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Monument Announces NOA 7/8 Drilling Program Results at Burnakura Gold Project

September 24, 2018

>Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce encouraging results of 1,333m exploration and metallurgical drilling for 5 holes at North of Alliance 7/8 (“NOA 7/8”), which have the potential to increase the Burnakura gold resources. Additional targets for extension and resource definition drilling were identified.

The NOA 7/8 exploration drill program is one of three drilling programs completed successfully within two months in May and June 2018 (refer to News Release dated August 8, 2018). It comprised three exploration drill holes and two metallurgical drill holes and consisted of both Reverse Circulation (“RC”) and Diamond Drilling (“DD”). The program was focused on extending NOA 7/8 mineralization down plunge, and providing additional samples from NOA 7/8 to further progress metallurgical testwork. All assays have already been received, with a view of increasing its gold resources in underground fresh material, and collection of metallurgical samples for testwork.

Highlights

NOA 7/8 program was successful in extending the known mineralization approximately 130m down plunge. Significant intercepts are listed in Table 1.

Table 1: Significant intercept results (>= 1g/t Au) for NOA7/8 Deep Exploration Drilling

Area Hole ID From To Length (m)* Sample Type Au g/t
NOA7_8 18DDHMET1 145.10 146.00 0.90 CORE 1.21
NOA7_8 18DDHMET1 149.00 161.00 12.00 CORE 6.80
NOA7_8 18RCDDH3 241.00 242.70 1.70 CORE 4.48
NOA7_8 18RCDDH9 232.37 235.00 2.63 CORE 1.97
NOA7_8 18RCDDH9 241.00 247.00 6.00 CORE 4.16
NOA7_8 18RCDDH9 250.85 252.00 1.15 CORE 2.21
NOA7_8 18RCDDHMET2 187.00 188.00 1.00 CORE 1.07
NOA7_8 18RCDDHMET2 191.00 203.00 12.00 CORE 8.02
NOA7_8 18RCDDHMET2 222.10 224.00 1.90 CORE 3.46
NOA7_8 18RCDDHMET2 228.00 229.00 1.00 CORE 2.45

* true mineralization widths are unknown

The collar locations for NOA 7/8 drilling for 2018 program are shown in Figure 1, indicating the drill holes with significant intercepts. The full set of drill results for the holes with significant intercepts are listed in Appendix A and Appendix B.

Figure 1 – Collar location map for NOA 7/8 drilling

NOA 7/8 Deep Exploration

NOA 7/8 is the northernmost portion of the North of Alliance (“NOA”) deposits at Burnakura Project with Indicated Resource of 114 koz Au @ 4.6 g/t Au and Inferred Resource of 4 koz @ 3.9 g/t Au (refer to “NI 43-101 Technical Report: Updated Mineral Resources, Burnakura Gold Project, Western Australia, Australia” dated July 17, 2018, prepared by SRK Consulting (Australasia) Pty Ltd. at www.sedar.com).  It contains a mineralised zone over a strike length of 560m, hosted by predominantly sedimentary and felsic volcanoclastic units. The target drilled represents a down-plunge extension of the high grade mineralization, as shown in Figure 2.

Three deep holes (868m in total) successfully extended NOA 7/8 northerly down plunge, confirming the understanding of mineralization geometry as predicted. Several structural readings have been taken which are integrating a regional structural study in progress.

Further drilling is needed to increase the confidence on the geometry and continuity of the mineralization (see Figure 2). The deposit is still open at depth, and further additions are highly likely with a follow-up drilling extension program. The significant intercepts for all drilling at the NOA 7/8 drill program presented in Table 1 shows the great potential of mineral inventory expansion on the drilled target. The outcome of the drilling is encouraging, extending the known mineralization at depth and assisting in the understanding of mineralization and underground potential at NOA 7/8.

Figure 2 – Long Section for NOA 7/8 deep drilling, looking west, showing significant intercepts and interpretation for mineralization

The results in general show widths and grade that can be sued to assess underground mining opportunities. A follow-up drilling program is being designed to further extend the finalization at depth, to increase the confidence on the mineralization geometry and grades, encouraging further underground mining economic study. Figure 3 shows an example of core samples for mineralized zones, with assayed grade results.

Figure 3 - Assay results from drill hole 18RCDDH9 (grades in g/t Au)

Grades received indicate the underground potential for NOA 7/8. Further drilling is however needed to allow interpretation and incorporation into a resource model. With the style of mineralization, the current drill spacing is too wide to infer a resource. A follow up program is being designed to both extend and define the mineralization at depth. A suitably powerful RC rig can perform follow up infill, but a DD rig would be needed to discover further extensions at depth. The deposit is still clearly open at depth, with the potential to extend the resource further with deeper drilling.

NOA 7/8 Metallurgical Drilling

Two metallurgical holes (465m in total, of which 123m RC and 342m DD drilling) successfully intersected known areas of mineralization at the NOA 7/8 deep, providing sufficient representative core sample material for further testwork. Also the grade and width of the intercepts has evidenced the existence of high grade underground mineralization of NOA 7/8.  Figure 4 shows one example of core samples within a mineralized zone.

Figure 4 - Assay results from drill hole 18DDHMET1 (grades in g/t Au)

Mineralogical and metallurgical testwork is underway at ALS laboratories, and is being supervised by Orway Mineral Consultants Pty Ltd (“OMC”).

The scientific and technical information in this press release has been prepared by Mark Lynch-Staunton, MCSM, MAIG, M.Sc Mining Geology; and supervised and approved by Roger Stangler, MEng, MAusIMM, MAIG, a Qualified Person as defined by NI43-101, both retained by Monument Mining Limited. 

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.

Appendix A
NOA 7/8 Exploration RC and DD Drilling Campaign 2018: collar coordinates in MGA94, Zone 50 grid

Hole ID End of Hole
Depth (m)
East
(m)
North
(m)
RL
(m)
Dip Azimuth
18DDHMET1 200.4 645629.7 7011360 457.45 -77.1 272.8
18RCDDHMET2 264.5 645621.3 7011506 457.05 -75.2 271.3
18RCDDH3 300.9 645635.1 7011570 456.69 -81.3 269.7
18RCDDH9 263.0 645606.6 7011680 456.27 -87.8 282.3

Appendix B
Assay Results for NOA 7/8 RC and DD Drilling Campaign 2018

Hole ID From
(m)
To
(m)
Au
g/t
  Hole ID From
(m)
To
(m)
Au
g/t
  Hole ID From
(m)
To
(m)
Au
g/t
18DDHMET1 0 144 -   18RCDDH3 178 179 0.005   18RCDDH3 218 219 0.005
18DDHMET1 144 145.1 0.04   18RCDDH3 179 180 0.005   18RCDDH3 219 220 0.005
18DDHMET1 145.1 146 1.21   18RCDDH3 180 181 0.005   18RCDDH3 220 221 0.005
18DDHMET1 146 147 0.14   18RCDDH3 181 182 0.005   18RCDDH3 221 222 0.005
18DDHMET1 147 148 0.35   18RCDDH3 182 182.5 0.005   18RCDDH3 222 223 0.005
18DDHMET1 148 149 0.5   18RCDDH3 182.5 183 0.005   18RCDDH3 223 224 0.005
18DDHMET1 149 150 1.31   18RCDDH3 183 184 0.005   18RCDDH3 224 225 0.005
18DDHMET1 150 151 8.48   18RCDDH3 184 184.67 0.005   18RCDDH3 225 226 0.005
18DDHMET1 151 152 5.5   18RCDDH3 184.67 184.95 0.005   18RCDDH3 226 227 0.005
18DDHMET1 152 153 5.45   18RCDDH3 184.95 186 0.005   18RCDDH3 227 228 0.005
18DDHMET1 153 154 4.45   18RCDDH3 186 187 0.005   18RCDDH3 228 229 0.005
18DDHMET1 154 155 1.38   18RCDDH3 187 188 0.005   18RCDDH3 229 230 0.005
18DDHMET1 155 156 4.56   18RCDDH3 188 189 0.005   18RCDDH3 230 231 0.005
18DDHMET1 156 157 4.6   18RCDDH3 189 189.84 0.005   18RCDDH3 231 232 0.01
18DDHMET1 157 158 11.2   18RCDDH3 189.84 190.43 0.005   18RCDDH3 232 233 0.01
18DDHMET1 158 159 9.65   18RCDDH3 190.43 191.05 0.005   18RCDDH3 233 234 0.005
18DDHMET1 159 160 18.45   18RCDDH3 191.05 191.6 0.02   18RCDDH3 234 235 0.005
18DDHMET1 160 160.5 9.03   18RCDDH3 191.6 192.5 0.01   18RCDDH3 235 236 0.005
18DDHMET1 160.5 161 4.11   18RCDDH3 192.5 193.25 0.03   18RCDDH3 236 237 0.01
18DDHMET1 161 162 0.01   18RCDDH3 193.25 194 0.02   18RCDDH3 237 237.95 0.02
18DDHMET1 162 200.4 -   18RCDDH3 194 195 0.1   18RCDDH3 237.95 239 0.46
18RCDDH3 0 156.57 -   18RCDDH3 195 196 0.01   18RCDDH3 239 240 0.56
18RCDDH3 156.57 157 0.03   18RCDDH3 196 197 0.005   18RCDDH3 240 241 0.7
18RCDDH3 157 158 0.02   18RCDDH3 197 198 0.02   18RCDDH3 241 242 6.41
18RCDDH3 158 159 0.01   18RCDDH3 198 198.6 0.16   18RCDDH3 242 242.7 1.72
18RCDDH3 159 160 0.01   18RCDDH3 198.6 199.6 0.01   18RCDDH3 242.7 243.5 0.35
18RCDDH3 160 160.95 0.01   18RCDDH3 199.6 200.63 0.005   18RCDDH3 243.5 244 0.17
18RCDDH3 160.95 162 0.01   18RCDDH3 200.63 201.23 0.005   18RCDDH3 244 245 0.28
18RCDDH3 162 163 0.01   18RCDDH3 201.23 202.4 0.005   18RCDDH3 245 246 0.23
18RCDDH3 163 164 0.06   18RCDDH3 202.4 203.34 0.005   18RCDDH3 246 247 0.35
18RCDDH3 164 165 0.01   18RCDDH3 203.34 204.4 0.005   18RCDDH3 247 247.8 0.2
18RCDDH3 165 166 0.005   18RCDDH3 204.4 205.4 0.005   18RCDDH3 247.8 248.5 0.07
18RCDDH3 166 166.58 0.02   18RCDDH3 205.4 206.2 0.005   18RCDDH3 248.5 249 0.31
18RCDDH3 166.58 167.48 0.02   18RCDDH3 206.6 207.2 0.005   18RCDDH3 249 250 0.85
18RCDDH3 167.48 168 0.05   18RCDDH3 207.2 208.2 0.005   18RCDDH3 250 250.76 0.01
18RCDDH3 168 168.95 0.07   18RCDDH3 208.2 209.25 0.005   18RCDDH3 250.76 260.8 0.01
18RCDDH3 168.95 170 0.005   18RCDDH3 209.25 209.7 0.005   18RCDDH3 260.8 300.9 -
18RCDDH3 170 171 0.01   18RCDDH3 209.7 210.2 0.005   18RCDDH9 0 205.26 -
18RCDDH3 171 172 0.01   18RCDDH3 210.2 211 0.005   18RCDDH9 205.26 206 0.005
18RCDDH3 172 172.9 0.01   18RCDDH3 211 212 0.005   18RCDDH9 206 207 0.02
18RCDDH3 172.9 173.4 0.005   18RCDDH3 212 213 0.005   18RCDDH9 207 208 0.005
18RCDDH3 173.4 174 0.005   18RCDDH3 213 214.05 0.005   18RCDDH9 208 209 0.005
18RCDDH3 174 175.05 0.005   18RCDDH3 214.05 215 0.005   18RCDDH9 209 209.52 0.005
18RCDDH3 175.05 176 0.005   18RCDDH3 215 216.2 0.005   18RCDDH9 209.52 210 0.005
18RCDDH3 176 177 0.005   18RCDDH3 216.2 217.35 0.005   18RCDDH9 210 211.2 0.01
18RCDDH3 177 178 0.005   18RCDDH3 217.35 218 0.005   18RCDDH9 211.2 212 0.01

Appendix B (continued)
Assay Results for NOA 7/8 RC and DD Drilling Campaign 2018

Hole ID From
(m)
To
(m)
Au
g/t
  Hole ID From
(m)
To
(m)
Au
g/t
18RCDDH9 212 213 0.02   18RCDDHMET2 186 186.5 0.14
18RCDDH9 213 214 0.02   18RCDDHMET2 186.5 187 0.13
18RCDDH9 214 215 0.01   18RCDDH9 212 213 0.02
18RCDDH9 215 216 0.01   18RCDDHMET2 202 203 3.57
18RCDDH9 216 216.78 0.01   18RCDDHMET2 203 204 0.58
18RCDDH9 216.78 218 0.01   18RCDDHMET2 204 205 0.39
18RCDDH9 218 219 0.005   18RCDDHMET2 205 205.5 0.15
18RCDDH9 219 220.23 0.005   18RCDDHMET2 205.5 206 0.03
18RCDDH9 220.23 221 0.07   18RCDDHMET2 221 221.56 0.02
18RCDDH9 221 222 0.22   18RCDDHMET2 221.56 222.1 0.59
18RCDDH9 222 223 0.14   18RCDDHMET2 222.1 223 5.81
18RCDDH9 223 224.2 0.06   18RCDDHMET2 223 224 1.35
18RCDDH9 224.2 225 0.005   18RCDDHMET2 224 225 0.63
18RCDDH9 225 226 0.03   18RCDDHMET2 225 226 0.42
18RCDDH9 226 227.2 0.02   18RCDDHMET2 226 227 0.71
18RCDDH9 227.2 228 0.05   18RCDDHMET2 227 228 0.58
18RCDDH9 228 229 0.01   18RCDDHMET2 228 229 2.45
18RCDDH9 229 230 0.65   18RCDDHMET2 229 230 0.02
18RCDDH9 230 231 0.22   18RCDDHMET2 230 231 0.02
18RCDDH9 231 232.37 0.18   18RCDDHMET2 231 232 0.11
18RCDDH9 232.37 233 1.69   18RCDDHMET2 232 233 0.1
18RCDDH9 233 234 1.55   18RCDDHMET2 233 234 0.13
18RCDDH9 234 235 2.56   18RCDDHMET2 234 235 0.27
18RCDDH9 235 236 0.64   18RCDDHMET2 235 236 0.05
18RCDDH9 236 237 0.14   18RCDDHMET2 236 237 0.005
18RCDDH9 237 238 0.37   18RCDDHMET2 237 238 0.005
18RCDDH9 238 239 0.01   18RCDDHMET2 238 239 0.005
18RCDDH9 239 240 0.74   18RCDDHMET2 239 240 0.005
18RCDDH9 240 241 0.3   18RCDDHMET2 240 241 0.005
18RCDDH9 241 242 1.68   18RCDDHMET2 241 242 0.005
18RCDDH9 242 243 5.69   18RCDDHMET2 242 243 0.01
18RCDDH9 243 244 5.01   18RCDDHMET2 243 244 0.005
18RCDDH9 244 245 3.11   18RCDDHMET2 244 245 0.005
18RCDDH9 245 246.2 6.44   18RCDDHMET2 245 246 0.005
18RCDDH9 246.2 247 2.21   18RCDDHMET2 246 246.5 0.005
18RCDDH9 247 248 0.79   18RCDDHMET2 246.5 247 0.06
18RCDDH9 248 249.7 0.3   18RCDDHMET2 247 248 0.01
18RCDDH9 249.7 250.85 0.56          
18RCDDH9 250.85 252 2.21          
18RCDDH9 252 253 0.01          
18RCDDH9 253 254 0.01          
18RCDDH9 254 255 0.01          
18RCDDH9 255 263 -          
18RCDDHMET2 0 186 -          

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