• Step-out exploration drilling expands mineralized envelope to the south, northeast and east:
• Hole MK-20-276 intersects 70.80 g/t Au over 0.4 metres and 10.20 g/t Au over 1.2 metres, extending the resource envelope approximately 50 metres to the south.
• Hole MK-20-266 intersects 8.80 g/t Au over 1.0 metre within a wider section of 6.47 g/t Au over 3.0 metres, and a second zone of 2.25 g/t Au over 12.0 metres, including 13.8 g/t Au over 1.0 metre, thus extending the resource envelope 75 metres to the northeast.
• First drill hole of the 14,300-metre Phase 2 drilling program intersects visible gold and further extends the mineralized envelope 50 metres to the east.
• Phase 2 drilling started with one drill in April and will accelerate with the addition of a second drill in June.
• High-resolution magnetic survey conducted over newly staked claims.

MONTREAL, QC / ACCESSWIRE / June 22, 2021 / MONARCH MINING CORPORATION ('Monarch' or the 'Corporation') (TSX:GBAR)(OTCQX:GBARF) is pleased to announce the final results for its 2020 exploration diamond drilling program on its wholly-owned McKenzie Break project, located 25 kilometres north of Val-d'Or, Québec. The results include several significant intersections as Monarch continues to extend the high-grade portion of the recently estimated resource towards the northeast and south.

Diamond drilling was carried out in 50-100-metre step-out holes, with 14 holes drilled (6,697.4 metres). All assay results are now available for the remaining 8 holes of the second half of the program (4,097.4 metres). The most recent results for the resource expansion drilling program include hole MK-20-276, drilled at the southern limit of the mineralized envelope, which intersected 70.80 g/t Au over 0.4 metres and 10.2 g/t Au over 1.2 metres. The hole is approximately 113 metres from hole MK-20-255, which intersected 13.95 g/t Au over 14.35 m (see press release dated July 23, 2020), and has extended the mineralized envelope approximately 50 metres to the south.

Hole MK-20-266 intersected 8.80 g/t Au over 1.0 metre within a larger section of 6.47 g/t Au over 3.0 metres, at a vertical depth of 240 metres. Approximately 80 metres down the hole, a second, wider zone was intersected, assaying 2.25 g/t Au over 12.0 metres, including 13.8 g/t Au over 1.0 metre. This intersection is 75 metres northeast of the current resource envelope. Hole MK-20-267, located southeast of MK-20-266 and 104 metres east of the resource envelope, intersected 5.79 g/t au over 1.0 metre. The current drill results show good grade continuity towards the northeast and east. Other significant results are shown in Figures 1 to 4 and in Table 1, below.

Figure 1: McKenzie Break property - Plan view with recent assay results.
Figure 2: McKenzie Break property - Sectional view with recent assay results.
Figure 3: Expansion of mineralized envelope to the S.
Figure 4: Expansion of mineralized envelope to the NE.

Monarch started drilling the 14,300 metres of Phase 2 of its drilling program with one drill rig in April and plans to add a second drill rig in June. The program is designed to further expand and delineate the mineralization. The first hole, MK-21-268, located 50 metres east of the resource envelope, is now complete. Visual examination has identified visible gold in two areas in the hole, both associated with quartz-tourmaline veins with pyrite over 1.7 metres, hosted in an altered diorite. Assay results are pending.

“We are very pleased with the results of drilling program in that we have been able to expand the mineralized envelope beyond the limits of the previous mineral resource estimate,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “The most recent drill results to the northeast and south, beyond the boundaries of the resource estimate, demonstrate that the mineralized envelope is still open and lies at a relatively shallow depth. We are continuing to follow and expand this high-grade portion of the resource by diamond drilling, and will also be testing similar features elsewhere on the newly-expanded property.”

Monarch has conducted a high-resolution detailed airborne magnetic survey on a 25-metre line spacing over much of the northern and southern parts of the property, including the new claims staked in March 2021. Final maps are pending. The magnetic survey will help in defining the geology and identifying magnetic signatures typical of the current mineralized zones.

Table 1: Significant assay results

*The width shown is the core length. True width is estimated at 80-85% of core length.

Table 2: Drill hole location

About McKenzie Break
Gold mineralization occurs in an elongated diorite unit or lens within a shallow embayment of the Pascalis Batholith. Monarch continues to have drilling success beyond the limits of the recent resource update provided by Geologica and GoldMinds (see Table 3 and press release dated February 8, 2021). The mineralized envelope currently measures 800 metres by 650 metres and has been tested down to a vertical depth of 400 metres. The Corporation will continue drill testing the limits of the defined mineralized envelope as well as other priority targets on the property, including targets on the newly-staked claims to the south (see press release dated March 8, 2021), with its 14,300-metre Phase 2 drilling program. Drilling resumed in April and will accelerate with the addition of a second drill in June.

Table 3: Combined resources (in-pit and underground) by category for the McKenzie Break deposit at the selected cut-off grades (GoldMinds Geoservices Inc.)

Area (cut-off grade)	Indicated resource			Inferred resource
	Tonnes (t)	Grade (g/t)	Ounces (Au)	Tonnes (t)	Grade (g/t)	Ounces (Au)
Pit-constrained (0.50 g/t Au)	1,441,377	1.80	83,305	2,243,562	1.44	104,038
Underground (2.38 g/t Au)	387,720	5.03	62,677	1,083,503	4.21	146,555
TOTAL	1,829,097		145,982	3,327,065		250,593

Notes:

1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues. The quantity and grade of reported inferred resources are uncertain in nature and there has not been sufficient work to define these inferred resources as indicated or measured resources.
2. The database used for this mineral estimate includes drill results obtained from historical records and up to the recent 2018-2020 drill program.
3. Mineral resources are reported at a cut-off grade of 0.50 g/t Au for the pit-constrained and underground mineral resources are reported at a cut-off grade of 2.38 g/t Au within reasonably mineable volumes.
4. These cut-offs were calculated at a gold price of C$1,980 ounce.
5. The pit-constrained resources were based on the following parameters: mining cost $3.5/t, processing, transportation + G&A costs $27/t, Au recovery 95%, pit slopes 15 degrees for overburden and 50 degrees for rock.
6. The underground reasonably mineable volumes were based on the following parameters: mining cost $98/t, processing, transportation + G&A costs $27/t, Au recovery 95%, dilution of 15% at 0 g/t Au with a minimum stope dimension of 10m x 10m x 5m.
7. The geological interpretation of the deposits was based on lithologies and the typical mineralized interval mainly composed by diorite hosted shear zones.
8. The mineral resource presented here was estimated with a block size of 5m X 5m X 5m for the pit-constrained and for underground.
9. The blocks were interpolated from equal length composites calculated from the mineralized intervals. Prior to compositing, high-grade gold assays were capped to 60 g/t Au applied on 0.6-metre composites.
10. The mineral estimation was completed using the inverse distance squared methodology utilizing two passes. For each pass, search ellipsoids followed the geological interpretation trends were used.
11. Tonnage estimates are based on rock specific gravity of 2.77 tonnes per cubic metre for all the zones. Results are presented undiluted and in situ.
12. Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).
13. This mineral resource estimate is dated February 1, 2021, and the effective date for the drillhole database used to produce this updated mineral resource estimate is September 28, 2020.
14. No economic evaluation of the resources has been produced.

The resource estimate was prepared by Merouane Rachidi, P.Geo., Ph.D., and Claude Duplessis, P.Eng., of GoldMinds Geoservices Inc., both qualified persons under National Instrument 43-101.

Sampling consists of sawing the NQ-size core into equal halves along its main axis and shipping one of the halves to AGAT Laboratories in Mississauga, Ontario, for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Results exceeding 3.0 g/t Au are re-assayed using the gravity method, and samples containing visible gold grains are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards and blanks.

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

About Monarch
Monarch Mining Corporation (TSX:GBAR) is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch's wholly owned and fully permitted Beacon 750 tpd mill. Monarch owns 28,725 hectares (287 km²) of mining assets in the prolific Abitibi mining camp that host 588,482 ounces of combined measured and indicated gold resources and 329,393 ounces of combined inferred resources.

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:
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 
Senior Geologist - Communications Specialist 
1-888-994-4465
e.tremblay@monarchmining.com

www.monarchmining.com

Table 4 - Monarch combined gold resources

	Tonnes (metric)	Grade  (g/t Au)	Ounces
Croinor Gold1
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
Beaufor mine2
Measured Resources	121,000	5.62	21,900
Indicated Resources	310,100	7.10	70,800
Total Measured and Indicated	431,100	6.68	92,700
Total Inferred	134,600	6.96	30,100
McKenzie Break3
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
Swanson4
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 COMBINED5 Measured and Indicated Resources Inferred Resources			588,482 329,393

¹ Source: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). 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.

² Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine, December 18, 2020, Val-d'Or, Québec, Canada, Carl Pelletier, P. Geo., InnovExplo Inc. and John Langton, P. Geo., JPL GeoServices Inc.

³ Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2021, Val-d'Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc.

⁴ 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.

⁵ Numbers may not add due to rounding.

SOURCE: Monarch Gold Corp.

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