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Monarca Minerals completes two holes at San Jose

2021-10-12 15:47 ET - News Release

Mr. Carlos Espinosa reports


Monarca Minerals Inc. has completed an additional two drill holes at its San Jose project.

Michael R. Smith (Monarca Minerals Senior vice-president of exploration) states, "We are pleased to report that two more drill holes, SJ07 and SJ12, have been completed, with significant intersection of skarn mineralization in limestone and intrusives rocks."

With the completion of two additional holes, a total of 2,089.4 metres (m) have been drilled. The average drilling rate is now about 90 m per day, drilling one shift per day. The drilling contractor, Layne Mexico, was on break during the last 10 days of September.

Drill holes SJ07 and SJ12 have been successfully completed -- the two drill holes intersected exoskarn and/or endoskarn mineralization with sulphide minerals. The sulphide minerals observed were dominantly pyrite, with very fine-grained dark sulphide minerals, which appear to be sphalerite and galena in some cases. Chalcopyrite was locally observed. The samples will be delivered to the laboratory sample preparation facility in Chihuahua, Mexico.

SJ07: Drill hole SJ07, angled westerly at minus 60 degrees, was drilled to 317.0 m. The drill hole intersected 134.1 m of endoskarn and four pyrite-rich (3 to 5 per cent) silicified monzonite zones from three m to 12.2 m long. The bottom 29.0 m intersected silicified granodiorite with strong potassic alteration (pink Kspar) and less than 1 per cent molybdenite.

SJ12: Drill hole SJ12, angled westerly at minus 60 degrees, was drilled to a total depth of 342.9 m, targeting a strong IP (induced polarization) anomaly in an area of altered monzonite and limestone outcrops, near the Shakira mine. The drill hole intersected 76.2 m of marble and exoskarn and 155.4 m of endoskarn. The skarn intercepts have about 1 per cent pyrite and locally up to 1 per cent galena, sphalerite and chalcopyrite.

Quality assurance/quality control (QA/QC) statement

Procedures have been implemented by Monarca to assure quality assurance/quality control of all assaying that will be done at an ISO accredited laboratory. Drill hole samples are collected at the drill rig and are riffle split, disposing of one-fourth or one-half of the sample, collecting two samples, one for the assay laboratory and one as a duplicate. The samples are then stored securely prior to shipment. A sterile blank sample (unmineralized basalt) and a mineralized reference standard (used by Monarca since 2009) are alternately placed in the sample sequence every 20th sample. The assays received for the QA/QC samples will be reviewed for acceptable values by Monarca's qualified person. Drill hole collar locations were measured with a hand-held GPS instrument, using the UTM ITRF-92 co-ordinate system, which provides location within approximately two m.

Qualified person statement

Mr. Smith is the qualified person (QP) who has prepared and approved the scientific and technical information disclosed in this news release. Mr. Smith is a registered member of the Society for Mining, Metallurgy & Exploration (SME) and the executive vice-president of exploration for Monarca Minerals.

About Monarca Minerals Inc.

Monarca is a Canadian mining company listed on the TSX Venture Exchange and focused on the exploration and development of silver projects along a highly productive mineralized belt in Mexico. The company has a portfolio of silver projects, including an inferred mineral resource of 19.8 million tonnes at 45.0 grams per tonne (g/t) silver (Ag) (28.7 million ounces of contained silver) at its Tejamen deposit in Durango, Mexico.

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