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Monarch Gold Corp
Symbol MQR
Shares Issued 236,372,573
Close 2019-02-01 C$ 0.215
Market Cap C$ 50,820,103
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Monarch Gold drills 1.95 m of 17.26 g/t Au at Croinor

2019-02-04 07:13 ET - News Release

Mr. Jean-Marc Lacoste reports

MONARCH GOLD INTERSECTS 17.26 G/T AU OVER 1.95 METRES, INCLUDING 50.10 G/T AU OVER 0.6 METRES, AT ITS CROINOR GOLD PROJECT

Monarch Gold Corp. has released the last assay results from the 2018 diamond drill program at its wholly owned Croinor gold project, 50 kilometres east of Val d'Or, Que.

"The 2018 diamond drilling program on the Croinor gold property was a major success, as it enabled us to increase the size and gold content of the planned stopes, confirm and expand the two underground bulk sampling areas, extend the deposit to the east and west and at depth and establish that the deposit is still open in all directions," said Jean-Marc Lacoste, president and chief executive officer of Monarch. "The next phase will focus on upgrading the deposit through infill drilling and drilling pure exploration holes to test high-potential targets on our 151-square-kilometre property."

The initial 20,000-metre program started in March, 2018, and focused on expanding and upgrading the Croinor gold deposit. The program was completed in early September, with a total of 19,935 metres of core drilled in 89 holes. Given the positive results from that drilling program, the corporation decided to drill another 8,300 metres, and managed to complete 6,645 metres in 18 holes before the winter freeze. All the assays for the original program and the additional 6,645 metres of drilling have been received (see table and press releases dated July 10, 2018, Sept. 5, 2018, Oct. 4, 2018, and Jan. 15, 2019, for a compilation of the 2018 drill results).

Hole CR-18-685 returned 17.26 grams per tonne gold over 1.95 metres, including 50.10 g/t Au over 0.6 metre, 315 metres below surface. This hole was drilled 30 metres west of hole CR-18-676, and is 30 metres downdip from hole CR-11-407 and 45 metres updip and to the east of hole CR-15-441. The two nearby historical holes combined with these two new holes will create a new stope in the western part of the deposit, extending the mineralization westward while keeping the deposit open to the west. The closest stope to these holes is 125 metres to the east.

Hole CR-18-676 returned 10.33 g/t Au over 1.75 metres, including 25.40 g/t Au over 0.65 metre. It was drilled to follow up on hole CR-18-583, drilled during the initial drilling program 20 metres west of hole CR-18-676 and 30 metres east of hole CR-18-685. CR-18-676 was drilled downdip, parallel to the host diorite, and intersected multiple mineralized zones within the diorite, as shown in the associated table.

Hole CR-18-678 returned 40.50 g/t Au over 1.00 metre. It is located 20 metres west from a planned stope, 250 metres below surface and 25 metres west of hole CR-18-672, another hole added based on the positive results from the initial program.

Finally, hole CR-18-683 returned 23.61 g/t Au over 1.60 metres, including 43.70 g/t Au over 0.65 metre. It is located eight metres west of a planned stope, thereby increasing the stope's size and gold content.

       RESULTS FROM THE ADDITIONAL 6,645 METRES OF DRILLING ON CROINOR GOLD
  
Hole                Length          From            To        Width*         Grade
No.                    (m)           (m)           (m)           (m)      (g/t Au)

CR-18-672              340         239.3         240.0           0.7          5.17
                                   251.4         252.0           0.6          9.37
                                   261.6         263.6           2.0         11.24
including                          261.6         262.6           1.0         22.00
CR-18-673              424         264.7         266.7           2.0         10.46
including                          264.7         265.7           1.0         19.25
                                   273.0         273.7           0.7          9.67
                                   305.8         306.3           0.5          9.31
CR-18-674              319         298.5         299.6           1.1          1.72
CR-18-675              319         260.6         261.6           1.0         10.15
CR-18-676**            751          27.4         30.25          2.85          2.20
                                   55.75          58.5          2.75          7.46
including                          55.75          56.3          0.55         10.75
including                           58.0          58.5           0.5         12.30
                                    62.5          64.1           1.6          6.01
including                           63.6          64.1           0.5         11.15
                                    76.3          76.8           0.5          5.78
                                    84.7          85.3           0.6         22.20
                                   255.6         256.1           0.5          8.47
                                  274.95         278.9           1.8          6.12
including                         274.95        275.55           0.6         11.85
                                   286.6         288.2           1.6          3.80
                                   298.0         298.5           0.5          5.82
                                  300.75        301.35           0.6         11.25
                                   368.1        369.85          1.75         10.33
including                          368.6        369.25          0.65         25.40
                                  374.15         377.0          2.85          7.64
including                          376.0         376.5           0.5         16.25
                                   378.2         379.4           1.2          4.38
CR-18-678              325         265.5         268.4           2.9         15.07
including                          266.4         267.4           1.0         40.50
CR-18-679              400         252.2         254.8           2.6          3.17
CR-18-680              280         181.5         182.6           1.1          2.36
CR-18-681              352         214.2         216.2           2.0          6.26
including                          215.2         216.2           1.0         10.55
                                   255.8         256.3           0.5          5.29
CR-18-683              301        216.15        217.85           1.6         23.61
including                         216.15         216.8          0.65         43.70
including                         217.35        217.85           0.5         18.70
                                  233.15         234.2          1.05          9.43
including                         233.65         234.2          0.55         14.00
CR-18-684              502         374.1        375.15          1.05          1.21
CR-18-685              352         257.0        258.95          1.95         17.26
including                         258.35        258.95           0.6         50.10
CR-18-686              460         360.0         361.0           1.0          2.07
CR-18-687              400         318.6         320.6           2.0          1.98
CR-18-690              352         298.7         299.2           0.5          0.08
CR-18-691              262                                   no significant values
CR-18-693              250          94.4          94.9           0.5          0.37
CR-18-694              256          70.9          71.5           0.6          0.61

* The width shown is the core length. True width is estimated to be 90 to 95 per
cent of the core length.
** Hole CR-18-676 was drilled downdip, parallel to the diorite, to test for the 
presence of multiple directions of quartz veining. The width shown is the core 
length. True width is estimated to be 30 to 35 per cent of the core length.

The Croinor gold deposit is hosted in a sheared diorite sill three kilometres long by 60 to 120 metres wide, striking 295 degrees north and dipping 50 to 65 degrees to the north. The mineralization is associated with pyrite found within and adjacent to quartz-tourmaline veins.

Sampling normally consists of sawing the core into equal halves along its main axis and shipping one of the halves to the ALS Minerals laboratory in Val d'Or, Que., for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Results exceeding 3.0 g/t Au are reassayed using the gravity method, and samples containing visible gold grains are assayed using the metallic sieve method. Monarch uses a comprehensive quality assurance/quality control protocol, including the insertion of standards, blanks and duplicates.

The technical and scientific content of this press release has been reviewed and approved by Ronald G. Leber, PGeo, the corporation's qualified person under National Instrument 43-101.

About Monarch Gold Corp.

Monarch Gold is an emerging gold mining company focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The corporation currently owns close to 300 square kilometres of gold properties, including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Beaufor mine, the Croinor gold, McKenzie Break and Swanson advanced projects, and the Camflo and Beacon mills, as well as other promising exploration projects. It also offers custom milling services out of its 1,600-tonne-per-day Camflo mill.

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