Monarch Mining Corp. Intersects High-Grade Gold on Its Beaufor Property, Including 119 g/t Au Over 0.5 m (1.64 Feet)

56.1 g/t Au Over 0.8 m (2.62 Feet)and 45.6 g/t Au Over 0.75 m (2.46 Feet)

• Near-mine underground exploration drilling yields multiple high-grade gold intersections.
• High-grade results include 119.0 g/t Au over 0.5 m, 56.1 g/t Au over 0.8 m and 45.6 g/t Au over 0.75 m.
• The 42,500-metre drilling program is ongoing, with four drills underground and one on surface.
• Monarch has initiated exploration drilling testing the area below the lower most level of the mine.
• First-ever Beaufor mine block model mineral resource estimate under way.

MONTREAL, July 7, 2021 - Monarch Mining Corp. ("Monarch" or the "Corporation") (TSX:GBAR) (OTCQX:GBARF) is pleased to announce additional results from its 2020?2021 42,500-metre exploration diamond drilling program on its wholly-owned Beaufor Mine gold project, located 20 kilometres east of Val-d'Or, Québec. The results include several high-grade assays, including 119.0 g/t Au over 0.5 m within a wider zone of 18.93 g/t Au over 3.5 m, 56.1 g/t Au over 0.8 m within a wider zone of 29.53 g/t Au over 1.78 m and 45.6 g/t Au over 0.75 m within a wider zone of 27.60 g/t Au over 1.65 m, as Monarch continues to test for potential resources in proximity to the historical mine.

The Beaufor Mine initially began commercial production in the early 1930s and over the years has produced over 1.1 million ounces of gold. The mine is currently on care and maintenance, which has given Monarch an opportunity to drill-test targets throughout the mine area. In June 2020, the Corporation initiated a 42,500-metre diamond drilling program to test two types of targets: the areas around historical high-grade intersections near the existing underground infrastructure, and isolated resource blocks, which are typically defined by a single drill intersection. Both of these 'near-mine' targets can often be tested from the existing underground workings, generally by holes less than 200 metres long. Currently, 275 holes are planned or are already being drilled at 25?metre centres. If positive results are received, additional holes will be drilled to allow the zones in question to be converted into reserves and included in a future mine plan.

Assay results have been received for a total of 162 holes (19,394 m), representing roughly 46% of the planned metres of drilling. High-grade results previously reported from the program included 783 g/t Au over 0.2 m and 293 g/t Au over 0.5 m (see press release dated October 1, 2020), 35.87 g/t Au over 9.8 m (see press release dated January 19, 2021) and 187 g/t Au over 0.5 m and 151.5 g/t Au over 0.5 m (see press release dated April 29, 2021).

Since the last reported results, the Corporation has drilled 42 additional underground exploration holes (4,928 m). The best results are shown in Table 2 below and illustrated in the attached figures. Several of the holes have multiple intersections due to the stacked nature of the mineralization. The intersection widths reported are core lengths and high-grade intersections have not been capped, as the vein interpretation and statistics have not been finalized for the zones.

Figure 1: Beaufor property recent assay results (longitudinal view looking N)

Figure 2: Beaufor property recent assay results (sectional view looking NW)

Near-mine exploration drilling is ongoing, with four drill rigs underground and one on surface. The focus remains high-grade composites that are open along strike and existing resource blocks that contain sufficient room for expansion. The Corporation is also pleased to report that the exploration drift at the lower-most level of the mine is progressing well and the first drill station has been established. An underground drill has been mobilized to the first station and will start drill-testing the continuity of the mineralization below the lower-most level of the mine this month.

The BBA Inc. mineral resource estimate (MRE) for the Beaufor mine is in progress. This new resource estimate will incorporate much of the current 2020-2021 drilling program and will represent the first block model resource estimate for the Beaufor mine.

'The drill results continue to meet and even beat our expectations,' said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. 'All the pieces of the puzzle put in place since we purchased the Beaufor mine back in 2017, starting with our initial 3D modelling and targeting, followed by a significant near-mine exploration drilling program with consistent high-grade results and our upcoming block model mineral resource estimate, are starting to come together.'

Sampling consists of sawing the drill core into equal halves along its main axis and shipping one of the halves to ALS Canada in Val-d'Or, Quebec, and AGAT Laboratories in Mississauga, Ontario, for assaying. The samples are crushed, pulverized and assayed by fire assay, with atomic absorption finish. Samples exceeding 10.0 g/t Au are re-assayed using the gravity method and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive 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 Christian Tessier, P.Geo., the Corporation's qualified person under National Instrument 43-101.

About Beaufor

The Beaufor Mine is located within the Bourlamaque Pluton at the eastern contact with the Dubuisson Formation. The Bourlamaque Batholith, a synvolcanic intrusion, is a major geological feature of the Val-d'Or mining camp. It is a quartziferous granodiorite cut by fine-grained diorite dykes. Gold mineralization occurs in veins associated with shear zones dipping moderately south. Mineralization is associated with quartz-tourmaline-pyrite veins resulting from the filling of shear and extension fractures. Gold-bearing veins show a close association with mafic dykes intruding the granodiorite. A National Instrument 43-101 resource estimate for the Beaufor Mine property was prepared for Monarch Mining in December 2020 by Carl Pelletier, P. Geo., InnovExplo Inc., and John Langton, P. Geo., JPL GeoServices Inc. The mineral resource estimate is listed in the table below.

Table 1: 2020 mineral resource estimate for the Beaufor Mine

Category	Tonnes	Grade (g/t Au)	Gold (ounces)
Measured	121,000	5.62	21,900
Indicated	310,100	7.10	70,800
Total M+I	431,100	6.68	92,700
Inferred	134,600	6.96	30,100

Mineral Resource Estimate notes:

1. The independent and qualified person for the 2020 MRE, as defined by NI 43-101, is Carl Pelletier, P.Geo. (InnovExplo Inc.), and the effective date is December 18, 2020.
2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The mineral resource estimates follow CIM Definition Standards and Guidelines.
3. A capping of 68.5 g/t Au on assays was applied for zones 8, B, M, M1 and Q, and 34.25 g/t for all other zones. The DDH intercepts (min. 2.4 m) were capped at 16.5 g/t.
4. The estimate method was polygonal on cross-sections with a minimum width of 2.4 m using a density of 2.75 t/m ³ for the 63 mineralized zones.
5. Measured resource polygons extend 8 m above and below development and up to 10 m laterally. Indicated resource polygons extend up to 20 m from DDH intercepts, along dip and along strike and a minimum of 2 polygons need to be in contact. Inferred resource polygons extend up to 40 m from DDH intercepts, along dip and along strike where a drill spacing ranges from 20 m to 40 m and/or in areas of isolated drill holes where mineralization is known.
6. The reasonable prospect for an eventual economical extraction is met by having a reasonable minimum width for the polygons, a cut-off grade of 3.20 g/t Au, application of constraining volumes on the blocks (potential underground scenario) below a 30 m crown pillar. The cut-off grades inputs are: a gold price of USD1,612/oz, a CAD:USD exchange rate of 1.34; a mining cost of $100/t for the long hole method and $145/t for the room and pillar method; a processing cost of $50/t; and G&A and environment of $13/t and includes the royalty of 1.0% and a refinery charge of $5/t. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate, mining cost, etc.).
7. Results are presented in situ. Ounce (troy) = metric tons x grade / 31.10348. The number of tonnes and ounces was rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations as per NI 43-101.
8. InnovExplo Inc. is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the mineral resource estimate.

About Monarch

Monarch Mining Corp. (TSX: GBAR) is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch's wholly owned and fully permitted Beacon 750 tpd mill. Monarch owns 28,725 hectares (287 km ² ) of mining assets in the prolific Abitibi mining camp that host 588,482 ounces of combined measured and indicated gold resources and 329,393 ounces of combined inferred resources.

Forward-Looking Statements

The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.

FOR MORE INFORMATION:

Jean-Marc Lacoste, 1-888-994-4465
President and Chief Executive Officer, jm.lacoste@monarchmining.com

Mathieu Séguin, 1-888-994-4465
Vice President, Corporate Development, m.seguin@monarchmining.com

Elisabeth Tremblay, 1-888-994-4465
Senior Geologist - Communications Specialist, e.tremblay@monarchmining.com

www.monarchmining.com

Table 2: Beaufor Mine significant assay results

Hole	From (m)	To (m)	Width* (m)	Au (g/t)
20-125-69	102.7	105	2.30	8.05
Incl.	103.7	104.35	0.65	24.60
20-133-72	33.9	34.4	0.50	22.30
BEU-20-15-007	53.75	54.5	0.75	23.80
BEU-20-30-002	60.6	61.1	0.50	19.70
BEU-20-30-003	53.55	55.2	1.65	27.60
Incl.	54.45	55.2	0.75	45.60
BEU-21-10-005	100.95	103.8	2.85	5.57
BEU-21-10-011	82.0	83.78	1.78	29.53
Incl.	82.0	82.8	0.80	56.10
BEU-21-10-012	108.6	109.1	0.50	15.10
BEU-21-10-014	17.7	19.2	1.50	29.70
BEU-21-10-014	36.7	37.2	0.50	55.80
BEU-21-10-015	26.1	26.6	0.50	38.20
BEU-21-10-015	36.05	36.55	0.50	25.00
BEU-21-12-001	25.8	26.3	0.50	17.90
BEU-21-12-003	147.5	150.65	3.15	5.52
Incl.	147.5	148.7	1.20	12.00
BEU-21-12-004	132.0	133.0	1.00	8.75
Incl.	132.0	132.5	0.50	13.60
BEU-21-12-004	142.0	145.5	3.50	18.93
Incl.	144.0	144.5	0.50	119.00
BEU-21-15-014	3.4	4.8	1.40	18.70
BEU-21-15-014	12.0	12.5	0.50	14.70
BEU-21-15-014	20.4	20.9	0.50	18.20
BEU-21-15-014	27.3	28.8	1.50	8.27
Incl.	28.3	28.8	0.50	15.80
BEU-21-15-014	38.8	39.4	0.60	31.80
BEU-21-20-011	6.85	7.35	0.50	13.10
BEU-21-30-005	54.6	56.4	1.80	24.15
BEU-21-30-006	65.35	65.85	0.50	13.60
BEU-21-30-013	83.6	84.6	1.00	9.46
BEU-21-30-029	91.75	92.75	1.00	11.40

Table 3: Beaufor Mine drill hole location

Hole	Easting (Mine Grid)	Northing (Mine Grid)	Elevation (m)	Az (deg.)	Dip (deg.)	Length (m)
20-116-125A	2048.279	3253.518	2256.27	29	-18	82.4
20-125-69	2117.114	3202.596	2739.927	220	-3	174.9
20-133-72	2184.8	3166.768	2739.214	72	-60	131.5
BEU-20-15-007	2362.249	3051.656	2596.228	211	-76	214.3
BEU-20-17-009	1811.965	3474.44	2519.488	261	8	210.2
BEU-20-17-010	1811.339	3474.667	2519.882	258	4	205
BEU-20-17-011	1921.716	3318.44	2517.905	74	-57	102.1
BEU-20-30-002	2032.256	3229.841	2251.44	325	-61	88.2
BEU-20-30-003	2036.404	3228.737	2251.055	50	-59	91
BEU-21-08-002	2049	3648	2798	128	15	100.7
BEU-21-10-005	2116.982	3202.788	2739.538	223	-17	144.6
BEU-21-10-009	2209.071	3474.529	2740.371	22	40	215
BEU-21-10-010	2209.062	3474.585	2740.249	20	38	202.5
BEU-21-10-011	2149	3504	2740	213	22	156.1
BEU-21-10-012	2149	3504	2740	219	37	151.5
BEU-21-10-013	2110.05	3618.359	2737.238	333	-36	54
BEU-21-10-014	2124.144	3654.079	2736.531	333	-46	55.5
BEU-21-10-015	2123.955	3654.503	2737.377	333	-17	57.7
BEU-21-12-001	2237	3194	2673	142	50	212.5
BEU-21-12-003	2025.347	3327.479	2672.85	182	31	183
BEU-21-12-004	2025.329	3327.774	2673.084	181	41	181.8
BEU-21-15-009	2362.013	3052.04	2596.274	268	-79	161
BEU-21-15-011	2028.128	3255.221	2595.719	13	-10	82.1
BEU-21-15-012	2028.247	3255.047	2595.004	19	-40	128.3
BEU-21-15-013	2028.653	3255.093	2595.763	19	-40	94.8
BEU-21-15-014	2104.718	3293.553	2594.458	13	-57	46.6
BEU-21-15-015	2128.971	3347.104	2593.948	325	-40	35.5
BEU-21-15-016	2129.951	3346.995	2593.891	20	62	31
BEU-21-15-017	2199.086	3598.054	2592.662	61	-8	66.3
BEU-21-15-019	2176.669	3635.192	2592.529	335	-11	61.1
BEU-21-15-020	2177.6	3635.182	2592.559	6	-10	43.2
BEU-21-15-021	2177.753	3635.086	2592.118	12	-28	159
BEU-21-20-011	1991.852	3323.38	2444.051	196	22	31.8
BEU-21-30-005	2050.383	3223.386	2248.147	8	-34	80.2
BEU-21-30-006	2050.561	3222.519	2248.241	26	-53	69.6
BEU-21-30-010	2159.058	3381.587	2223.175	237	31	46.5
BEU-21-30-012	2156.736	3382.424	2220.618	228	0	59
BEU-21-30-013	2106.127	3382.927	2200.114	296	-36	109.2
BEU-21-30-028	2315.912	3255.547	2200.884	210	-11	147.9
BEU-21-30-029	2315.988	3255.565	2201.201	208	-1	117.4
BEU-21-30-030	2316.278	3255.275	2200.736	197	-14	165.5
BEU-21-30-031	2316.722	3255.158	2200.98	184	-7	177.4

Table 4: Monarch combined gold resources

	Tonnes (metric)	Grade (g/t Au)	Ounces
Croinor Gold 1
Measured Resources	80,100	8.44	21,700
Indicated Resources	724,500	9.20	214,300
Total Measured and Indicated	804,600	9.12	236,000
Total Inferred	160,800	7.42	38,400
Beaufor Mine 2
Measured Resources	121,000	5.62	21,900
Indicated Resources	310,100	7.10	70,800
Total Measured and Indicated	431,100	6.68	92,700
Total Inferred	134,600	6.96	30,100
McKenzie Break 3
In-pit
Total Indicated	1,441,377	1.80	83,305
Total Inferred	2,243,562	1.44	104,038
Underground
Total Indicated	387,720	5.03	62,677
Total Inferred	1,083,503	4.21	146,555
Swanson 4
In-pit
Total Indicated	1,864,000	1.76	105,400
Total Inferred	29,000	2.46	2,300
Underground
Total Indicated	91,000	2.86	8,400
Total Inferred	87,000	2.87	8,000
TOTAL COMBINED 5 Measured and Indicated Resources Inferred Resources			588,482 329,393
1 Source: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). This resource estimate was prepared for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate. 2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine, December 18, 2020, Val-d'Or, Québec, Canada, Carl Pelletier, P. Geo., InnovExplo Inc. and John Langton, P. Geo., JPL GeoServices Inc. 3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2021, Val-d'Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc. 4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d'Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc. 5 Numbers may not add up due to rounding.

SOURCE: Monarch Gold Corp.