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Monarch announces discovery of new gold zone near Val d’Or

Monarch gold announces 7.6 grams per ton over 100 metres

Monarch Gold Corporation has announced new exploration drilling results from Probe Metals Inc. ("Probe") 2019 drill program on the Monique property (the "Property") located near Val-d'Or, Quebec, said a news release on August 27, 2019.

Results from eighteen (18) drill holes, totaling 5,357 metres, were received and indicated new discoveries south and southwest of the A and B gold zones. Probe is now preparing for the 2020 drill program to follow-up on the recent discoveries. Probe may earn a 60% interest in the Property by spending an aggregate of $2,000,000 on exploration before January 2021, said the release.

"We are very pleased that one of our projects is being developed with the help of Probe's expertise, and we are delighted with the solid progress made on the Monique property, notably the discovery of a new 500-metre-long gold zone and wide intersections with strong grades," said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch.

"From what we have seen from recent exploration results, we believe that the Monique property and Probe's adjoining Val-d'Or East project could become an interesting area play."

Of the eighteen holes, fifteen were designed to test a large area south of the historic A and B gold zones, and three were testing an under explored area northwest of the former Monique open pit along the mineralized trend.

Best assay results from south of the A and B gold zones were from hole MO-19-16 at 184 metres depth (down hole), which returned 5.9 g/t Au over 11.5 metres within a larger interval grading 1.9 g/t Au over 49.5 metres.

Hole MO-19-18 also returned encouraging results at 158 metres depth (down hole) grading 7.6 g/t Au over 10.0 metres. These 2 holes are located 100 m south of the A and B gold zones and intersected a new 500 m gold structure (Zone M) along with ten other holes, which all returned significant results between the surface and 230 metres depth (see Table 1).

The new structure is trending roughly parallel to the A and B zones, in an east-west direction, and dips steeply to the north. Mineralization in the area is characterized by 1% to 10% quartz, carbonate and tourmaline veins and veinlets, 1% to 3% pyrite and trace chalcopyrite associated with the veins, with visible gold frequently noted in grey translucent quartz tension veins. Disseminated coarse cubic pyrite is also observed in altered wallrock of the quartz-tourmaline veins.