Montreal, Quebec, Canada, February 4, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report the last assay results from the 2018 diamond drill program at its wholly owned Croinor Gold project, 50 kilometres east of Val-d’Or, Québec.
“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-km2 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 (see longitudinal). All the assays for the original program and the additional 6,645 metres of drilling have been received (see table below and press releases dated July 10, 2018, September 5, 2018, October 4, 2018 and January 15, 2019, for a compilation of the 2018 drill results).
Hole CR-18-685 returned 17.26 g/t Au 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 down dip from hole CR-11-407 and 45 metres up dip 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 metres. 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 down dip, parallel to the host diorite, and intersected multiple mineralized zones within the diorite, as shown in the table below.
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 metres. It is located 8 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
*The width shown is the core length. True width is estimated to be 90-95% of the core length.
**Hole CR-18-676 was drilled down dip, parallel to the diorite, to test for the presence of multiple directions ofquartz veining. The width shown is the core length. True width is estimated to be 30-35% of the core length.
The Croinor Gold deposit is hosted in a sheared diorite sill three kilometres long by 60-120 metres wide, striking295 degrees north and dipping 50-65 degrees to the north. The mineralization is associated with pyrite foundwithin 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 halvesto the ALS Minerals laboratory in Val-d’Or, Quebec for assaying. The samples are crushed, pulverized and assayedby fire assay, with atomic absorption finish. Results exceeding 3.0 g/t Au are re-assayed using the gravity method,and samples containing visible gold grains are assayed using the metallic sieve method. Monarch uses acomprehensive QA/QC 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,P.Geo., the Corporation’s qualified person under National Instrument 43-101.
ABOUT MONARCH GOLD CORPORATION
Monarch Gold Corporation (TSX: MQR) is an emerging gold mining company focused on pursuing growth throughits large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns close to 300 km2 of gold properties (see map), including the Wasamac deposit (measured and indicatedresource of 2.6 million ounces of gold), the Beaufor Mine, the Croinor Gold (see video), McKenzie Break andSwanson advanced projects and the Camflo and Beacon mills, as well as other promising exploration projects. Italso offers custom milling services out of its 1,600 tonne-per-day Camflo mill.
The forward-looking statements in this press release involve known and unknown risks, uncertainties and otherfactors that may cause Monarch’s actual results, performance and achievements to be materially different fromthe results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation ServicesProvider (as that term is defined in the policies of the TSX accepts responsibility for the adequacy or accuracy ofthis press release.