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Monument Mining Ltd
Symbol MMY
Shares Issued 325,971,563
Close 2021-11-26 C$ 0.125
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Monument Mining drills 5 m of 6.88 g/t Au at Peranggih

2021-11-26 18:34 ET - News Release

Ms. Cathy Zhai reports

MONUMENT ANNOUNCES DRILL RESULTS AT PERANGGIH GOLD PROSPECT IN MALAYSIA

Monument Mining Ltd. has released drill results from the reverse circulation (RC) drilling program at the South and Central areas of the Peranggih gold prospect, located approximately 10 kilometres north of the Selinsing gold mine.

The RC drilling program was carried out from March to July, 2021. The main objective of this program is to delineate shallow mineralization approximately 50 metres below the surface that can be potentially developed and quickly mined to feed the existing oxide plant at the Selinsing gold mine should the assay and block model results be satisfactory.

Significant intercept results:

  • PGRC076: five m at 6.88 grams per tonne gold from 10 m including three m at 11.06 grams per tonne gold from 11 m;
  • PGRC077: 14 m at 1.50 g/t Au from 16 m including four m at 4.30 g/t Au from 19 m;
  • PGRC089: 13 m at 1.39 g/t Au from 11 m including two m at 5.30 g/t Au from 11 m;
  • PGRC102: nine m at 1.52 g/t Au from 29 m including one m at 10.21 g/t Au from 36 m;
  • PGRC113: 21 m at 1.24 g/t Au from 21 m including seven m at 2.58 g/t Au from 21 m;
  • PGRC117: 10 m at 1.56 g/t Au from eight m including five m at 2.61 g/t Au from 10 m.

See details in the attached drill results (0.35 g/t cut-off grade).

2021 RC drilling program

The RC drilling program consisted of 68 RC holes for 3,317 m to a maximum depth of 70 m for three holes. A total of 3,901 samples were assayed at the on-site laboratory at the Selinsing gold mine. The final assay results were received on Aug. 15, 2021. The drill program confirmed the extension of significant mineralization downdip of the previously explored area by shallow percussion rotary air blast (RAB) drilling along the northwest-striking shear structure.

Over all, 70 per cent of the designed holes hit gold mineralization above an oxide cut-off (greater than 0.35 g/t Au) at relatively shallow depth, 50 m below the surface. The results defined wider lower-grade mineralization over an 830-metre-long-by-60-metre-wide zone.

The 2021 RC drilling was conducted in two phases to optimize each phase, improving the potential to hit the targeted mineralization.

Phase 1 drilling was carried out from March to April, 2021, at 20-metre-by-20-metre nominal spacing and the average depth of 48 m, involving 34 drill holes for a total 1,697 m. Phase 1 drilling targeted high- and low-grade shallow mineralization extension at South and Central Peranggih, intercepted during the RC and diamond drilling campaign from February to May, 2018 (21 diamond drill holes for 1,015 m and 34 RC holes for 1,710 m). This target coincides with the eluvial and colluvial material located on the surface down to approximately 15 m. Most of the holes were drilled at 60-degree dip oriented toward the west.

Phase 2 drilling was initiated in May, 2021, and completed in July, 2021, after receiving encouraging assay results from phase 1, targeting the strike extension of the mineralization at Peranggih South and Central intercepted in the phase 1 drilling. The program involved 34 RC holes for a total 1,620 m and the average depth of 48 m. The drilling azimuth, hole orientation, average depth and spacing were similar to the phase 1 program. Two reconnaissance holes were drilled at the southern part of Peranggih North to test an anomalous area.

Quality assurance/quality control

The company implements a thorough internal quality assurance/quality control (QA/QC) protocol on all aspects of sampling and analytical procedure. Rock chips are monitored, collected, marked for sampling and logged. Certified reference material (CRM), duplicates and blank samples are inserted based on industry standard practice. The samples were assayed internally at Selinsing laboratory using fire assays with atomic absorption spectrometer (AAS) finish.

All blanks reported Au value below the recommended value, indicating low-risk contamination at the laboratory. All CRM assay values fall within the three standard deviation range. These indicate that all CRMs are performing well, and the result from the lab is considered reliable. Duplicate samples show good repeatability, potentially indicating that low cross-contamination takes place in the lab.

Peranggih geology and mineralization

The Peranggih mineralization is structurally controlled by the 40- to 50-metre-wide northwest shear zone. The completed drilling program outlined the extent of the footwall and hangingwall of the mineralized structure. The presence of quartz breccia, tuff breccia, and sheared country rock of argillaceous sediment, tuff and black shale indicates the nature of deformational event responsible for gold deposition at Peranggih. The steeply dipping high-grade (above 1.5 g/t) mineralized structure cuts across the low-grade mineralization at a higher angle and locally occurs at Peranggih South and Central. The low- and high-grade structures are still open along the strike and downdip. An additional RC drilling program is planned to vector the 560-metre extension of the mineralized zone along strike and down plunge and dip of the known orebody.

The Peranggih mineralization is commonly associated with matrix-supported quartz breccia. The bulk of the mineralization occurs in a highly oxidized setting as Peranggih is hosted in a deep weathering environment. The lithologies generally experience moderate argillic and silicification alteration. The structural framework suggests that the mineralized auriferous breccia is emplaced within the shear system with a steep to moderate dip toward the east.

Previous rotary air blast (RAB) drilling and follow-up mining work

Since January, 2020, Monument has actively undertaken 86,870 m of RAB drilling at Peranggih and intermittently mined and produced a total of 3,610 ounces gold as of Oct. 31, 2021. The shallow RAB drilling at a nominal spacing of three m by three m or five m by five m with a maximum 20-metre depth targeted shallow gold occurrences associated with eluvial and colluvium material that exists above the mineralized structure.

As a result of the 2021 RC drilling, an internal block model was produced, and an internal shallow pit shell down to 40 m below the surface level was optimized. A total of 55,000 t of mineralized material was mined and fed to the mill in first quarter 2022. Oxide mining and production from Peranggih are expected to increase in the coming months.

Peranggih is a fully permitted site having a 10-year mining lease expiring March 14, 2029.

The scientific and technical information in this press release has been prepared by Adrian Woolford, BSc (honours), chief geologist of Monument Mining, reviewed and approved by Roger Stangler, MEng, FAusIMM, MAIG, a qualified person as defined by National Instrument 43-101, retained by Golder Associates Pty. Ltd.

About Monument Mining Ltd.

Monument Mining 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 (20-per-cent 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 neighbouring communities.

A summary of drill results is found herein (at a 0.35 g/t cut-off grade).

All intercepts reported are based on a drill width more than three m above oxide cut-off (0.35 g/t Au) with less than two-metre internal dilutions constrained at 0.30 g/t Au while included intercepts with a minimum of one-metre width is constrained at 1.0 g/t Au.

We seek Safe Harbor.

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