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Monarch Gold Corp
Symbol MQR
Shares Issued 294,086,953
Close 2020-07-23 C$ 0.53
Recent Sedar Documents

Monarch Gold drills 14.35 m of 13.95 g/t Au at McKenzie

2020-07-23 07:38 ET - News Release

Mr. Jean-Marc Lacoste reports

MONARCH GOLD INTERSECTS 13.95 G/T AU OVER 14.35 METRES (47.1 FEET) AT MCKENZIE BREAK

Monarch Gold Corp. has released significant high-grade assay results from its winter/spring diamond drilling program on its wholly owned McKenzie Break gold project, located 25 kilometres north of Val d'Or, near Monarch's Camflo and Beacon mills. The project straddles the eastern extension of the prolific Destor-Porcupine Break. The drilling program, which was initiated in March and suspended due to COVID-19 restrictions, was completed in May, with a total of 1,896 metres drilled in four holes. Assay results have been received for all four holes in the central part of the now-enlarged McKenzie Break property (see press release dated Feb. 27, 2020). The purpose of the diamond drilling program was to continue expanding the new zone based on positive results from the 2018 and 2019 diamond drilling programs (see press releases dated Feb. 28, 2019, March 13, 2019, March 20, 2019, Jan. 8, 2020, Feb. 6, 2020, and Feb. 26, 2020). The newly defined mineralized zone, which now measures in excess of 150 metres by 150 metres, is located to the east of Monarch's current resource estimate.

All four holes of the latest program intersected mineralization at the targeted depth, with most containing visible gold. Impressive results from hole MK-20-255 indicate the continuity of the No 12 vein and the discovery of a new vein system at depth. The initially targeted No. 12 vein returned 13.95 grams per tonne gold over 14.35 metres, including an impressive 311 g/t Au over 0.5 metre. Below this zone, a newly identified gold-bearing zone returned 27.15 g/t Au over 2.0 metres and 4.46 g/t Au over 5.3 metres, indicating potential for additional stacked veins. This hole, MK-20-255, is 50 metres southwest of hole MK-19-251, which returned 7.04 g/t Au over 6.0 metres, including 25.92 g/t Au over 1.0 metre, and 50 metres west from hole MK-19-250, which returned 10.50 g/t Au over 11.0 metres. Drilling continues to demonstrate strong lateral continuity tested to a vertical depth of less than 400 metres. These holes confirm the continuity of the zone and the increase in grade toward the southeast. The zone is still open to the south and east.

Hole MK-20-253 was drilled 50 metres southwest of hole MK-19-249, which returned 5.28 g/t Au over 13.7 metres, and 50 metres southeast of hole MK-19-241, which returned 26.78 g/t Au over 2.1 metres, including 56.51 g/t Au over 0.5 metre. Hole MK-20-253 returned 5.34 g/t Au over 7.2 metres, including 23.60 g/t Au over 1.0 metre. The triangulation of these holes, coupled with the holes mentioned in the above paragraph, confirms the gold mineralization trend in this sector of the property. The trend is still open to the south and southeast.

Holes MK-20-252 and MK-20-254 returned values of 2.21 g/t Au over 1.0 metre and 2.14 g/t Au over 1.0 metre, respectively, confirming that there is gold throughout this part of the property.

"McKenzie Break keeps generating very impressive gold assays and new gold zones," said Jean-Marc Lacoste, president and chief executive officer of Monarch Gold. "Another diamond drilling program is currently being planned to continue to expand and define the outer limits of this mineralized horizon. These excellent results also support our decision to extend the McKenzie Break property by acquiring the surrounding claims, which will allow us to continue exploring without any constraints."

                   DRILL RESULTS FOR THE MCKENZIE BREAK PROPERTY

Hole               Length           From             To         Width*          Grade
No.                   (m)            (m)            (m)            (m)       (g/t Au)

MK-20-252             477          450.0          451.0           1.00           2.21
MK-20-253             429          351.8          359.0           7.20           5.34
including                          351.8          352.5           0.70          14.35
including                          358.0          359.0           1.00          23.60
MK-20-254             598          475.5          476.5           1.00           2.14
MK-20-255             392         300.65          315.0          14.35          13.95
including                         300.65          301.5           0.85          25.40
including                          307.0          307.5           0.50         311.00
including                          314.0          315.0           1.00          15.10
                                   359.7          365.0           5.30           4.46
including                          359.7          360.4           0.70          26.70
                                   379.0          381.0           2.00          27.15

* The width shown is the core length. True width is estimated to be 90 to 100 per
cent of the core length.

McKenzie Break is a high-grade, multiple-vein gold deposit hosted in the dioritic Pascalis batholith and underlain by porphyritic diorite and mafic and felsic volcanic rocks. On June 14, 2018, the corporation reported a National Instrument 43-101 pit-constrained resource of 48,133 ounces in the indicated category and 14,897 ounces in the inferred category on the property, as well as an underground resource of 53,448 ounces in the indicated category and 49,130 ounces in the inferred category. All recent drilling by Monarch is being conducted outside of the limits of the current resource estimate.

In addition, Monarch is buying back a 2-per-cent net smelter return (NSR) royalty on 91 mineral claims for $150,000. These claims were acquired in February, 2020 (see press release dated Feb. 27, 2020). Following this transaction, the only royalty left on the property is a 1.5-per-cent NSR royalty owned by Agnico Eagle Mines Ltd. on nine claims out of the 124 claims that comprise the McKenzie Break property, which Monarch can reduce to 1.0 per cent by paying Agnico $750,000.

Sampling 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 screen 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 becoming a 100,000-to-200,000-ounce-per-year gold producer through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada.

We seek Safe Harbor.

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