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Monarch Gold Intersects 35.87 g/t Au Over 9.8 Metres (32 Feet) From Exploration Holes At the Beaufor Mine


News provided by

Monarch Gold Corporation

Jan 19, 2021, 07:01 ET

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  • First 21 surface exploration holes have been drilled, totalling 4,787 metres of a 42,500-metre drilling program.
  • Ten drill holes intersected significant gold mineralization. Assay results are still pending for 4 of the 21 holes.
  • High-grade assay results received to date include 35.87 g/t Au over 9.8 metres and 11.02 g/t Au over 5.55 metres from shallow surface exploration holes.
  • Four underground drill rigs continue testing "near-mine" exploration targets.
  • An additional 5,000 m of drilling is planned to follow up on the recent near-surface results.

MONTREAL, Jan. 19, 2021 /PRNewswire/ - MONARCH GOLD CORPORATION ("Monarch" or the "Corporation") (TSX: MQR) (OTCQX: MRQRF) (FRANKFURT: MR7) is pleased to announce the first set of results from its 2020 surface exploration diamond drilling program on its wholly-owned Beaufor Mine project, 20 kilometres northeast of Val-d'Or. The results include a significant number of high-grade assays, including 535 g/t over 0.5 metres, 180 g/t Au over 0.5 metres and 148.5 g/t au over 0.5 metres.

The Beaufor Mine 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 complete a 3D compilation and targeting program to identify, define and drill exploration 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. These "near-mine" exploration targets can be tested from the existing underground workings or by shallow holes drilled from the surface. Currently, 275 exploration holes are in the process of being drilled or planned to be drilled, and if positive results are received, additional holes will be drilled to allow the zones in question to be converted into resources and ultimately reserves to be included in a future mine plan. Along with the surface drilling, the underground portion of this exploration program has been ongoing since June 2020 with four underground drill rigs. The first series of underground assay results were reported in a press release dated October 1, 2020.

A total of 4,787 metres of drilling in 21 surface drill holes were completed on the Beaufor property, representing 11% of the planned program. These holes were aimed at testing targets developed through the 3D modelling program undertaken on the property that included extensions of high-grade intersections or previously defined resource blocks. Many of these previously defined targets coincide with Priority 1 type targets as defined by Goldspot using their AI technology. These shallow, near-surface targets, located between a depth of 50 to 325 m, are all located within a 1 km radius of the Beaufor mine shaft. All the target areas are easily accessible from the existing underground workings, with minimal new underground development required.

Complete assay results have been received for 14 of the 21 surface exploration holes. Ten of the holes intersected anomalous gold mineralization, which is considered good given the characteristic nuggety-style gold distribution. The best intersections are shown in the table below. Several of the holes have multiple intersections due to the stacked nature of the mineralization. The intersection widths in these surface exploration holes are reported as core lengths, but are expected to represent 85 to 100% of the true thickness based on known vein orientations. High-grade intersections were not capped, as the vein interpretation and statistics have not been finalized for the zones. The locations of the new mineralized intersections are shown in figures 1 and 2, attached.

Good continuity of the gold mineralization was seen in the different clusters of recent surface drill holes.

Intersections of 11.02 g/t Au over 5.55 m in hole BES-20-016 and 35.87 g/t Au over 9.8 m in hole BES-20-017 are located between 71 m and 64 m below surface, respectively. Correlation between the holes appears good and the mineralization is open to the east and north.

Multiple intersections within the same interpreted vein structure were identified in holes BES-20-002, BES-20-003, BES-20-004 and follow-up hole BES-20-021. The best intersections included 14.58 g/t Au over 1.2 m (BES-20-002) and 5.80 g/t Au over 2.05 m (BES-20-021). A second vein structure was intersected in the bottom part of hole BES-20-004, approximately 50 metres below the above-mentioned vein, returning an assay of 180.00 g/t Au over 0.5 m.

A similar vein structure with anomalous gold was intersected in holes BES-20-018 and BES-20-019. The best intersection, located approximately 20 metres above this vein, assayed 34.20 g/t Au over 0.5 m.

An additional 5,000 m of drilling is planned to follow up on the most promising intersections in the area of holes BES-20-002, BES-20-004 and BES-20-005, the area of BES-20-016 and BES-20-017 and the area of BES-20-18 and BES-20-019. A surface diamond drill will be moved to these targets before the end of January.

"Our second set of drill results from our program on the Beaufor property continue to show excellent results," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. "These near-surface intersections are important as they demonstrate that significant gold mineralization still exists outside of the main orebody. Developing resources and reserves in other parts of the mine, outside of the main deposit yet within easy access of the current underground development, is important to permit more flexibility in future mining operations. We plan to continue with our current exploration program aimed at identifying and drill testing high-grade veins and vein extensions, with the ultimate goal of restarting gold production at the Beaufor Mine within 8 to 14 months to take advantage of the very favourable gold market."

Best results for the Beaufor Mine property, 2020 surface drilling program (first set of assays):

Hole-ID

From (m)

To (m)

Width (m)*

Au (g/t)

BES-20-001

No Significant Assays



BES-20-002

263.00

264.20

1.20

14.58

Incl.

263.70

264.20

0.50

33.90

BES-20-003

267.15

267.70

0.55

2.56

BES-20-004

272.15

273.60

1.45

2.44

BES-20-004

325.10

325.60

0.50

180.00

BES-20-005

152.35

152.85

0.50

9.48

BES-20-005

200.50

201.00

0.50

38.20

BES-20-005

205.05

207.65

2.60

3.06

BES-20-007

Assays Pending



BES-20-008

89.90

90.50

0.60

2.54

BES-20-009

No Significant Assays



BES-20-010

Assays Pending



BES-20-011

Assays Pending



BES-20-012

No Significant Assays



BES-20-013

No Significant Assays



BES-20-014

68.50

69.05

0.55

3.86

BES-20-015

No Significant Assays



BES-20-016

88.60

94.15

5.55

11.02

Incl.

89.10

89.80

0.70

76.60

BES-20-017

78.90

88.70

9.80

35.87

Incl.

79.40

79.90

0.50

535.00

And

88.20

88.70

0.50

148.50

BES-20-018

45.45

45.95

0.50

34.20

BES-20-018

66.65

67.25

0.60

5.37

BES-20-019

77.75

79.25

1.50

3.52

BES-20-020

No Significant Assays



BES-20-021

237.80

239.85

2.05

5.80

BES-20-022

Assays Pending




*The width shown is the core length. True width is estimated at 85-100%, but has yet to be confirmed.

Collar coordinates (mine grid):

Hole

number

Azimuth
(°)

Dip
(°)

Length
(m)

Mine E

Mine N

Mine
Elevation

BES-20-001

45

-75

354

1550.428

3139.05

3048.45

BES-20-002

45

-76

396

1532.555

3125.271

3048.18

BES-20-003

45

-76

365.5

1585.609

3128.529

3048.66

BES-20-004

45

-76

402

1572.465

3113.746

3048.49

BES-20-005

45

-75

216.05

1772.664

3616.133

3048.73

BES-20-007

45

-75

95

1849.743

3782.251

3047.78

BES-20-008

45

-76

234.05

2464.365

3561.939

3057.93

BES-20-009

45

-76

206.95

2445.565

3598.124

3059.1

BES-20-010

302

-60

108

2480.843

3420.563

3065.03

BES-20-011

44

-78

105

2480.843

3420.563

3065.03

BES-20-012

45

-76

195.2

1261.092

3427.671

3045.71

BES-20-013

44

-63

282

1240.582

3319.306

3045.45

BES-20-014

359

-45

105

1240.139

3320.531

3045.46

BES-20-015

39

-63

288

1240.23

3319.644

3045.42

BES-20-016

351

-53

213

1428.936

3350.743

3047.7

BES-20-017

351

-53

195

1422.556

3370.148

3047.14

BES-20-018

45

-76

78.2

1839.166

3177.31

3051.61

BES-20-019

45

-75

90

1846.974

3161.077

3051

BES-20-020

45

-75

111.1

1822.131

3192.446

3051.15

BES-20-021

50

-76

315

1580.136

3149.757

3049.35

BES-20-022

51

-75

432

1545

3105

3049

BES-20-001

45

-75

354

1550.428

3139.05

3048.45

Sampling consists of sawing the core into equal halves along its main axis and shipping one of the halves to the laboratories of ALS Canada in Val-d'Or, Quebec and AGAT 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 Christian Tessier, P.Geo., the Corporation's qualified person under National Instrument 43-101.

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.

www.monarquesgold.com

SOURCE Monarch Gold Corporation

Related Links

http://www.monarquesgold.com/en/

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