Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or
the "Company") is pleased to announce commencement of the phase 1
Selinsing Sulphide Gold Project by adding a flotation plant to the
existing processing plant, which will produce marketable gold
concentrates from the sulphide ore at Selinsing Gold Mine in Pahang
State, Malaysia.
CEO and President Cathy Zhai commented:
“Monument has completed the restructuring of its mineral asset
portfolio by spinning out the Mengapur base metals project. This
enables us to focus on development and funding of the gold
portfolio.” She added: “We plan to spend up to USD$20 million first
to build a flotation plant for saleable gold concentrate, the
proceeds from it can be used to add the planned bioleaching plant
to produce gold bullion should an economic case be demonstrated by
then.”
The flotation construction comprises (1) Project
economic validation aimed to optimize flotation design completed in
the feasibility study, to produce saleable gold concentrate; (2)
Detailed flotation design and engineering; (3) Procurement; (4)
Construction and commissioning to deliver the final plant; and (5)
Mine development.
The flotation construction team has been
organized including project management, engineering, procurement
and administrative support, directly supervised by a newly
recruited Project Manager, who has 20 years’ experience in project
management, construction and engineering.
Key milestones and timelines for the project are
as follows:
- Flotation testwork (February-May
2021)
- Flotation pilot plant testing (June
2021 onwards);
- Flotation plant procurement starts
(June 2021);
- Flotation plant construction starts
(Late August 2021)
- Flotation plant construction
completion (April 2022)
- Gold concentrate production
commences (June 2022)
Please refer to the video “Update on Flotation
Plant Work at Selinsing Gold Mine” at the video section of the
Monument Mining website: https://www.monumentmining.com/videos/ in
conjunction with the following contents.
PROGRESS OF ECONOMIC
VALIDATION
The project economic validation was initiated
three months ago at the on-site laboratory using sulphide samples
collected from Buffalo Reef. It is to confirm the flotation reagent
regime, evaluate and maximize the economics of the gold concentrate
product that can be achieved through the sizing of flotation cells
and the number of cleaning stages.
Orway Mineral Consultants (WA) Pty Ltd.
(“Orway”) has been engaged to design and monitor the test work, and
provide a conceptual design targeting completion in May 2021.
Bureau Veritas, an independent certified laboratory has been chosen
to carry out the lab work. Both companies are located in Perth
Western Australia.
Flotation On-site Testwork
The testwork to date at the Selinsing on-site
lab has achieved an acceptable gold concentrate with recoveries of
83–92%, containing around 30-45 g/t of gold on composite samples of
Buffalo Reef fresh and transition materials. Initial marketing
studies using the in-house flotation data have indicated that
concentrate grades of 30 – 35 g/t Au may be preferred.
The test results achieved for samples of Buffalo
Reef Central 2 (“BRC2”) and Buffalo Reef Central 3 (“BRC3”)
transition and fresh sulphide material are summarized in Table
1.
Table
1:
Selinsing
Site
Flotation
Test
Results
Parameter |
BRC2
Transition |
BRC2
Sulphide |
BRC3
Transition |
BRC3
Sulphide |
Au Head (g/t) |
3.61 |
2.49 |
2.43 |
2.34 |
S Head (%) |
1.48 |
1.06 |
0.78 |
0.90 |
Mass Pull (%) |
11.37 |
5.50 |
4.98 |
4.71 |
Au Conc. (g/t) |
29.12 |
40.89 |
40.51 |
44.48 |
Au (Recovery) |
91.69 |
90.14 |
82.89 |
89.22 |
S Conc. (%) |
12.33 |
17.74 |
14.42 |
17.26 |
S (Recovery) |
94.87 |
91.71 |
92.30 |
90.42 |
A diamond drilling programme was conducted at
Buffalo Reef in January and February 2021 comprising eight holes
for 255 metres. Core samples were blended to provide around 100kg
each of transition and fresh ore at grades similar to the life of
mine ore grade. The transition ore composite contained a total of
102.5kg at an average grade of 1.60 g/t Au and the fresh composite
comprised 93.5kg at a grade of 1.80 g/t Au. This sample program is
summarized in Table 2.
Table 2: Transition and Fresh Ore
Composite Samples
|
Transition Ore Composite |
Fresh Ore Composite |
|
Weight kg |
Grade g/t Au |
Weight kg |
Grade g/t Au |
BRC2 |
28.5 |
2.45 |
34.5 |
2.09 |
BRC3 |
35.0 |
1.59 |
17.0 |
1.74 |
BRC4 |
20.0 |
0.64 |
40.0 |
1.60 |
BRN |
19.0 |
1.35 |
2.0 |
1.16 |
Total / average |
102.5 |
1.60 |
93.5 |
1.80 |
LOM grade |
|
1.70 |
|
1.85 |
Flotation Off-Site Testwork
The composite samples were sent to Bureau
Veritas for independent testing. The planned testwork programme
features: head assays, grind establishment, initial rougher tests
and rougher cleaner tests. Optional testwork includes a rougher
concentrate regrinding stage and QEMSCAN mineralogical
testwork.
Early testwork results have been excellent with
rougher concentrate grades of up to 45.1 – 48.7 g/t Au for
transition ore and 36.7 – 39.6 g/t Au for fresh ore; gold
recoveries have also been good with the first two rougher
concentrates recovering up to 83% of the gold from the transition
ore and 93% of the gold from the fresh ore. The content of
potential penalty elements such as arsenic has been below threshold
levels. Rougher – cleaner testwork on both ore types continues and
will be completed shortly.
Results of the flotation testwork will enable
Orway to complete the process engineering design including the
process design criteria, major equipment summary, flowsheet, mass
balance and consumables estimate. The results of the flotation
testwork will also be used to advance the marketing studies already
initiated. It will use the flotation test data to determine the
optimum concentrate gold grade and recovery for maximizing
revenue.
FURTHER PREPARATION WORK
A procurement plan based on the project schedule
has been completed. All potential major equipment suppliers have
been identified and the tendering process has been initiated. The
procurement strategy for long lead items has been addressed.
Mincore Pty Ltd of Melbourne, Australia has been
confirmed as the detailed design engineers for phase 1 of the
expansion project. The detailed engineering design contract is in
preparation and will be issued once the process engineering design
stage has been completed. Weekly meetings between Selinsing site
and Mincore personnel have already been initiated to optimise the
plant layout and equipment selection and to address any early
design issues.
Vegetation clearing has commenced and selected
mine waste has been used to level up the area at the construction
site. Construction of the next raise of the tailings storage
facility is progressing well with mine waste from Selinsing Pit 4
south extension providing Zone C fill at the saddle and south dams.
Foundation preparations for the main embankment are well advanced
and bulk fill is expected to commence in early May using waste from
development of the Buffalo Reef pits.
A new flotation pilot plant has been ordered
featuring a ball mill and classifier, conditioners,
rougher-scavenger flotation, three stages of cleaner flotation and
reagent pumps. The pilot plant will be used to provide concentrate
samples for thickening and filtration testwork, to provide training
for flotation operators, to make improvements to reagent regimes,
and to individually test transition and fresh ore sources for any
deviations from expected flotation response.
The East Coast Economic Region (ECER) and
Malaysian Investment Development Authority (MITA) have been
communicated with to initiate the flotation manufacturing license
application process and proceed to amend the capital incentive
allowance application to our gold concentrate production. All other
permits in relation to the flotation plant construction have been
obtained.
The results from the flotation testwork will be
used to advance the marketing studies, which have already been
initiated, to determine the optimum concentrate gold grade and
recovery for maximizing revenue. We expect the testwork will
conclude in May, and the Flotation Pilot Plant testing and
procurement can begin in June.
Qualified Persons
The scientific and technical information in this
press release has been prepared by Charlie Northfield, B.Sc.(Hons),
ACSM, of Monument Mining Limited; reviewed and approved by Michael
John Kitney, MAICD, MSc, MAusIMM, a Qualified Person as defined by
NI43-101.
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 also advancing the Murchison Gold
Projects comprising Burnakura, Gabanintha and Tuckanarra (20%
interest) in the Murchison area of Western Australia. The Company
employs approximately 200 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
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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.
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