Vancouver, B.C., May 05, 2021, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” is pleased to receive the news announced by its Joint Venture Partner Odyssey Gold Ltd (“ODY”) that significant visible gold has been intersected in its maiden diamond hole (Figure 1), a 70m step-out in the eastern extension of the developing Bottle Dump deposit at the Tuckanarra JV Project (“Tuckanarra”) located in the Murchison Goldfield. Together with other results, the new finding confirms the strong potential of the Bottle Dump trend to host high-grade gold mineralization (For details refer to: www.investi.com.au/api/announcements/ody/420449c6-9f8.pdf).
Figure 1: Significant visible gold
President and CEO Cathy Zhai said: “The recent results from Tuckanarra, whilst very preliminary, confirm and re-inforce Monument’s view that extensive high-grade gold mineralisation remains to be discovered at Burnakura and Gabanintha. This is an exciting outcome as Monument prepares to commence its exploration program for 2021.”
The results at Tuckanarra confirm the Company’s view that the true potential of the Murchison Project is yet to be defined. Historical mining operations have exploited the shallow high grade gold mineralisation at Burnakura and Gabanintha through both open pit and underground developments. The full depth and strike extent of the mineralisation within these two systems is still to be tested with mineralisation remaining open in many directions at multiple deposits.
The Tuckanarra project is one of three significant land holdings that make up Monument’s Murchison Project. Burnakura, Gabanintha and Tuckanarra are within the Archean Meekatharra-Wydgee greenstone belt of the Yilgarn Craton. All have high grade gold potential. Given priority to Burnakura and Gabanintha, 80% of Tuckanarra interest was sold to ODY last December to advance exploration, and Monument remains with 20% free carried interest until a decision to mine is made, plus a 1% net smelter return royalty over Odyssey’s 80% interest. ODY has access to Burnakura mill for their production subject to commercial terms.
The scientific and technical information in this press release has been reviewed and approved by Roger Stangler, MEng, FAusIMM, MAIG, a Qualified Person as defined by NI43-101, retained by Golder Associates Pty Ltd.
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 also advancing the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra JV (20% interest) in the Murchison area of Western Australia. The Company employs approximately 200 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 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.