Monument Announces Drill Program Results at Selinsing Gold Mine Pit 4

VANCOUVER, British Columbia, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce encouraging drill results from a 681m diamond drill program for 14 holes at the Selinsing Gold Mine Pit 4 west wall, which has the potential to increase the current Selinsing gold resources. Additional opportunities for infill and extension drilling were identified (see Figure 1).

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4eedb6c1-c155-44ed-99e4-7cf3a168e8e2

Significant Intercept Results

Assay results above 0.35 g/t Au (Monument’s oxide cut-off) are listed below (Table 1) including significant intercepts from MSMDD211 (2m @ 1.06 g/t from 40m), MSMDD215 (2.6m @ 7.62 g/t from 54.2m) and MSMDD217 (8.5m @1.33g/t from 14.5m), which indicates that the mineralization has extended outside of the resources defined in the NI43-101 report (the “January 2019 Snowden Feasibility Study”). However, it does not extend west beyond the currently known footwall plane. Additional information on drilling results from this drill program is shown in Appendix 1, and collar locations are presented in Figure 2.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/142f5795-5301-45e1-aed4-c31e165372ec

Pit 4 Drilling and Interpretation

The Pit 4 West Wall is considered the most suitable and prospective opportunity for additional immediate oxide mill feed. Under this drill program 14 holes were drilled for a total of 681m at Selinsing Pit 4. The results from 11 infill holes at the southwestern corner of Pit 4 show promising intersections and confirm the continuity of the high grade mineralized structure within a 60m corridor along the strike length.

North West Wall: Grade control data on the North West Wall suggests that there is significant mineralization left behind that was delineated by previous drilling programs. This mineralization needs to be quantified and better delineated through a short drilling program (see Figure 3: “North West Wall”). 

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d0e1a90c-a547-4159-a2e6-500e06514fad

The current pit outlined in the 2019 Snowden feasibility study is based on the resource model from the previous exploration RC drilling results and does not include the grade control information. The close space GC data shows more intense mineralization as compared to the results obtained from RC holes which indicate that the previous drilling may understate the presence of stronger gold occurrence within this area especially within 60 meter strike corridor between section 2100N-2140N.

Three holes drilled (MSMDD 219, 220, 221) at the northwest corner of pit 4 confirmed that the mineralization does not extend west beyond the currently known footwall plane.

South West Corner: There is also a significant portion of shallow mineralization in the southwest corner of pit 4 which has not been included in the current resource model in the 2019 Snowden Feasibility Study. Based on new geological/structural inputs, infill and step out drill holes were designed to extend and upgrade this mineralization (see Figure 4. “Series Sections towards South").

There is an opportunity to mine the ore located at the pit wall between section 1810N to 1860N approximately within 50m strike corridor (sections ‘c’ to ‘e’). The mineralization in this area contains high and low grade oxide material according to assay results.

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/840a6303-3317-4463-a1c2-e3fa7e99d024

The infill drilling results confirmed good continuity of moderately dipping mineralized structures at the southwest corner of Pit 4. Pit optimizations will now need to be run to include the results of this drill program. The mineralization is hosted in quartz stockwork within faulted and sheared tuffaceous sediment.

QAQC on Sample Collection and Assaying

The holes were drilled with NQ2 sized diamond drill bits for drill holes reported in this press release. Employees of Monument conducted all logging and sampling. The core was logged and marked up for sampling using sample intervals of 0.5m to 1.5m according to geological contacts. Samples were then cut into equal halves using a diamond saw. One half of the core was left in the original core box and stored in a secure location at the Selinsing core yard within the Selinsing mine area. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until it was shipped to SGS Raub, where sample preparation was completed. The core was dried and crushed by the Lab and a 150 gram pulp was prepared from the coarse crushed material.

The gold analysis is completed at SGS Bau, Kuching, using a 30 gram charge and fire assay with an atomic absorption finish. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the Lab inserted its own quality control samples. The results of the control samples are evaluated on a regular basis with batches re-analyzed and/or resubmitted as needed.

The scientific and technical information in this press release has been prepared by Adrian Woolford, B.Sc. (Hons) Chief Geologist of Monument Mining Limited; and 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 advancing several exploration and development projects including the Mengapur Copper-Iron 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 approximately 199 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:

Appendix 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e55e32db-4d98-40d5-9371-6fd5a1b928df

"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. 

Figure 1

Pit 4 Oblique view looking west

Figure 2

Pit 4 Drill Hole Map (Proposed and successful holes)

Figure 3

North West Wall

Figure 4

Series Sections towards South (in red interpretation for mineralisation boundaries).

Appendix 1

Summary of Drilling Results (0.35 g/t cut-off grade)