Best Intercepts of 3m @ 6.09g/t Au from surface
in infill drilling, and 5m @ 3.48g/t from exploration drilling
VANCOUVER, Nov. 18, 2014 /CNW/ - Monument Mining Limited
(TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased
to announce the second round of drilling results from the resource
drilling programme at the Murchison Gold Project in Western Australia, through its wholly owned
Australia subsidiary Monument
Murchison Pty Ltd. The Murchison Gold Project is 100% owned by
Monument Mining Limited and consists of the historical Burnakura
and Gabanintha projects. Figure 1 (Appendix 1) shows a
Location Plan for the Project.
President and CEO Robert Baldock
said: "Monument is a fast growing gold producing Company and has
added the Murchison Gold Project in February
2014 into its gold property pipeline. Since acquisition it
has drilled 13,400 metres in confirmation, infill and step out
drilling. It has also progressively carried out a suite of
technical studies targeting completion in June 2015, including metallurgical test work,
mining engineering, process plant modifications and
environmental studies aimed at putting the Project into production
once economic viability has been demonstrated ."
Highlights of the Drill Results
To date, a total of 102 RC holes have been completed in the
first drilling programme at Alliance and New Alliance. A total of
64 RC holes have been previously reported, with assay results for
the remaining 38 holes now available. Table 1 in Appendix 2
shows a breakdown of fire assay results completed by SGS Australia
for intervals of mineralisation greater than 0.5g/t Au. Figure 2
shows the distribution of drill holes containing mineralised assay
results greater than 0.5g/t Au (Appendix 3).
The majority of drilling to date has been angled from 60° -
75o inclination towards grid west, or as vertical
holes. This drilling has confirmed the Alliance/New Alliance
mineralisation is hosted within several north to northeast
trending, moderately east dipping (~30°) narrow quartz veined zones
with an average true thickness varying from 2 metres to 5 metres. *
Drillhole orientation was designed to target perpendicular to
mineralisation for true thickness, except where vertical holes were
drilled – See Table 1. True thickness of mineralisation will
be calculated once a resource model is compiled. The
drillhole intercepts reported in this statement represent the
actual sample intervals obtained from drilling.
According to Lisa Wells,
Exploration Manager, these results further confirm favourable
mineralization targets at Alliance and New Alliance from this new
round of results. A total of 34 out of the 38 RC
drillholes returned favourable mineralization greater than 0.5g/t
Au. Of particular note, extensional drilling from this round
produced an intercept of 2m @ 5.3g/t Au from 57 to 59 m from hole
14MRC072, while exploration drilling produced an intersection of 5m
@ 3.48g/t Au from 70 to 75 m in hole 14MRC096. A proposed
twinned hole shifted and re-angled, intersected 1m@ 17.7g/t Au from
42 to 43m where the historical hole produced 7.94g/t Au from the
same interval. All of these results are very encouraging,
especially the results from the extensional and exploration
drilling.
Results from the diamond drilling programme of 6 PQ holes
drilled at Alliance and New Alliance are now available and detailed
in Table 3. At Alliance the best result was confirmed in hole
14MDD004 with 2m @ 14.08g/t Au from 36 to 38m. At New
Alliance, 14MDD001 intersected 7.58g/t Au from 52 to 53 m and
10.6g/t Au from 63 to 64 m. This core material is
currently being used for metallurgical testwork however these
results will contribute to the resource information. Table 2 in
Appendix 3 shows a breakdown of fire assay results greater than
0.5g/t Au. Appendix 4 shows the location information for all
102 drillholes from the first RC programme at Alliance/New
Alliance.
A programme of RC drilling has recently been completed at
Federal City. A total of 63 RC holes for 4,058 m was
completed on the 31st of October and samples sent to SGS
laboratories. Results for this round of drilling will be
reported once results have been received.
Background And Progress On The Exploration
Program
The drilling programme was initiated in May 2014 at the Alliance and New Alliance open
pit deposits at the Burnakura Project. Figure 3 shows the
geological map for the Burnakura Tenement area (Appendix 5). The
drilling program has been designed to validate the historical
resource, increase the grade and geological continuity of the
mineralisation through infill drilling and to test for resource
extensions and define further exploration targets. This work will
contribute to the current suite of technical studies for the
project, which has been designed to provide the basis for a
commercial outcome within an eighteen month time frame from
acquisition. This news release should be read in conjunction with
previous news releases dating from May
26, 2014.
Various technical studies are currently in progress at the
Alliance and New Alliance prospects which include:
Resource confirmation and study
To date the historical estimates have been under review by
independent consultants Cube Consulting ("Cube"). The complete
historical resource drilling digital database has now been checked
and validated by Cube for consistency. The data is now being
held in a secure SQL database server. Cube has also reviewed the
QAQC procedures and quality control data for the first 32 RC holes
and considers at this stage that the veracity of the data is
appropriate for the purposes of mineral resource estimation.
The QAQC analysis for the remainder of the holes is in
progress.
All data from the first programme of 102 holes at Alliance and
New Alliance has now been input into the database and has been
prepared for the upcoming initial mineral resource
estimation. Cube will shortly commence studies on the
geological model of Alliance and New Alliance and once this is
completed they will commence work on the mineral resource
estimation. The geological model will complement the
estimation model and be used for potential mine planning
purposes.
Fugro Geospatial has recently completed an aerial survey over
the Burnakura and Gabanintha mining leases. The data from
this work, which includes aerial photography and detailed contours,
has now been received and will assist with resource and mine
planning studies.
Metallurgical test work
Metallurgical testwork on PQ core samples from 6 holes at
Alliance and New Alliance is currently underway. The work is
testing the material for use with the existing CIL/CIP plant as
well as potential for heap leach recovery. Complete results
for this are pending and due in the first quarter of 2015.
A site inspection has recently been carried out by Kappes
Cassiday Australia to assess the potential heap leach site and
previous proposal for establishing a heap leach facility. In
addition, Como Engineers conducted a field inspection to inspect
the existing 1Mt facility heap leach equipment stored at site,
purchased by the previous owners of Burnakura from the Indee Plant.
The aim of the work is to see what would be entailed to
reconstruct the equipment and increase it to the proposed 2Mt
capacity, formerly postulated by the previous holders of the
project.
A plant recommissioning inspection by Orway Mineral Consultants
will commence in November with both process and electrical
engineers to inspect and test the plant for safety purposes and
readiness for recommissioning while the plant remains under Care
and Maintenance.
Environmental study
Environmental permitting by Independent Consultants, Animal
Plant Mineral, has been ongoing with further Programme of Works
applications recently submitted for additional drilling
activities.
APM has also recently carried out a flora/fauna spring survey at
Alliance, New Alliance and Federal City in anticipation of its
necessity should amendments to the current approved permits for
mining be required. This work has also formed part of the
Programme of Work applications for further drilling programmes at
Alliance, New Alliance and Federal City.
Site maintenance and development
Since the acquisition of the asset, Monument has ensured that
the plant and fixed assets are being kept in good care and
maintenance order with a view to future commissioning. Site
operations are fully functional for the needs of exploration with
supply chain logistics firmly in place. All safety policies
and procedures have been implemented at the Monument site
operations, as required by the Department of Mines and
Petroleum.
With the recent completion of drilling at Federal City, and in
light of positive assay results received from the Alliance/New
Alliance first programme of drilling, a further programme up to
5000m has been planned at Alliance/New Alliance to further test the
extensional and exploration targets from the previous campaign, as
well as additional exploration targets generated from recent
geological investigations. The work is also aimed at
providing any necessary infill drilling required for confirmation
of the resource.
Exploration programmes targeting further mineralisation
potential are currently in the planning stages given the promising
results obtained from exploration drilling in this first programme,
as well as target generation at the other projects.
The scientific and technical information in this press release
has been compiled and reviewed by Darryl
Mapleson (BSc (Hons), FAusIMM) who is
a Competent Person as defined by JORC guidelines and a
Qualified Person for NI43-101 retained by Monument Mining Limited.
He has been working in Australia
for Monument as an independent consultant.
The above stated development outlook is to the effect that a
preliminary economic assessment has not been completed and
there is no certainty the proposed operation will be economically
viable.
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 Polymetallic 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 over 300 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.
Robert F. Baldock,
President and CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6
"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 1: Figure 1 – Murchison Gold
Project (http://files.newswire.ca/1295/Appendix1.pdf)
APPENDIX 2: Table 1 - RC Drilling Fire assay results for
intervals of mineralisation greater than 0.5g/t
Au (http://files.newswire.ca/1295/Appendix2.pdf)
APPENDIX 3: Figure 2: Drillhole Location Plan for Assays
Greater than 0.5g/t
(http://files.newswire.ca/1295/Appendix3.pdf)
APPENDIX 4: Diamond Drilling Fire
assay results for intervals of mineralisation greater than 0.5g/t
Au (http://files.newswire.ca/1295/Appendix4.pdf)
APPENDIX 5: Collar Information for First Campaign of RC and
Diamond Drilling at Alliance/New
Alliance (http://files.newswire.ca/1295/Appendix5.pdf)
SOURCE Monument Mining Limited