ancouver, B.C., July 16, 2018, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” is pleased to announce the drill results received from the infill and extension drilling program (“the 2018 drilling program”) at the Peranggih Gold Prospect (“Peranggih”) initiated in February 2018.
Highlight of the Best Intercepts at Peranggih
|HOLE ID*||From(m)||To (m)||Drilled Width (m)||~True Width (m)||Au g/t|
*all holes dipping 60 degrees to Azimuth 270 degrees.
Peranggih is located approximately 10 km North of the Selinsing Gold Mine (Figure 1). It has been identified as a new Gold Field hosting a significant mineralized hydrothermal breccia system. It has 1.2 km strike length with width varying from 25m to 50m, and depth from 40m to 70m. The mineralization occurs in the same regional shearing structure hosting Selinsing and Buffalo Reef deposits. The country rock of argillite, felsic tuff and discreet black shale were highly deformed as observed at Peranggih North’s more exposed area. The shear zone is more pronounced at the boundary of black shale and argillite and these structures are significant for the gold emplacement and deposition and continue to be a prime target for exploration.
Figure 1 - Location of the Peranggih Area in relation to Selinsing Property and gold plant.
The 2018 Drilling Program at Peranggih
The 2018 drilling program is designed to cover strike and down dip extensions of the high grade mineralization area at an historical mining site at Peranggih North. This mineralization of 150m strike length x 80m width was identified in 2017 through a 5m x 5m close spaced RAB drilling program. The aim of the 2018 drilling is to test continuity of the mineralization, and to verify extension down dip and along the strike for other zones trenched and drilled previously including Peranggih South, North 114 and NW.
The 2018 drilling program has completed a total of 2,725m of drilling from 55 drill holes, comprised of 1,015m for 21 DD drill holes and 1,710m for 34 RC drill holes at Peranggih North, South and North 114 areas (Figure 2).
The location of the completed drill holes in relation to the four zones is shown in Figure 2. All completed exploration drill holes are inclined and dipping 60 degrees to the west (azimuth 270 degrees), aiming to intercept approximately perpendicular to mineralized structure except for one vertical hole. Drill depths are ranging from 20m to 95m.
Figure 2 - Location of the 2018 drilling program completed for Peranggih in relation to the four mineralization zones, highlighting significant intercepts.
An example of a cross-section showing the interpretation for the gold mineralization and significant gold intercepts is shown in Figure 3.
Figure 3 - Cross-section N479980 looking north, showing interpretation for LG and HG domains, and significant intercepts at HG domain.
The recent 2018 drilling program completed so far confirmed the down dip extension and boundary refinement of several high gold grade (HG) zones surrounded by a main low grade gold (LG) halo in Peranggih North, and the identification of HG bodies that can be surrounded or not by LG halos at Peranggih South area. The more continuous significant drill intersections (Au >2.0 g/t & >2.5m length) are presented in the table above. PGDD holes are of diamond type, and PGRC holes are of RC type. Other more isolated medium to high grade intersects has also been recorded. The full set of drill results for the holes with significant intercepts are listed in Appendix A and Appendix B.
The work to date allowed a better delineation of the LG and HG mineralization, reducing the inclusion of internal dilution within the modeled gold lodes. The modelling is at the completion stage. A good part of the in-fill drilling confirming mineralization is going to be used to delineate Indicated Resources at the areas where the initial internal interpretation has been completed based on sparse regional drilling and trenching.
Follow up Bulk Sample and Exploration Programs
The Company plans to carry out a 10,000t bulk sample testwork through the existing Selinsing oxide gold processing plant to establish the average grade of the close spaced drilled area at Peranggih North; and test the metallurgical performance at plant scale. This work can commence as soon as the access road has been prepared targeting early 2019.
Further infill/extension drilling targets have been identified around the higher to medium grade intercepts especially for Peranggih South and may start towards the end of the third quarter of fiscal 2019, depending upon successful results of the bulk sample testwork. The extension drilling at average spacing of 50m x 100m in the NW Peranggih area has also been planned to understand mineralization structure and to identify regional exploration targets.
Roger Stangler, Chief Managing Geologist of the Company, MEng, MAusIMM, MAIG, has prepared, reviewed, supervised the preparation and approved the scientific and technical disclosure in this news release as a Qualified Person under NI43-101 standards.
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 190 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 firstname.lastname@example.org|
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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.
- Peranggih Infill and Extension RC and DD Drilling Campaign 2018: collar coordinates in Kertau MRSO Coordinate System
|Hole ID||End of Hole Depth (m)||East||North||RL||Dip||Azimuth|
- Assay Results for Peranggih Infill and Extension RC and DD Drilling Campaign 2018