Toronto, Ontario--(Newsfile Corp. - November 9, 2021) - Monarca Minerals, Inc. (TSXV: MMN) ("Monarca" or the "Company”) is pleased to announce that it has completed its Phase 1 San Jose exploration RC drilling program with 4,640.6m completed in 15 drill holes. Assay results from 7 of these drill holes are shown below in Table 1 and indicate significant Au, Ag, Cu, Pb and Zn mineralization, with the remaining assay results still pending from the laboratory.
On Wednesday November 10, 2021, at 12:00 PM (Eastern Time) join Carlos Espinosa, President, CEO and Director of Monarca Minerals and Michael Smith, EVP, Exploration for a live webinar about competition of phase 1 of exploration drilling program and preliminary results. Please register at the following link: https://my.6ix.com/tymikmdb
Michael R. Smith, Monarca's Senior VP of Exploration commented, "We are excited about the drill hole assays received to date, which demonstrate that precious and base metal mineralization is widespread. Large volumes of skarn and altered intrusive rocks have been intersected in the drilling, showing the potential for significant mineralization in the areas of existing IP anomalies, which are approximately 2.8 km in length. The exploration upside at the San Jose project is promising as evidenced by these very good initial assay results, the extent of alteration, and the generally wide spacing of the drill holes."
The completed drill holes range from 140.2 to 408.4 m in depth and are inclined between 90 to-45 . The RC drilling depths were locally limited by high water volumes. All drill holes have been left open for possible future re-entry with core. Downhole surveys were completed for all but one of the drill holes, due to a downhole survey instrument failure. Mineralization is hosted in both exoskarn and endoskarn and in silcified intrusive rocks, which are locally potassically altered (Table 1). The area of drilling covers only a small portion of the IP anomalies and the mining concessions (Figures 1).
Drill holes $JO2, $JO5, SJO6, SJO7, $J08, SJ11, and SJ12 were drilled along the eastern margin of the northern large IP anomaly (Figure 2). The drill holes intersected altered intrusive rocks, while in outcrop dolomitized limestone occurs above the westerly angled drill holes. This provides an attractive target for skarn mineralization at the contact between the strongly altered intrusive rocks (with anomalous precious and base metal intercepts in SJO8, SJ11 and SJ12) and carbonate rocks above.
Table 1: Significant Drill Assay Results
Drlthole # | From (nj | To (wy | treerval (wg | Au eftanne | Ag gftmnne | Ca% | Pb | 2n%
[zm waa | 4072 ‘407 «| om | a | ae lining | maa | ase | a5 666 nm [om | os | om [sme [asaspencing
[sma mr3_| ms | a5 | om 5 | om | wae | care [swe laenspencin
[sms [asayspencing
[sme Tacnspencing
ism [asnspencing
[sma as | a is oot ms [om | ws | a0 fae ous _| 975 [| aa 036 27 1 _| we [aw fae zus_| a2 | __a5 om <5 | oc _| wace | wace fret Bre | 26 3 3u m6 | axa | ave [aa lining | 76 | ma | a5 123 saa | om | amt | oom [sme lasayspencing
isn 33 | 305] a5 om 2a | wae | ane [ace [smx m2 | 352 3 036 22__| 037 | wae |_a fsrsz ma | m3 | a6 033 15 | 02 | wae | am fama laznspending
[sna [asayspending
fens SSehaly anomalous Au (125° @ 0.005 to 0. pprn} and Raghest i pace (a 05%
Note: True widths are unknown at this time due to insufficient drilling
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Drill Hole Summaries
$J01 - Drill hole SJO1 is located about 30 m west of the Guadalupana mine and was angled at -60° to the southeast, to cross the veins, where prospect pits and a short shaft were developed in the 1970's. The hole intersected 3.0 m at 4.07 g/tonne Au, with 0.23 % Pb and 0.49 % Zn; the interval is a quartz vein with high sulfide content, hosted in silicified granodiorite. Two additional holes were drilled from the same pad, attempting to garner additional intercepts to establish the vein geometry and assays are pending. Drill hole SJ01 also intersected 15.2 m of anomalous (20.005 g/tonne) Au mineralization with highest grade at 0.05 g/tonne Au
$J03 - Drill hole SJO3 was drilled vertically to intersect an IP anomaly located about 100m east of the Tiro el Leon mine. It intersected multiple long exoskarn and endoskarn intervals. Drill hole SJO3 intersected 103.6 m of anomalous Au mineralization, with the highest grade at 0.12 g/tonne Au, and 22.9m m of anomalous (20.03 %) Zn mineralization, with the highest grade at 0.16% Zn.
$J08 - Drill hole SJO8 intersected four mineralized intervals, with significant precious and base metal grades, hosted in endoskarn and silicified intrusive rocks. The hole was collared about 15 m east of the Platosa mine and was angled westerly. A 1.5 m intercept from 62.5 m to 64.0 m assayed at 79.5 g/tonne Ag, with 0.04 g/tonne Au, 0.34% Cu, 0.36% Pb and 1.49% Zn. A 6.1 m intercept from 91.4 m to 97.5 m assayed at 0.36 g/tonne Au, with 1.0 % Cu. A 1.5 m intercept from 231.6 m to 233.2 m assayed at 0.84 g/tonne Au. A 3.0 m intercept from 257.6 m to 260.6 m
assayed at 3.11 g/tonne Au, with 31.6 g/tonne Ag and 0.18 % Cu. Drill hole SJ08 also intersected 278.9 m of nearly continuous anomalous Au mineralization, with an average grade of 0.07 g/tonne Au - the Au intervals shown in Table 1 are included in this 278.9 m anomalous Au interval. Also. intersected was 222.5 m of anomalous (2300 0.03 %) Cu mineralization, averaging 0.11% - included in this anomalous Cu mineralization are the intercepts shown in Table 1 and the highest interval grade was .1.16 %.
$J10 - Drill hole SJ10 was angled easterly, to intersect a significant IP anomaly. There are no nearby mines. A 1.5 m intercept from 349.0 m to 350.5 m assayed at 0.92 g/tonne Au. The mineralization is hosted in silicified granodiorite, which was strongly altered to endoskarn higher in the drill hole. Drill hole SJ10 also intersected 91.4 m of anomalous Au mineralization, with the highest grade at 0.19 ppm Au. Along with other anomalous intercepts, 1.5 m of mineralization was intersected starting at 213.4 m, with 0.033 g/tonne Au, 7.9 g/tonne Ag, 0.53% Pb and 0.49% Zn.
$J11 - Drill hole SJ11 was vertical and located at the east margin of a large IP anomaly and is located about 20 m west of the Calderon mine. The mineralization is hosted in exoskarn, carbonate replacement, endoskarn and silicified intrusive rocks. A 3.0 m intercept from 12.2 m to 15.2 m assayed at 0.86 g/tonne Au, with 0.17 % Cu; the mineralization is carbonate replacement, which is oxidized to gossan. Drill hole SJ11 also intersected 250.0 m of nearly continuous anomalous Au mineralization, with an average grade of 0.03 g/tonne Au, which includes the intercepts shown in Table 1. Drill hole SJ11 intersected 126.5 m of anomalous Cu mineralization averaging 0.06% Cu, (including the interval reported in Table 1), with the highest grade at 0.45% . Anomalous Au and Cu grades largely occur together. Drill hole SJ02 was drilled from the same location and was angled westerly; assays are pending.
$J12 - Drill hole SJ12 was angled westerly at the east margin of a large IP anomaly and is located about 100 m easterly of the Shakira mine. The hole intersected 4.6 m with 0.13 g/tonne Au and 0.33% Cu. Drill hole SJ12 also intersected 257.6 m of nearly continuous anomalous Au mineralization, with an average grade of 0.02 ppm Au and a maximum grade of 0.155 ppm Au. Drill hole $J12 intersected 204.2 m of anomalous Cu mineralization, averaging 0.08% Cu , with the highest grade at 0.50% Cu. Anomalous Au and Cu grades largely occur together. The mineralization is hosted in exoskarn, endoskarn and silicified intrusive rocks.
$J15 - Drill hole SJ15 was drilled vertically and centred on a strong IP anomaly; there are no nearby mines. It intersected 128.0 m slightly anomalous Au, with a maximum grade of 0.02 g/tonne. Base metal grades were mostly not anomalous. The mineralization is hosted in exoskarn, endoskarn and silicified granodiorite.
Figure 1: Map of the Property and Primary Exploration and Geophysical Survey Area
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To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/2584/102581_5dca1820a4b03a4a_002full.jpgN
Figure 2: Drilling IP Geophysical Targets