mineral resources or mineral reserves.
2 Numbers may not add due to rounding.