The Gabanintha property, acquired in February 2014, has an historical resource of 153koz Au, and is within trucking distance of the Burnakura plant. The Gabanintha package consists of two mining leases, three exploration licences and eighteen prospecting licences. There are 6 historical open pits with high grade intersections that are open at depth, as well as substantial greenfields potential with over 14km of available strike.

Geology

The Gabanintha property consists of tholeiitic and komatiitic mafic and ultramafic volcanic and intrusive rocks of the Gabanintha Formation. It is bound to the east by older granites and to the west by BIFs and epiclastics of the Windaning Formation. Further west these rocks are unconformably overlain by felsic to andesitic volcanics and sediments of the Mount Farmer Group. A granitoid has intruded the greenstone sequence to the east and southeast of Gabanintha.

A 1km wide, northwest trending transcurrent shear zone, known as the Gabanintha Shear Zone, is the dominant structural trend in the area and has intensive shear fabrics and extensive linear quartz veins. The contact with the granitoids and greenstones has also produced shear zones within the greater shear envelope and gold mineralization has formed along parallel and sub parallel structures within the shear envelope. There is a northeast structural control on the mineralization with north-northwest en-echelon ore shoots aligned along the north axis and seen in the Terrells, Kavanagh and Yagahong open pits.

Exploration

An exploration program to increase the mineralization footprint, discover new gold and upgrade the existing gold inventory is in the planning stages with a review of the historic resources at Gabanintha ongoing. Less than 5% of the drilling is deeper than 100m so there is excellent potential to extend high grade mineralisation down dip, beneath existing pits. At least four subparallel vein sets over a width of 500m give numerous possibilities for depth extensions and repetitions of mineralisation within the historical resource area. The property also holds significant greenfields potential with undrilled targets over a 5km strike length and minimal first pass geochemical sampling over the whole property.

Monument has completed the following exploration programs since acquisition:

• A total of 5 RC holes for 1,127m were drilled to test the down-plunge extension of the high-grade gold Yagahong mineralization as part of the May 2020 drill program. Drilling confirmed the continuity of the shallowly north-west plunging structure. Several encouraging gold intersections including 4m at 5.01g/t Au in drill hole 20MRC008 from 139m down-hole depth, and 2m at 8.8g/t Au in 20MRC009 from 194m down-hole depth were returned.

• A total of 30 regional exploration targets were identified at the Gabanintha project as part of the regional review. High potential targets along strike to the north and south of Tumblegum South were identified as well as along strike to the south of the Kavanagh pit and north of the Golden Hope trend. There is a general lack of first pass geochemical sampling data for the Gabanintha project which creates the opportunity to discover substantial new deposits.

• A grab sampling program was completed at the Tumblegum historical mining dump in late 2020, with an average sample grade of 1.79g/t Au and this material could represent early, low-cost ore feed in a mine startup.