Monarch Reports 11.07 g/t Au Over 7.4 M (24.3 ft) Within a Wider Zone of 1.76 g/t Au Over 101.85 M (334.2 ft) at Swanson

• Monarch reports both high-grade and widespread gold assays in a fifth set of results from its 2021-2022 Swanson drilling program.
• Hole SW-22-025 intersected an impressive 11.07 g/t Au over 7.40 m within a much wider zone of 1.76 g/t Au over 101.85 m.
• Other notable results include 27.8 g/t Au over 0.60 m, 14.75 g/t Au over 0.5 m and 3.47 g/t Au over 7.3 m, all within a wider intersection of 0.63 g/t Au over 151.7 m in hole SW-22-024.
• The Swanson deposit is currently tested to a vertical depth of 430 m and remains open at depth.
• The Swanson drilling program was completed on August 29, 2022; additional results are pending.

The 2021-2022 program is the first drilling done on the property since Monarch Gold acquired it from Agnico-Eagle Mines in 2017. Earlier results of the program, which included 27.79 g/t Au over 10.18 m, 0.92 g/t Au over 225.0 m, 18.18 g/t Au over 13.5 m and 7.83 g/t Au over 8.82 m were reported in press releases dated March 30, 2022, July 19, 2022, August 30, 2022 and September 8, 2022. The positive results received to date have encouraged Monarch to continue testing the extensions of the gold mineralization along strike and at depth.

The most recently received assay results are for three holes, including those farthest to the northeast (SW-22-024) and north (SW-22-025), which were drilled to test the down-plunge extension to the northeast (see Figure 1, Figure 2 and Figure 3).

Holes SW-22-024 and SW-22-025, located 100 m apart on the surface, intersected multiple gold-bearing zones within a very wide mineralized corridor that has been traced to a vertical depth of 430 m. The highest-grade interval returned by the reported holes within the corridor included a segment grading 11.07 g/t Au over 7.40 m. The mineralized corridor has been defined by diamond drilling and extends down plunge to the northeast.

Cross sectional view of hole SW-22-025

The mineralization is hosted in altered and brecciated basalts interlayered with a syenite intrusion and is bordered on a larger scale by ultramafic rocks in the hangingwall and footwall. The mineralization remains open to the east and down plunge to the northeast. The 2021-2022 program was completed on August 29, at a total of 11,277 metres in 31 holes. Assay results are still pending for several holes.

"We continue to establish the continuity of the mineralized corridor at depth," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. "These drill results push the limits of the mineralization even further out from the currently defined mineral resource envelope and the proposed pitshell."

Drill results are obtained by 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, for assaying. The samples are crushed, pulverized and assayed by fire assay, with an atomic absorption finish. Samples exceeding 3 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.

About the Swanson property
Monarch holds a 100% interest in the Swanson property, which consists of one mining lease and 127 claims covering over 51.26 km². A NI 43-101 mineral resource estimate for the Swanson property was prepared for Monarch by InnovExplo in January 2021. The estimate is based on a database of 209 drill holes (146 surface holes and 63 underground holes) and approximately 10,000 assays. The mineral resource was estimated using a minimum cut-off grade for two combined potential extraction scenarios: constrained pit and underground. Cut-off grades of 0.75 g/t Au for constrained pit and 2.40 g/t Au for underground were defined based on a gold price of CA$2,160 and an exchange rate of 1.34 USD/CAD. The independent and qualified persons for the mineral resource estimate, as defined by NI 43-101, are Christine Beausoleil, P.Geo., and Alain Carrier, P.Geo., of InnovExplo. The technical report summarizing the results of the mineral resource estimate can be viewed on Monarch's website.

The Swanson deposit is interpreted as an intrusive-associated disseminated gold deposit located along a major regional structure. The gold mineralization is typical of other structurally controlled gold deposits associated with felsic intrusions. The deposit measures approximately 350 m along strike by 150 m wide and has currently been tested to a depth of 430 m.

The table below shows the combined resources for the Swanson deposit. The Swanson assay results and significant intervals and drill hole locations, as well as Monarch's combine gold resources, can be found in tables at the end of this press release.

Table 1: Combined resources by category for the Swanson deposit at the selected cut-off grades

The technical and scientific content of this press release has been reviewed and approved by Louis Martin, P.Geo., the Corporation's qualified person under National Instrument 43-101.

About Monarch
Monarch Mining Corp. (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch's wholly owned 750 tpd Beacon Mill. Monarch owns 29,504 hectares (295 km²) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 666,882 ounces and a combined inferred resource of 423,193 ounces.

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:

Table 2: Swanson assay results and significant intervals

*The width shown is the core length. True width is estimated to be between 60% and 70% of core length.

Table 3: Swanson drill hole location

Table 4: Monarch combined gold resources

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d089086e-1668-45b6-875c-5c9ba1f6b39f