Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or
the “Company”) is pleased to announce exploration drilling results
from the company’s Murchison Gold Project at Burnakura and
Gabanintha in Western Australia. The drilling program commenced in
late February 2020 and was successfully completed in early May 2020
(the “2020 drilling program”). The results have confirmed the
continuity of gold mineralization within identified structures and
favorable lithology from existing mineral resources.
Highlights:
- Down plunge extensions of existing high grade gold
mineralization was successfully identified at deposits within the
Burnakura and Gabanintha Projects.
- Down plunge exploration drilling at the Yagahong deposit
returned:
- 4m at 5.01g/t Au in drill hole 20MRC008 from 139m, and
- 2m at 8.8g/t Au in 20MRC009 from 194m down-hole depths.
- Down plunge exploration drilling at the NOA 1 deposit has
returned:
- 5.77m at 2.13g/t in drill hole 20MRD013 from 237.8m down-hole
depth.
- Confirmation of mineralized structures and favorable
lithologies, including the Alliance Banded Iron Formation
(BIF).
The 2020 Drilling Program
The main focus of the 2020 drill program was to
test down plunge extensions of existing high grade gold
mineralization at both the Burnakura Project (Alliance, New
Alliance and NOA deposits), and the Gabanintha Project (Yagahong
deposit). The North of NOA7/8 (“NOA 9”) regional target within the
Burnakura Project was also tested.
The 2020 drill program was planned to consist of
4,580 drill meters for 38 drill holes with a completion targeting
late March. Due to additional heritage survey work the drilling was
completed in early May.
A total of 3,864m was drilled, consisting of
397m of diamond drilling (“DD”), 2,864m of reverse circulation
(“RC”) and 603m of AC drilling illustrated in Table 1 below:
Table 1. Drill Program Details |
Drill Area and Type |
HolesDrilled |
MetersDrilled |
Burnakura Down Plunge Extension RC Only |
4 |
839 |
Burnakura Down Plunge Extension RC/DD |
4 |
738/397 |
Gabanintha Down Plunge Extension RC |
6 |
1,287 |
Burnakura NOA 9 Regional Target AC |
23 |
603 |
Total |
37 |
3,864 |
Burnakura Down Plunge
Extension
The program successfully tested down plunge
targets at Alliance, New Alliance, NOA 1 and NOA 2 deposits at the
Burnakura project (Figure 1). A total of 12 holes for 3,080m were
planned to test down plunge extensions of high grade gold
mineralisation at Alliance (1,005m), New Alliance (850m) and NOA
(1,225m). The drill holes targeted high grade gold mineralization
with the potential to be mined underground as part of Monument’s
strategy to delineate additional resources to improve the economics
of the project.
A total of 8 holes for 1,577m of RC and 397m of
DD were drilled to test down plunge extensions of high grade gold
mineralization at Alliance (806m), New Alliance (557m), NOA 1
(264m) and NOA 2 (346m) (See Figure 1). The Burnakura RC and DD
holes were all drilled within 2km of Monument’s 260,000 tonnes per
annum gold processing plant.
The drilling confirmed the continuity of
structures and favorable lithology from existing resources,
including the best intersection of a 5.77m wide quartz vein at
2.13g/t Au, in hole 20MRD013, from 243m down-hole depth, at NOA 1,
which was only tested with one drill hole during this drill
program.
The drilling was completed in two phases, as a
diamond drill rig was mobilized to complete the deeper holes
because the RC rig was not able to keep the deeper samples dry.
This resulted in some updates to the original drill plan to keep
costs within budget. A full listing of drill hole details showing
intersections above 1 g/t gold are shown in Appendix 1.
Figure 1 accompanying this
announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b82360a3-1372-4cdb-a596-f49e15d77aa4
All Burnakura significant intercepts from this
drill program are shown in Table 2 below.
Table 2: Burnakura Project Significant
Intercepts |
Hole ID |
Prospect |
Azi |
Dip |
EOH |
Depth From(m) |
Depth To(m) |
DownholeWidth (m)* |
Au (g/t) |
20MRC001 |
Alliance |
268 |
-60 |
282 |
243 |
245 |
2 |
0.94 |
20MRC002 |
New Alliance |
273 |
-61 |
167 |
142 |
145 |
3 |
1.87 |
20MRC003And |
273 |
-60 |
160 |
129 |
133 |
4 |
1.42 |
136 |
137 |
1 |
1.41 |
140 |
142 |
2 |
2.32 |
20MRC004 |
311 |
-60 |
230 |
- |
- |
- |
NSR** |
20MRD011 |
Alliance |
273 |
-60 |
271 |
183 |
184 |
1.00 |
2.22 |
20MRD012 |
274 |
-60 |
253 |
214.4 |
215.75 |
1.35 |
1.02 |
225.09 |
225.65 |
0.56 |
5.43 |
20MRD013 |
NOA 1 |
273 |
-60 |
264 |
191.5 |
192.56 |
1.06 |
1.51 |
And |
237.8 |
243.57 |
5.77 |
2.13 |
Including |
242.5 |
243.57 |
1.07 |
7.55 |
20MRD014 |
NOA 2 |
273 |
-59 |
346 |
- |
- |
- |
NSR |
*True width intersections are estimated to be
approximately 95%, 95% and 80% of drilled widths for Alliance, New
Alliance and NOA 1 respectively. **NSR = no significant result
The 3 holes drilled at Alliance
intersected the same structure and lithology that occurs 170-200m
“up dip” in the higher grade areas of the existing resource,
confirming the continuity of the gold mineralization and its
potential as an underground target. As this drill program consisted
of only 3 holes covering a strike length of over 280m, further
infill drilling is required to test this target.
Drilling at New Alliance
targeted approximately 100m down an interpreted plunge of a high
grade gold area that has the potential to be mined underground.
Although mineralization was weaker than expected, the target is not
fully tested and requires additional drilling.
A single hole was drilled to target NOA
1 gold mineralization which is interpreted to be located
on the same structure that hosts the NOA 2 gold mineralization but
is offset by a major east-west fault. The hole intersected a wide
prospective quartz vein zone from 237.8m to 243.57m and returned a
significant intersection of 5.77m at 2.13 g/t. Due to the potential
nuggety distribution of gold within this quartz vein structure,
further drilling will be required to fully test this structure and
extend the mineralization down dip and further to the south.
A single hole was drilled targeting the
potential down plunge of the NOA 2 mineralization.
The same high potential dolerite-sediment contacts that hosts the
mineralization previously mined underground (“up dip”) was
intersected. The extension of prospective lithologies was
confirmed, and further exploration targeting work will be completed
prior to any further drilling.
Gabanintha Down Plunge
Extension
A total of 5 RC holes for 1,127m were drilled to
test the down plunge extension of the high grade Yagahong gold
mineralization (See Figure 2). The drilling successfully extended
the known mineralised structure a further 300m down plunge from the
existing high grade drilled area. In addition, the deepest down
plunge hole that was drilled recorded an intercept of 2m at 8.8g/t
gold.
Figure 2 accompanying this
announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c177a2e4-9676-4a72-8a2b-b75fcf5b91ce
The 5 holes at Yagahong were all drilled at
least 110m down plunge from existing drilling. Drilling confirmed
the continuity of the shallowly north-west plunging structure.
Several encouraging gold intersections including 4m at 5.01g/t Au
in drill hole 20MRC008, from 139m down-hole depth, and 2m at 8.8g/t
Au in drill hole 20MRC009 from 194m down-hole depth were returned
(See Table 3). In addition, there were several strong copper
intercepts. Hole 20MRC007 returned 14m at 0.97% Cu from 143m
down-hole depth, including 3m at 2.86% Cu and hole 20MRC009
returned 3m at 0.85% Cu from 169m.
Table 3: Summary of Gabanintha Project
Results
Hole ID |
Prospect |
Azi |
Dip |
EOH |
Depth From(m) |
Depth To(m) |
DownholeWidth (m) * |
Au (g/t) |
Cu% |
20MRC005 |
Yagahong |
218 |
-71 |
195 |
- |
- |
- |
NSR |
- |
20MRC006 |
215 |
-70 |
180 |
- |
- |
- |
NSR |
- |
20MRC007 |
206 |
-74 |
228 |
143 |
157 |
14 |
0.29 |
0.97 |
144 |
145 |
1 |
1.94 |
2.02 |
151 |
154 |
3 |
0.50 |
2.86 |
20MRC008 |
215 |
-71 |
250 |
139 |
143 |
4 |
5.01 |
NSR** |
139 |
140 |
1 |
17.7 |
NSR |
20MRC009 |
212 |
-71 |
252 |
159 |
160 |
1 |
1.35 |
NSR |
169 |
172 |
3 |
1.21 |
0.85 |
194 |
196 |
2 |
8.80 |
- |
20MRC010 |
Canterbury |
258 |
-65 |
160 |
- |
- |
- |
NSR |
- |
*True width intersections are estimated to be
approximately 95%, 95% and 80% of drilled widths for Alliance, New
Alliance and NOA 1 respectively. **NSR = no significant result
Burnakura NOA 9 Regional
Target
The NOA 9 regional target was tested with 23 AC
holes for 603m of drilling. Three east-west lines spaced at 250m
and 350m with 40m spaced holes dipping to the west were drilled.
The NOA 9 target was identified by Dr. Warwick Crowe (See November
8, 2018 news release) as a potential north-west trending splay off
the Burnakura shear zone with a similar structural association of
the NOA trend of deposits. The target was tested, but there were no
significant intercepts recorded yet. These results will be
considered in terms of the overall Murchison package and reviewed
in conjunction with geochemical and geophysical data.
Forward Plan
Follow up drill programs will be planned to
target and extend some of the encouraging mineralization and
structures intercepted in this drill program. A review of other
high potential drill ready targets will also be made so that
targets can be reprioritized according to knowledge obtained from
this drill program. In addition, an increased focus will now be
made on regional exploration potential assessment to capitalize on
Monument’s large land holding over its three Murchison projects
(Burnakura, Gabanintha and Tuckanarra).
Quality Assurance/Quality
Control
All drilling completed by Monument utilized the
following procedures and methodologies, and was carried out under
the supervision of Monument personnel. Drill contractors used for
this drill program included Kennedy Drilling and Mount Magnet
Drilling.
RC drilling used a 5.50 to 5.75 inch face
sampling pneumatic hammer with samples collected into 60 liter
plastic bags. Samples were kept dry by maintaining enough air
pressure to exclude groundwater inflow; however, a small number of
RC samples from this drill program were wet. If water ingress
exceeded the air pressure consistently, RC drilling was cancelled
and drilling converted to diamond core tails. AC drill cuttings
were collected in one meter intervals and split between a calico
bag and a portion for spear sampling 4m composites. The 1m calico
sample was stored at the drill site until assay results were
received and validated. Composites returning greater than 0.2g/t Au
were subsampled using the 1m calico bags. Coarse reject samples for
all mineralized samples corresponding to significant Au intervals
were retained and stored on-site at the Company controlled core
yard.
DD drill holes were drilled with NQ sized
diamond drill bits. The core was logged, marked up for sampling
according to geological contacts at intervals between 0.3m and 1.3m
length, but was generally sampled at 1m length intervals. Samples
were then cut into equal halves using a diamond saw. One half of
the core was left in the original core box and stored in a secure
location at the Company core yard at the Burnakura camp. The other
half was sampled, catalogued and placed into sealed bags and
securely stored at the site until shipment.
All drill samples were shipped to ALS
Geochemistry laboratory in Wangara, WA for preparation. Samples
were dried and crushed to 85% passing 75 microns. A 200-250g
subsample was then sent to ALS Geochemistry Malaga lab where
routine gold analysis using a 50-gram charge and fire assay with an
atomic absorption finish was completed. Selected samples were
dissolved by a four acid digestion and then analyzed for a suite of
33 elements using an ICP-AES finish. Quality control procedures
included the systematic insertion of blanks, duplicates and sample
standards into the sample stream. In addition, the Lab inserted its
own quality control samples. The results of the Monument control
samples for this drilling program were evaluated and were
considered to be of a high standard and no samples were re-analyzed
and/or resubmitted. A batch of samples will be sent to another
laboratory for cross checking in the near future as part of the
QAQC procedure.
Qualified Persons
The scientific and technical information in this
press release has been prepared by Adrian Woolford, B.Sc. (Hons)
Chief Geologist of Monument Mining Limited; reviewed and approved
by Roger Stangler, MEng, FAusIMM, MAIG, a Qualified Person as
defined by NI43-101, retained by Golder Associates Pty Ltd.
About Monument
Monument Mining Limited (TSX-V: MMY, FSE:D7Q1)
is an established Canadian gold producer that owns and operates the
Selinsing Gold Mine in Malaysia. Its experienced management team is
committed to growth and is advancing several exploration and
development projects including the Mengapur Copper and Iron
Project, in Pahang State of Malaysia, and the Murchison Gold
Projects comprising Burnakura, Gabanintha and Tuckanarra in the
Murchison area of Western Australia. The Company employs
approximately 202 people in both regions and is committed to the
highest standards of environmental management, social
responsibility, and health and safety for its employees and
neighboring communities.
Cathy Zhai, President and CEOMonument Mining
LimitedSuite 1580 -1100 Melville StreetVancouver, BC V6E 4A6
FOR FURTHER INFORMATION visit the company web
site at www.monumentmining.com or contact:
Richard Cushing, MMY Vancouver
T: +1-604-638-1661 x102
rcushing@monumentmining.com
"Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release."
Forward-Looking Statement
This news release includes statements containing
forward-looking information about Monument, its business and future
plans (“forward-looking statements”). Forward-looking statements
are statements that involve expectations, plans, objectives or
future events that are not historical facts and include the
Company’s plans with respect to its mineral projects and the timing
and results of proposed programs and events referred to in this
news release. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". The forward-looking statements in this news release are
subject to various risks, uncertainties and other factors that
could cause actual results or achievements to differ materially
from those expressed or implied by the forward-looking
statements. These risks and certain other factors include,
without limitation: risks related to general business, economic,
competitive, geopolitical and social uncertainties; uncertainties
regarding the results of current exploration activities;
uncertainties in the progress and timing of development activities;
foreign operations risks; other risks inherent in the mining
industry and other risks described in the management discussion and
analysis of the Company and the technical reports on the Company’s
projects, all of which are available under the profile of the
Company on SEDAR at www.sedar.com. Material factors and
assumptions used to develop forward-looking statements in this news
release include: expectations regarding the estimated cash
cost per ounce of gold production and the estimated cash flows
which may be generated from the operations, general economic
factors and other factors that may be beyond the control of
Monument; assumptions and expectations regarding the results of
exploration on the Company’s projects; assumptions regarding the
future price of gold of other minerals; the timing and amount of
estimated future production; the expected timing and results of
development and exploration activities; costs of future activities;
capital and operating expenditures; success of exploration
activities; mining or processing issues; exchange rates; and all of
the factors and assumptions described in the management discussion
and analysis of the Company and the technical reports on the
Company’s projects, all of which are available under the profile of
the Company on SEDAR at www.sedar.com. Although the Company
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
does not undertake to update any forward-looking statements, except
in accordance with applicable securities laws.
Appendix 1 accompanying
this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/aa331597-2327-4dd2-8b2e-14e55c26e130
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