Monarch Continues to Intersect Broad Zones of Mineralization on Swanson, With 0.65 g/t Au Over 193.4 M (634.5 ft) Including 7.55 g/t Au Over 4.05 M (13.3 ft)

• Monarch reports gold assays from the remaining six drill holes totalling 2,140 metres of its 2021-2022 Swanson drilling program.
• Hole SW-22-029 intersected a wide mineralized zone of 193.4 m at 0.65 g/t Au, with several higher grade sections, including 7.55 g/t Au over 4.05 m, extending the current pit shell at depth.
• Hole SW-22-030 has extended the footwall zone near surface with an intersection of 6.0 m at 1.19 g/t Au.
• Hole SW-22-031, located 75 m to the northeast of the current wireframes intersected 4.26 g/t Au over 0.55 m and is open to the east.
• Multiple zones were intersected in hole SW-22-028 (0.80 g/t Au over 9.0 m and 1.45 g/t Au over 1.50 m) and SW-22-005ext (2.33 g/t Au over 1.10 m and 9.85 g/t Au over 1.30 m), extending the current wireframes at depth.
• Results from the drilling program confirm that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 mineral resource estimate.

MONTREAL, May 24, 2023 -- Monarch Mining Corp. ("Monarch" or the "Corporation") (TSX: GBAR) (OTCQB: GBARF) is pleased to report the results of the last six holes from the 2021-22 drilling program, which totalled 11,194 metres in 31 holes, on its wholly-owned Swanson gold project, located 50 kilometres north of the Corporation's wholly owned Beacon mill (see Figure 1, Table 1 and 2).

The drilling program was aimed at expanding the 2021 mineral resource estimate ("2021 MRE"). The mineralized envelope currently measures 300 metres by 150 metres and has been tested down to a vertical depth of 430 metres and remains open to the east and at depth.

The most significant intersection was in hole SW-22-029, with 0.65 g/t Au over an impressive 193.4 m, including several higher grade sections of 4.80 g/t Au over 1.55 m, 7.55 g/t Au over 4.05 m, 2.17 g/t Au over 4.90 m, 3.11 g/t Au over 4.7 m and 2.80 g/t Au over 2.05 m. This wide corridor of mineralization was intersected within and below the proposed pit shell and extends to a vertical depth of 230 m below surface (see Figure 2).

Drill hole SW-22-030 identified a near-surface exposure of the footwall zone with an intersection of 1.19 g/t Au over 6.0 m. This intersection is located outside and to the southeast of the proposed pit shell.

Hole SW-22-031, located 75 m to the northeast of the deposit and current wireframes, intersected 4.26 g/t Au over 0.55 m, confirming that the mineralization is still open to the east.

Additional anomalous intersections below the pit shell were also encountered in hole SW-22-005ext, which returned assays of 2.23 g/t Au over 1.1 m and 9.85 g/t Au over 1.3 m (see Figure 3).

Since the publication of the 2021 MRE by InnovExplo (see Table 3), Monarch has drilled a total of 11,194 m in 31 drill holes. The holes are relatively shallow and were primarily drilled at the outer edge of the proposed pit shell limits and at depth in the area of the underground mineral resource blocks. The results from this drilling program has confirmed that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 MRE.

"The results from the remaining holes of the 2021-22 drill program continue to demonstrate the surprisingly widespread nature of the gold mineralization, extending below the proposed pit shell," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. "Other anomalous intersections from these latest results continue to show that the mineralized system is open and more work is required on this project."

Drilling and Quality Control
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.

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 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 C$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 currently measures approximately 300 m along strike by 150 m wide and has been tested to a depth of 430 m.

About Monarch
Monarch Mining Corp. (TSX: GBAR) (OTCQB: GBARF) is a gold mining company that owns four projects, including the Beaufor Mine, which is currently on care and maintenance and 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 Beacon Mill with a design capacity of 750 tpd. 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
All statements, other than statements of historical fact, contained in this press release including, but not limited to those describing the timeline of the initiatives described in this press release, those relating to the intended use of proceeds of the Offering, the final approval of the Toronto Stock Exchange in connection with the Offering, the entering into or more sale agreements, debt settlement agreements, merger or other combination business agreements, the Corporation's commitments and initiatives outlined in the press release, the intended results of the initiatives described in this press release, the positive impact of the foregoing on project economics, and generally those statements which are discussed under the "About Monarch" paragraph and elsewhere in the press release which essentially describe the Corporation's outlook and objectives, constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements") within the meaning of Canadian, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.

Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, the Corporation's ability to continue as a going concern, the Corporation being a going concern able to realize its assets and discharge its liabilities in the normal course of business as they come due into the foreseeable future, the generation of interest for its review of a range of alternatives, in either the sale of part or all of the Company or its assets, a merger or other business combination with another party, a potential investment in Monarch, a debt restructuring, or other strategic initiatives with the goal of maximizing return in respect of the Company's assets, the ability of the Corporation to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Corporation, the business conditions of the Corporation will not change In a materially adverse manner, expectations that the business of the Corporation will continue in the ordinary course, litigation as well as cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in Monarch's Annual Information Form dated September 28, 2022, including in the section thereof captioned "Risk Factors", which is available on SEDAR at www.sedar.com. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the manuals of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR MORE INFORMATION:

www.monarchmining.com

Figure 1: Swanson - Significant Intervals on Plan View

Figure 2: Swanson - Cross Section Showing Hole SW-22-029

Figure 3: Swanson - Cross Section Showing Hole SW-22-005ext

Table 1: 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.

NSA = No Significant Assays

Table 2: Swanson Drill Hole Location

Table 3: 2021 MRE for Swanson

Table 4: Monarch Combined Mineral Resource Estimates

Photos accompanying this announcement are available at

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