VANCOUVER, British Columbia, July 20, 2021 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" is pleased to announce the commencement of a planned exploration drilling program at the Murchison Gold Project in Western Australia.
The first stage of the drill program planned for 18,000 metres and combines aircore ("AC") and reverse circulation ("RC") drilling, and is designed to test new high quality structural targets beneath cover for potential mineralization that may lead to the identification of shallow stand alone or satellite gold deposits to supplement the current resource base at the 100% owned Burnakura gold project.
The progressive nature of the exploration program at Burnakura and Gabanintha (Figure 1) will see work continue for the next six to eight months as new targets are identified and evaluated for their potential to develop into a new satellite gold deposit. At the conclusion of this exploration program Monument will be in a position to evaluate the entire 170km2 land package of the Murchison Gold Project and determine, in an informed manner, the most logical approach in which to advance the project.
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dd22a782-1160-4900-b469-1989221a4cfe
HIGHLIGHTS
- First time drilling on high quality structural targets defined from geophysical surveys in areas of shallow cover
- Multipurpose drill rig to commence initial 18,000 metre drilling program
- All Programme of Works ("PoW") approvals in place
- Drill targets to test south-southwest of Munro Bore mineralized system within Monument's land package
- Drill targets at Banderol South will test if the trend continues south from the Banderol open pit
- Drill targets at the Junction Area will assist in better defining basement geology and test beneath cover
The CEO and President Cathy Zhai comments: "The Monument exploration team is excited to begin drilling after extensive work to identify high quality targets at the Murchison Gold Project. The WA area has been heating up this year with a large amount of exploration work being undertaken, and we are fortunate to get started ahead of schedule having secured a drill rig."
The drilling contract has been awarded to Strike Drilling Pty Ltd ("Strike"), who will supply a Schramm T450 multipurpose drill rig to undertake the entire program. The earliest commencement date of work was originally planned to September this year; however, working in conjunction with Strike, the Company has been able to fast-track the deployment of the multipurpose drill rig and has secured it for an initial two month window starting in first week of July, 2021. The drill rig is truck mounted and the area is mostly flat and clear, so there is no significant field preparation work required.
All samples collected from the drilling program, along with QA/QC blanks, standards and duplicates, will be dispatched to ALS Geochemistry laboratory in Malaga, Western Australia for gold and multi-element analysis. With all Permit of Work ("PoW") approvals now in place, initial assay results are expected to be available from September 2021 onwards.
FIRST DRILL PROGRAM SUMMARY
The first drill program will commence at a series of high potential targets identified beneath cover on the Burnakura Project shown in Figure 2. Details of the drill program are presented in Table 1.
Table 1: Drill Program Summary
| Drill Area | Holes | AC Metres | RC Metres |
| Munro Bore Extension | 12 | - | 1,260 |
| Banderol South | 142 | 5,680 | - |
| Junction | 276 | 11,040 | - |
| Total | 430 | 16,680 | 1,260 |
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4651289a-d465-4851-bf70-af0d5e23b9dd
Munro Bore Extension
An unexploited historical Mineral Resource at Munro Bore reported by Giralia Resources in 20101, estimated to be 266,000t at 1.6g/t Au, lies in close proximity to the northern boundary of Monument's M51/178 mining lease. The strike continuation of this mineralized system appears to extend in a south-southwest orientation directly into Monument's land package (Figure 3 and Figure 4). No significant drilling or evaluation of this mineralized structure within M51/178 has been conducted. Monument intends to undertake a 12 hole, 1,260m RC drilling program along strike of the Munro Bore deposit with the aim of determining whether economic mineralization continues along this structure.
Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d48453bb-caba-4f7a-aee2-649e06302c01
Banderol South
Interpretation of the detailed aeromagnetic data over the Burnakura Project area has enabled Monument to identify a secondary north-south structural splay deviating off the regional northeast Burnakura Shear Zone (BSZ) trending. The orientation of this splay coincides with the structural orientation of mineralized quartz veins within the Banderol open pit (Figure 4). The trend is interpreted to continue south from the Banderol open pit and is bounded by granodiorite to the west and a sequence of Archean Greenstone rocks consisting of felsic volcanics and mafic/ultramafics to the east.
Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/45358d87-e132-4b06-b036-d483a5c45048
Junction
The known mineralized NE-SW structural zone extending from the deposit at Munro Bore is interpreted to intersect the N-S structure further south at the Junction target where an E-W trending magnetic high is observed (Figure 5). As the Greenstone lithologies approach the E-W trending magnetic high to the south and approach two granodiorite bodies they are interpreted to be dragged and deformed potentially creating extensional dilatational zones within the favorable host lithologies.
The Junction target area is structurally complex, which increases the potential for fracturing and related gold bearing quartz vein formation. A regolith development of extensive sheet wash cover obscures the Archaean basement rocks and inhibits the use of surface geochemistry in this area. A sequence of AC drill holes is planned to assist in better defining basement geology and potentially identify gold mineralization beneath cover.
Figure 5 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3279c770-796e-4eed-a630-061c46b2b11b
The scientific and technical information in this press release has been assembled by Adrian Woodfield, Chief Geologist of the Company, reviewed and approved by Roger Stangler, MEng, FAusIMM, MAIG, a Qualified Person as defined by NI43-101, retained by Golder Associates Pty Ltd.
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 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 | rcushing@monumentmining.com (mailto:rcushing@monumentmining.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."
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.
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1 Technical Project Review and Independent Valuation Report (Short Form) Giralia Resources NL for PwCS (PricewaterhouseCoopers Security Ltd) by Ravensgate Mining Industry Consultants 5 January 2011
