In the current noisy intermediate scale quantum era of quantum computation, available hardware is severely limited by both qubit count and noise levels, precluding the application of many current hybrid quantum-classical algorithms to nontrivial quantum chemistry problems. In this paper we propose applying some of the fundamental ideas of conventional Quantum Monte Carlo algorithms�stochastic sampling of both the wave function and the Hamiltonian�to quantum algorithms in order to significantly decrease quantum resource costs. In the context of an imaginary-time propagation based projective quantum eigensolver, we present a novel approach to estimating physical observables which can lead to an order of magnitude reduction in the required sampling of the quantum state to converge the ground state energy of a system relative to current state-of-the-art eigensolvers. The method can be equally applied to excited-state calculations and, combined with stochastic approximations of the system Hamiltonian, provides a promising near-term approach to Hamiltonian simulation for general chemistry on quantum devices.