Monarch Reports High-Grade Drill Results at Beaufor Confirming the Extension of the W and 140 Zones at Depth

MONTREAL, July 25, 2022 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX:GBAR.TO) (OTCQX:GBARF) is pleased to report additional results from its 2021-2022 underground drilling program at its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-d’Or, Québec. The recently received results are from the W and 140 zones in the upper level of the Beaufor mine, and include 37.59 g/t Au over 2.5 m, 29.79 g/t Au over 2.45 m, 21.7 g/t Au over 2.87 m, 10.09 g/t Au over 3.6 m, 418.0 g/t Au over 0.63 m and 67.1 g/t Au over 1.1 m. Positive results were also received for other areas drilled in 2021 and 2022. These results have been incorporated in the new geological model, which takes into account all recent and historical data and is based on BBA’s geological interpretation as seen in their 2021 NI 43-101 compliant resource estimate. These new positive results have prompted Monarch to continue drilling the W and 140 zones. Zone 140 has only been sparsely mined in the past, and the W Zone has well-developed infrastructure that would allow near-term production.