Monarch drills bonanza 418 g/t at Beaufor gold mine

Monarch Mining (TSX: GBAR; OTC: GBARF) has received additional results from its 2021-22 underground drilling program at the company's wholly owned Beaufor gold mine project, located 20 km east of Val-d’Or, Que.

The new results are from the W and 140 zones in the upper level of the Beaufor mine, highlighted by results of: 37.59 g/t gold over 2.5 metres, 29.79 g/t gold over 2.45 metres, 21.7 g/t gold over 2.87 metres, 10.09 g/t gold over 3.6 metres, 418.0 g/t gold over 0.63 metre and 67.1 g/t gold over 1.1 metres. Positive results were also received for other areas.

These drill assays have been incorporated in the new geological model, which takes into account all recent and historical data and is based on geological interpretation by BBA, the resource engineering firm that completed the project's NI 43-101 compliant resource estimate in 2021.

The 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 underground mine first began in the early 1930s, and the mine has produced over 1.1 million ounces of gold over the years. Monarch acquired the Beaufor mine in 2017 and briefly resumed mining operations for about 18 months.

In June 2020, in an effort to restart mining once again, Monarch 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 be tested from the existing underground workings, generally by holes less than 200 metres long. However to intersect the newer targets, Monarch has had to begin development of underground exploration drifts.

Since then, 335 holes totalling 54,723 metres have been drilled during the exploration and definition drilling programs.

“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 CEO 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."

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.

Additional details of drilling are available at www.MonarchMining.com.