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Monument Announces Second Round of RC Assay Results at Murchison Gold Project

November 18, 2014
Best Intercepts of 3m @ 6.09g/t Au from surface in infill drilling, and 5m @ 3.48g/t from exploration drilling


Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce the second round of drilling results from the resource drilling programme at the Murchison Gold Project in Western Australia, through its wholly owned Australia subsidiary Monument Murchison Pty Ltd. The Murchison Gold Project is 100% owned by Monument Mining Limited and consists of the historical Burnakura and Gabanintha projects. Figure 1 (Appendix 1) shows a Location Plan for the Project.

President and CEO Robert Baldock said: “Monument is a fast growing gold producing Company and has added the Murchison Gold Project in February 2014 into its gold property pipeline. Since acquisition it has drilled 13,400 metres in confirmation, infill and step out drilling. It has also progressively carried out a suite of technical studies targeting completion in June 2015, including metallurgical test work, mining engineering, process plant modifications and environmental studies aimed at putting the Project into production once economic viability has been demonstrated.” 
 

Highlights of the Drill Results


To date, a total of 102 RC holes have been completed in the first drilling programme at Alliance and New Alliance. A total of 64 RC holes have been previously reported, with assay results for the remaining 38 holes now available. Table 1 in Appendix 2 shows a breakdown of fire assay results completed by SGS Australia for intervals of mineralisation greater than 0.5g/t Au. Figure 2 shows the distribution of drill holes containing mineralised assay results greater than 0.5g/t Au (Appendix 3). 

The majority of drilling to date has been angled from 60° - 75o inclination towards grid west, or as vertical holes. This drilling has confirmed the Alliance/New Alliance mineralisation is hosted within several north to northeast trending, moderately east dipping (~30°) narrow quartz veined zones with an average true thickness varying from 2 metres to 5 metres. * Drillhole orientation was designed to target perpendicular to mineralisation for true thickness, except where vertical holes were drilled - See Table 1. True thickness of mineralisation will be calculated once a resource model is compiled. The drillhole intercepts reported in this statement represent the actual sample intervals obtained from drilling.

According to Lisa Wells, Exploration Manager, these results further confirm favourable mineralization targets at Alliance and New Alliance from this new round of results. A total of 34 out of the 38 RC drillholes returned favourable mineralization greater than 0.5g/t Au. Of particular note, extensional drilling from this round produced an intercept of 2m @ 5.3g/t Au from 57 to 59m from hole 14MRC072, while exploration drilling produced an intersection of 5m @ 3.48g/t Au from 70 to 75m in hole 14MRC096. A proposed twinned hole shifted and re-angled, intersected 1m@ 17.7g/t Au from 42 to 43m where the historical hole produced 7.94g/t Au from the same interval. All of these results are very encouraging, especially the results from the extensional and exploration drilling. 

Results from the diamond drilling programme of 6 PQ holes drilled at Alliance and New Alliance are now available and detailed in Table 3. At Alliance the best result was confirmed in hole 14MDD004 with 2m @ 14.08g/t Au from 36 to 38m. At New Alliance, 14MDD001 intersected 7.58g/t Au from 52 to 53m and 10.6g/t Au from 63 to 64m. This core material is currently being used for metallurgical testwork however these results will contribute to the resource information. Table 2 in Appendix 3 shows a breakdown of fire assay results greater than 0.5g/t Au. Appendix 4 shows the location information for all 102 drillholes from the first RC programme at Alliance/New Alliance.

A programme of RC drilling has recently been completed at Federal City. A total of 63 RC holes for 4,058m was completed on the 31st of October and samples sent to SGS laboratories. Results for this round of drilling will be reported once results have been received.
 

Background And Progress On The Exploration Program


The drilling programme was initiated in May 2014 at the Alliance and New Alliance open pit deposits at the Burnakura Project. Figure 3 shows the geological map for the Burnakura Tenement area (Appendix 5). The drilling program has been designed to validate the historical resource, increase the grade and geological continuity of the mineralisation through infill drilling and to test for resource extensions and define further exploration targets. This work will contribute to the current suite of technical studies for the project, which has been designed to provide the basis for a commercial outcome within an eighteen month time frame from acquisition. This news release should be read in conjunction with previous news releases dating from May 26, 2014. 

Various technical studies are currently in progress at the Alliance and New Alliance prospects which include: 

Resource confirmation and study

To date the historical estimates have been under review by independent consultants Cube Consulting (“Cube”). The complete historical resource drilling digital database has now been checked and validated by Cube for consistency. The data is now being held in a secure SQL database server. Cube has also reviewed the QAQC procedures and quality control data for the first 32 RC holes and considers at this stage that the veracity of the data is appropriate for the purposes of mineral resource estimation. The QAQC analysis for the remainder of the holes is in progress.

All data from the first programme of 102 holes at Alliance and New Alliance has now been input into the database and has been prepared for the upcoming initial mineral resource estimation. Cube will shortly commence studies on the geological model of Alliance and New Alliance and once this is completed they will commence work on the mineral resource estimation. The geological model will complement the estimation model and be used for potential mine planning purposes.

Fugro Geospatial has recently completed an aerial survey over the Burnakura and Gabanintha mining leases. The data from this work, which includes aerial photography and detailed contours, has now been received and will assist with resource and mine planning studies.

Metallurgical test work 

Metallurgical testwork on PQ core samples from 6 holes at Alliance and New Alliance is currently underway. The work is testing the material for use with the existing CIL/CIP plant as well as potential for heap leach recovery. Complete results for this are pending and due in the first quarter of 2015.

A site inspection has recently been carried out by Kappes Cassiday Australia to assess the potential heap leach site and previous proposal for establishing a heap leach facility. In addition, Como Engineers conducted a field inspection to inspect the existing 1Mt facility heap leach equipment stored at site, purchased by the previous owners of Burnakura from the Indee Plant. The aim of the work is to see what would be entailed to reconstruct the equipment and increase it to the proposed 2Mt capacity, formerly postulated by the previous holders of the project. 

A plant recommissioning inspection by Orway Mineral Consultants will commence in November with both process and electrical engineers to inspect and test the plant for safety purposes and readiness for recommissioning while the plant remains under Care and Maintenance.

Environmental study

Environmental permitting by Independent Consultants, Animal Plant Mineral, has been ongoing with further Programme of Works applications recently submitted for additional drilling activities.

APM has also recently carried out a flora/fauna spring survey at Alliance, New Alliance and Federal City in anticipation of its necessity should amendments to the current approved permits for mining be required. This work has also formed part of the Programme of Work applications for further drilling programmes at Alliance, New Alliance and Federal City.

Site maintenance and development

Since the acquisition of the asset, Monument has ensured that the plant and fixed assets are being kept in good care and maintenance order with a view to future commissioning. Site operations are fully functional for the needs of exploration with supply chain logistics firmly in place. All safety policies and procedures have been implemented at the Monument site operations, as required by the Department of Mines and Petroleum.

With the recent completion of drilling at Federal City, and in light of positive assay results received from the Alliance/New Alliance first programme of drilling, a further programme up to 5000m has been planned at Alliance/New Alliance to further test the extensional and exploration targets from the previous campaign, as well as additional exploration targets generated from recent geological investigations. The work is also aimed at providing any necessary infill drilling required for confirmation of the resource.

Exploration programmes targeting further mineralisation potential are currently in the planning stages given the promising results obtained from exploration drilling in this first programme, as well as target generation at the other projects.

The scientific and technical information in this press release has been compiled and reviewed by Darryl Mapleson (BSc (Hons), FAusIMM) who is a as a Competent Person as defined by JORC guidelines and a Qualified Person for NI43-101 retained by Monument Mining Limited. He has been working in Australia for Monument as an independent consultant.

The above stated development outlook is to the effect that a preliminary economic assessment has not been completed and there is no certainty the proposed operation will be economically viable.

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 Polymetallic 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 over 300 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. 
 

Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 1580 - 1100 Melville Street
Vancouver, 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

Wolfgang Seybold, Axino GmbH
T: +49 711-2535-92 40
wolfgang.seybold@axino.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



Figure 1 - Murchison Gold Project

APPENDIX 2
Table 1 - RC Drilling Fire assay results for intervals of mineralisation greater than 0.5g/t Au

 

MONUMENT MINING LIMITED
Table 1:  Significant Drill Intercepts > 0.5g/t
ALLIANCE (Grid: GDA94)
Hole NameHole
Type
PurposeNorthingEastingRLDipAzimuthEOHFromToLengthAu
(ppm)
14MRC065RCExploration7007970645601472-59267103848621.16
14MRC066RCInfill7007701645657472-69275105404331.05
         535630.99
         919324.51
14MRC067RCInfill7007669645624473-90125110313210.80
         373811.65
         747626.14
14MRC068RCInfill7007646645681471-60272126848510.57
         919324.66
14MRC069RCInfill7007679645666471-74272115535411.46
         899233.59
14MRC070RCInfill7007679645645472-60275105464711.50
         788021.59
         979810.53
14MRC071RCTwin7007681645570476-60273754243117.70
         616212.43
14MRC072RCExtensional7007953645545472-6526785575925.30
         777812.34
14MRC094RCExploration7007618645643472-64270105969712.33
14MRC095RCExploration7007558645596473-6427287394010.75
         727311.84
14MRC096RCExploration7007540645596473-6327284394011.96
         707553.48
14MRC097RCExploration7007500645593474-6427193545510.96
         687020.60
14MRC098RCExploration7007479645591474-6427284313210.82
14MRC099RCExploration7007411645543476-7527275333413.01
14MRC100RCExtensional7007360645558476-7927066394010.55
 
NEW ALLIANCE (Grid: GDA94)
14MRC073RCExtensional7008042645829467-602721000114.43
         788241.85
14MRC074RCInfill7008114645800467-6027798596010.55
         646620.57
         707336.09
14MRC075RCInfill7008162645818466-59318100808441.83
         889133.47
14MRC076RCInfill7008176645793466-6031799636520.98
         757720.93
14MRC077RCExtensional7008285645815466-59316117676815.53
         717214.70
         768040.95
         10710811.48
14MRC078RCExtensional7008266645807466-59316105676811.12
         747512.39
14MRC079RCExtensional7008253645820466-59319117768150.86
14MRC080RCExtensional7008250645793466-6031693515321.12
         565710.95
         676810.54
14MRC081RCExtensional7008233645815466-5931696707225.04
         758270.62
14MRC082RCInfill7008217645803466-5931598616540.78
         787910.71
14MRC083RCInfill7008207645824466-59320102323311.80
         788025.68
14MRC084RCExtensional7008265645806466-5931570666711.72
14MRC085RCInfill7008214645785467-603158401119.70
         495451.25
         596010.94
         656941.25
14MRC086RCInfill7008197645804466-59318102697121.55
         788240.67
14MRC087RCInfill7008177645826466-59316108838741.59
         929641.66
14MRC088RCExtensional7008316645848465-60316107818210.73
         878920.54
         989910.67
14MRC089RCExtensional7008328645879465-59316111989910.58
         10410951.40
14MRC090RCExtensional7008328645913465-60316113575810.75
         979922.30
14MRC091RCExtensional7008089645810467-59270100727311.30
         768041.15

 

Selection Parameters
Top Cut99999999
Bottom Cut0.5
Maximum Internal Dilution2
Minimum Interval Length1
Individual Reportable Assays1
LEGEND
        0.5-1.0g/t
 1.0-2.0g/t
 2.0-5.0g/t
 5.0-10.0g/t
 Significant Intercept
 
PURPOSE
ExtensionalTesting Further Extensions of Mineralisaion
ExplorationTesting Previously Untested Areas not Related to Current Mineralisation
InfillDrilling Between Previously Drilled Historic Holes
MetallurgicalDrilled for Metallurgical Testwork Samples and as Verification Holes
Step OutDrilling Outwards from Current Mineralised Drillhole
TwinRedrill of Pre-existing Drillhole to Confirm Results

 

APPENDIX 3

Figure 2: Drillhole Location Plan for Assays Greater than 0.5g/t




APPENDIX 4

Diamond Drilling Fire assay results for intervals of mineralisation greater than 0.5g/t Au


ALLIANCE (Grid: GDA94)

Hole NameHole
Type
PurposeNorthingEastingRLDipAzimuthEOHFromToLengthAu
(ppm)
14MDD002DDHMetallurgical7007640645581474-8128256.3222311.22
         42.75463.257.55
14MDD003DDHMetallurgical7007843645601473-8027580767713.99
14MDD004DDHMetallurgical7007881645494466-8528254.53638214.08


NEW ALLIANCE (Grid: GDA94)

Hole NameHole
Type
PurposeNorthingEastingRLDipAzimuthEOHFromToLengthAu
(ppm)
14MDD001DDHMetallurgical7008170645769467-8128184.3525317.58
         585912.02
         6364110.60
         676921.83
14MDD005DDHMetallurgical7007996645773467-8227859394120.72
         464931.10
14MDD006DDHMetallurgical7008059645750468-8527268.5384130.65
         444731.74
         47.5513.56.10

 

APPENDIX 5

Collar Information for First Campaign of RC and Diamond Drilling at Alliance/New Alliance

 

Hole_IDNorthingEastingStart DateEnd DateDrilled Depth (m)
14MRC001700812764559423/05/1424/05/14125
14MRC002700809064563924/05/1426/05/14106
14MRC003700790664559226/05/1426/05/1495
14MRC004700792264557627/05/1427/05/1493
14MRC005700786064562027/05/1428/05/14112
14MRC006700780864563529/05/1429/05/14112
14MRC007700777464561529/05/1430/05/14110
14MRC008700775064563130/05/1431/05/14121
14MRC009700772864563131/05/141/06/14113
14MRC01070078606456501/06/142/06/14123
14MRC01170077826456383/06/144/06/14116
14MRC01270076216455655/06/145/06/1466
14MRC01370076206456184/06/144/06/1490
14MRC01470076006456065/06/145/06/1489
14MRC01570075506455446/06/146/06/1479
14MRC01670075196455586/06/146/06/1465
14MRC01770074886455457/06/147/06/1485
14MRC01870074526455487/06/147/06/1476
14MRC01970074036455158/06/148/06/1455
14MRC02070073736455378/06/148/06/1455
14MRC02170073656455558/06/148/06/1462
14MRC02270073226455799/06/149/06/1462
14MRC02370073946454759/06/149/06/1456
14MRC02470076276456799/06/1411/06/14125
14MRC025700767064577912/06/1412/06/1462
14MRC026700770164577812/06/1412/06/1478
14MRC027700772564577613/06/1413/06/1485
14MRC028700773164574513/06/1413/06/1462
14MRC029700778064577114/06/1414/06/1482
14MRC030700781464577316/06/1416/06/1484
14MRC031700787164575116/06/1418/06/1479
14MRC032700791164574618/06/1418/06/1477
14MRC033700781364572718/06/1419/06/1482
14MRC034700785364570020/06/1420/06/1475
14MRC035700786664571120/06/1420/06/1479
14MRC036700793364571621/06/1421/06/1453
14MRC037700785164574221/06/1421/06/1473
14MRC038700820964562421/06/1422/06/14101
14MRC039700816764566322/06/1423/06/1492
14MRC040700842264608925/06/1425/06/14123
14MRC041700848764601325/06/1426/06/14125
14MRC042700855964593126/06/1427/06/14116
14MRC043700861864585128/06/1428/06/14120
14MRC044700780964559129/06/1430/06/14100
14MRC045700777864558830/06/1430/06/14100
14MRC04670077526455842/07/143/07/14100
14MRC04770077316455963/07/144/07/14100
14MRC04870076546455884/07/144/07/14100
14MRC04970076306455685/07/145/07/14100
14MRC05070075806456175/07/146/07/14100
14MRC05170079336457967/07/147/07/1473
14MRC05270080406458017/07/147/07/1493
14MRC05370078146456299/07/1410/07/14112
14MRC054700775264562410/07/1411/07/14121
14MRC055700797564554012/07/1412/07/14100
14MRC056700795264560113/07/1413/07/14104
14MRC057700827664563515/07/1416/07/1438
14MRC058700828064565814/06/1415/07/1443
14MRC059700820764565616/07/1416/07/1451
14MRC060700820664567616/07/1416/07/1456
14MRC061700814964568716/07/1417/07/1445
14MRC062700798464547517/07/1417/07/1485
14MRC063700792764554218/07/1418/07/1485
14MRC064700789964556818/07/1419/07/1480
14MRC065700797164560119/07/1420/07/14103
14MRC066700770064565420/07/1421/07/14105
14MRC067700767064562421/07/1423/07/14110
14MRC068700764664568323/07/1424/07/14126
14MRC069700768064566624/07/1425/07/14115
14MRC070700767964564425/07/1426/07/14105
14MRC071700768464557226/07/1427/07/1475
14MRC072700795664554627/07/1427/07/1485
14MRC073700804264583128/07/1428/07/14100
14MRC074700811564580129/07/1430/07/1498
14MRC07570081606458181/08/141/08/14100
14MRC07670081786457951/08/142/08/1499
14MRC07770082876458152/08/143/08/14117
14MRC07870082676458073/08/146/08/14105
14MRC07970082526458196/08/147/08/14117
14MRC08070082536457947/08/147/08/1493
14MRC08170082356458147/08/148/08/1496
14MRC08270082186458028/08/148/08/1498
14MRC08370082086458259/08/149/08/14102
14MRC08470082656458079/08/149/08/1470
14MRC085700821664578610/08/1410/08/1484
14MRC086700819664580310/08/1411/08/14102
14MRC087700817564582911/08/1413/08/14108
14MRC088700831664584913/08/1413/08/14107
14MRC089700832764588214/08/1414/08/14111
14MRC090700832964591214/08/1415/08/14113
14MRC091700809064581115/08/1416/08/14100
14MRC092700815064561116/08/1416/08/1480
14MRC093700811264561816/08/143/09/1480
14MRC09470076186456453/09/143/09/14105
14MRC09570075606455953/09/144/09/1487
14MRC09670075406455964/09/144/09/1484
14MRC09770075016455935/09/145/09/1493
14MRC09870074826455935/09/145/09/1484
14MRC09970074116455416/09/146/09/1475
14MRC10070073596455596/09/147/09/1466
14MRC10170073126457256/09/147/09/14108
14MRC10270072486457197/09/149/09/14108
Total    9,339

 

Hole_IDNorthingEastingStart DateEnd DateDrilled Depth (m)
14MDD001700817364577029/05/143/06/1485
14MDD00270076396455814/06/145/06/1462.3
14MDD00370078446456026/06/148/06/1480
14MDD00470078856454939/06/1411/06/1454.5
14MDD005700800064577312/06/1413/06/1459
14MDD006700806064575114/06/1416/06/1468.5
Total    409.3

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