Monarca Minerals drills 3 m of 4.07 g/t Au at San Jose

Mr. Carlos Espinosa reports

MONARCA MINERALS REPORTS COMPLETION OF PHASE 1 EXPLORATION DRILLING AT SAN JOSE PROJECT AND PRELIMINARY RESULTS INCLUDING 4.07 G/T AU OVER 3.0M

Monarca Minerals Inc.has completed its phase 1 San Jose exploration RC (reverse circulation) drilling program with 4,640.6 metres completed in 15 drill holes. Assay results from seven of these drill holes are shown in the attached table and indicate significant gold, silver, copper, lead and zinc mineralization, with the remaining assay results still pending from the laboratory.

On Wednesday, Nov. 10, 2021, at 12 p.m.Eastern Time, join Carlos Espinosa, president, chief executive officer and director of Monarca Minerals, and Michael Smith, executive vice-president, exploration, for a live webinar about the competion of phase 1 of exploration drilling program and preliminary results.

Michael R. Smith, Monarca's senior vice-president 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 [induced polarization] anomalies, which are approximately 2.8 kilometres 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 metres to 408.4 m in depth and are inclined between 90 degrees to minus-45 degrees. 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 silicified intrusive rocks, which are locally potassically altered (see attached table). The area of drilling covers only a small portion of the IP anomalies and the mining concessions.

Drill holes SJ02, SJ05, SJ06, SJ07, SJ08, SJ11 and SJ12 were drilled along the eastern margin of the northern large IP anomaly. 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 metaland base metal intercepts in SJ08, SJ11 and SJ12) and carbonate rocks above.