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Monument Announces NI43-101 Mineral Resource Update at the Mengapur Property, Peninsular Malaysia

October 22, 2018

Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce a Mineral Resource estimate update for the Mengapur property in the region of Maran, Central Belt of the Malay Peninsula, State of Pahang, Malaysia (Figure 1). This Resource statement has been included in “Mineral Resource Estimate for the Mengapur Cu-Au Deposit, NI43-101 Technical Report” (the “NI43-101 Technical Report”) and expected to be filed shortly under www.sedar.com.

Figure 1. Mengapur location map showing regional gold belts (modified from Yeap, 1993)

The NI43-101 Technical Report was prepared by independent consultants, Snowden Mining Industry Consultants Pty Ltd (“Snowden”) in accordance with the requirements of National Instrument 43-101 (“NI 43-101”). The Mengapur Copper-Gold Project is 100% owned by Monument Mining Limited through its holding company Monument Mengapur Sdn. Bhd. (“MMSB”) in Malaysia.

President and CEO Cathy Zhai commented: “We are excited to announce these resources that have brought the historical resources up to date positively under NI43-101 standards. The Company intends to advance the Mengapur Project focusing on copper first with by-products of gold and silver through further feasibility studies.”

Highlights

  • The Mengapur Cu-Au project has an intermittent history of mining, having been exploited for both magnetite oxide iron ore and copper. 
  • Drilling has identified a continuous zone of copper and gold mineralization associated with skarn alteration around an adamellite intrusive body.
  • The project has been drilled using diamond core drilling down to a nominal spacing of approximately 40m by 40m in a significant portion of the project area.  The 2018 Mineral Resource estimate has incorporated a total of approximately 112,000m completed to date, of which nearly 53,000m were completed by Monument between 2011 and 2014.  Drilling primarily comprises diamond core drilling, with some minor RC drilling.
  • The geological interpretation has considered all known material items and represents an accurate reflection of the current geological understanding, of the copper oxide, transition and sulphide skarn type mineralization.
  • A total of 39.5 Mt @ 0.43% Cu and 0.18 g/t Au of Indicated Mineral Resources, along with 50.9 Mt @ 0.44% Cu and 0.11 g/t Au of Inferred Mineral Resources, reported above a 0.3% Cu cut-off grade, at the Mengapur property were estimated by independent mining industry consultants Snowden using ordinary kriging.
  • To increase confidence in the Inferred portions of the Mineral Resource estimate, additional infill drilling will be required.
  • Metallurgical testing of mineralised oxide, transitional and sulphide samples has been carried out.  Results for oxide and transitional samples suggest some acid leachable copper is present in these materials.  The sulphide material tested has been shown to be amenable to copper sulphide concentration, while achieving modest metal recovery.  Potential for by-product precious metal is apparent, but needs further assessment.
  • The Mineral Resource estimate, together with the current metallurgical testwork will provide a solid foundation to develop a feasibility study in the near future.

Table 1 below presents the 2018 Mineral Resource estimate for the Mengapur project, reported above a 0.3% Cu. To establish the requirement for the grade, quantity and quality of the mineralization to have reasonable prospects of eventual economic extraction, a cut-off grade of 0.3% Cu was selected, representing an assumption of an open-pit mining approach with limited selectivity and is based on values used at other similar deposits, along with consideration of the continuity above the cut-off grade. The cut-off grade of 0.3% Cu is considered by Monument to be the base case scenario at this stage; however further study is required to assess mining and processing options, along with costs. 

Table 1. Mengapur August 2018 Mineral Resource estimate (0.3% Cu lower cut-off)

Indicated Mineral Resource

Material type

Tonnes
Mt

Cu
%

Au
g/t

Ag
g/t

Contained Cu
t

Contained Au
oz

Contained Ag
oz

Oxide

6.3

0.45

0.17

9.7

28,300

34,000

1,960,000

Transitional

9.7

0.48

0.15

9.8

46,800

47,000

3,060,000

Fresh

23.5

0.41

0.21

4.5

96,400

159,000

3,400,000

Total Indicated

39.5

0.43

0.18

6.6

170,000 

229,000 

8,380,000 

Inferred Mineral Resource

Type

Tonnes
Mt

Cu
%

Au
g/t

Ag
g/t

Contained Cu
t

Contained Au
oz

Contained Ag
oz

Oxide

15.5

0.41

0.06

19.1

63,600

29,900

9,520,000

Transitional

12.0

0.50

0.10

17.0

60,000

38,600

6,560,000

Fresh

23.4

0.43

0.14

6.9

100,600

105,300

5,190,000

Total Inferred

50.9

0.44

0.11 

13.0

224,000 

180,000 

21,270,000 

(1) Small discrepancies may occur due to rounding.
(2) All Mineral Resources have been reported on a dry tonnage basis.
(3) Snowden is unaware of any issues that materially affect the Mineral Resources in a detrimental sense.
(4) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
(5) Mineral Resources estimated by John Graindorge (Principal Consultant, Snowden), QP.
(6) The majority of the interpreted mineralization is within 200m of the surface and as such considered by Snowden to be within the limits of extraction by open-pit mining.   

A sensitivity analysis reflecting a possible selective approach to eventual economic extraction at a higher cut-off grade of 0.5% Cu is disclosed in Table 2 below:   

Table 2.  Mengapur August 2018 Mineral Resource estimate (0.5% Cu lower cut-off)

Indicated Mineral Resource

Material type

Tonnes
Mt

Cu
%

Au
g/t

Ag
g/t

Contained Cu
t

Contained Au
oz

Contained Ag
oz

Oxide

1.3

0.72

0.12

12.3

9,400

5,000

510,000

Transitional

3.2

0.67

0.13

12.1

21,400

13,400

1,240,000

Fresh

3.6

0.61

0.22

5.7

22,000

25,500

660,000

Total Indicated

8.1

0.65

0.16 

9.3 

52,700 

41,700 

2,420,000 

Inferred Mineral Resource

Type

Tonnes
Mt

Cu
%

Au
g/t

Ag
g/t

Contained Cu
t

Contained Au
oz

Contained Ag
oz

Oxide

2.3

0.63

0.07

17.1

14,500

5,200

1,260,000

Transitional

3.7

0.75

0.17

12.2

27,800

20,200

1,450,000

Fresh

4.4

0.66

0.14

10.1

29,000

19,800

1,430,000

Total Inferred

10.5 

0.68 

0.14 

12.4 

71,400 

47,300 

4,190,000 

(1) Small discrepancies may occur due to rounding.
(2) All Mineral Resources have been reported on a dry tonnage basis.
(3) Snowden is unaware of any issues that materially affect the Mineral Resources in a detrimental sense.
(4) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
(5) Mineral Resources estimated by John Graindorge (Principal Consultant, Snowden), QP.
(6) The majority of the interpreted mineralization is within 200m of the surface and as such considered by Snowden to be within the limits of extraction by open-pit mining. 

Follow-up on Mengapur Project

The following work is recommended by Snowden:

  • Additional metallurgical testwork on oxide, transitional and sulphide samples to optimize the copper recovery and improve the quality of the copper concentrates, together with geotechnical assessments and potential additional drilling, supported by economic studies, will be used as a basis for a future feasibility study.
  • Further structural studies should be contemplated to enhance the geological understanding of the mineralization controls and geological interpretation.
  • Potential for the recovery of by-product metals including gold, silver and possibly molybdenum or bismuth will be investigated, together with the assessment of magnetite iron ore oxide opportunities.

The scientific and technical information in this press release has been compiled by Roger Stangler, MEng, MAusIMM, MAIG, Chief Managing Geologist, Monument Mining Limited; and reviewed and approved by John Graindorge (Principal Consultant, Snowden), BSc(Hons), Gard. Cert. Geostatistics, MAusIMM(CP), who is an Independent 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 advancing several exploration and development projects including the Mengapur Copper-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 195 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 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: +49 711-82 09 7211       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.


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