Vancouver, B.C., May 08, 2018, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) advises that it has commenced a drilling program at Burnakura with a view to increasing its gold resources in addition to the existing NI43-101 resource estimate Sedar filed on August 12, 2015 in both near surface oxide and underground fresh materials.
The program will be focused initially on extending the NOA 7/8 mineralization down plunge, subsequent to its 2016 drill program where encouraging grades were intersected. The significant results were described in the news release dated July 11, 2016, supporting the continuity of mineralization down dip. The program will also provide additional samples to further progress the metallurgical test work.
Other additional drilling is planned targeting high grade shallow oxide gold occurrences and the depth potential of several pits within the Burnakura Mining leases.
The drilling contract has been awarded to Mitchell Operations Pty Ltd, who will use a late model Sandvik DE880HC to perform both RC and DDH drilling totaling 80 holes for 5075 metres. Success of those drill holes may assist in further optimizing both open pit and underground potential at Burnakura which can potentially be included into a preliminary economic assessment study, or an early stage production should it be economically viable.
Details of all three drill programs are presented in Table 1. Drilling is expected to be completed early to mid-June 2018.
Table 1. Drill program:
|NOA 7/8 Metallurgical||2||445|
|NOA 7/8 Deep Exploration||9||2,500|
NOA 7/8 Deep Exploration Program: Nine deep holes (2,500m in total) are planned to extend the high grade northerly plunge of the mineralization (figure 1. NOA 7/8 Long Section). In addition, two diamond holes will be drilled, to provide representative core sample which will undergo metallurgical test work.
Figure 1: NOA 7/8 Long section
Burnakura Shallow Oxide Program: The purpose of the Burnakura shallow oxide program is to delineate high grade shallow oxide pit material which would form the basis of the first three to six months of the proposed start-up operation. The planned drilling targets previously identified high grade gold occurrences typically within 20m from the surface on the Burnakura leases. It is envisaged that tight space drilling can potentially extend these high grade occurrences. An example in the figure 2 below is the Lewis West shallow oxide occurrence:
Figure 2: Lewis West-Plan View
Burnakura Deeper Pit Program: The deeper pit program aims to extend mineralisation under previously operated pits within the Burnakura leases (Figure 3: ANA Section View Looing North). Three pits have been selected to be tested at depth: Alliance and New Alliance (“ANA”), Authaal and Banderol.
Figure 3: Alliance and New Alliance: Section View Looking North
The scientific and technical information in this press release has been prepared by Mark Lynch-Staunton, MCSM), MAIG, B.Sc Hons Exploration Geology, 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.
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 and 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 x102 email@example.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.”
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.