Drilling Program At The McKenzie Break Gold Project

MONTREAL - Monarch Mining Corporation reported on the 2022 drilling program on its McKenzie Break gold project, located 25 kilometers north of its 750 tonne-per-day Beacon mill.

The 2022 drilling program on the McKenzie Break property began in April and is progressing well, with three surface drill rigs in operation and 29 holes drilled to date, for a total of 6,798 meters. The program is aimed at expanding the size of the currently proposed pit in the up-dip direction (to the west), increasing the current underground resource to the east and north and testing additional exploration targets along the volcanic-intrusive contact to the south. Monarch will continue testing the deposit with holes at 50-meter centers.

The initial 11 holes of the 2022 drilling program were focused on expanding the proposed pit to the west, on the up-dip side of the currently defined mineralization, as well as filling in the larger of the gaps of more than 50 m between drill holes within the proposed pit limits. The holes typically tested the shallow dipping mineralized horizon to a maximum depth of 100 m below surface, at times intersecting multiple stacked lenses.

The best intersection was 5.69 g/t Au over 9.69 m, including 42.6 g/t Au over 0.95 m, starting from surface, in hole MK-22-326A, which was drilled to fill a gap in an area that had no historical holes within a radius of over 60 m. The hole also returned other mineralized intersections, including 7.5 g/t Au over 1.38 m and 3.75 g/t Au over 1.45 m.

Other notable near-surface intersections on the west side of the proposed pit included 35.15 g/t Au over 0.95 m (MK-22-327), 16.50 g/t Au over 0.78 m (MK-22-329) and 7.75 g/t Au over 2.54 m and 28.20 g/t Au over 0.66 m (MK-22-334).

The near-surface holes drilled to the west of the proposed pit limits have confirmed that the pit shell can be expanded beyond the limits defined in the 2021 mineral resource estimate by Geologica and GoldMinds (2021).

“The McKenzie Break mineralization is still open in all directions, and the near-surface intersections we are seeing confirm that the proposed pit limits can be extended westward,” said Jean-Marc Lacoste, President and Chief Executive Officer. “The remainder of the drilling program will continue to test the limits of the mineralization in all directions, as well as several exciting regional exploration targets.”