Monument Announces the Discovery of the Mentique Prospect: 1 km West of the Peranggih Gold Prospect

 

VANCOUVER, British Columbia, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce the discovery of a new anomaly which has been called the Mentique Prospect, parallel and 1km west of the Peranggih Gold Prospect.

A soil sampling campaign was conducted in the Peranggih area between December 2018 and March 2019 covering a total area of 16 km², to the Northeast, south and southwest of the existing Peranggih mineralization. The main objective of the program was to identify additional oxide exploration targets. The soil sample lines were spaced at 50m x 200m to the southwest of Peranggih and 50m x 400m to the northeast of Peranggih. A total of 506 samples were collected during this campaign. Data compilation and geological interpretation were recently completed. 

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/48b20c85-7d19-4c9f-bc54-0615a683f57f

Program Highlights:

• Discovery of a 1.8km by 0.8km gold soil anomaly located 1 km west of the Peranggih deposit on a parallel north west- south east trending structure with a peak value of 103ppb. This discovery has been named the Mentique Prospect.
• Extension of the gold in soil anomaly by an area of 0.7km by 0.3km north from the current Peranggih known mineralization.
• Extension of the gold in soil anomaly by an area of 0.25km by 0.25km south from the current Peranggih known mineralization.
• Spatial distribution analysis has shown arsenic (“As”) correlates strongly with the gold values at both the Peranggih and Mentique prospects.
• The general trend of the anomaly corresponds well with the major regional NNW-SSE structure that hosts gold at Selinsing, Buffalo Reef and Peranggih.

Samples were collected from the A-horizon soil layer for this campaign as it has previously proven to be highly successful for delineating gold soil anomalies in the region. Approximately 100g of material was collected for each sample by digging 5cm below the top soil layer which is rich in organic matter. Samples were inserted into zip-lock bags and later stored at the core shed for tagging and packing before sending for assay.

All samples were sent to Intertek Genalysis laboratory in Perth for 19 multi-element pathfinder analysis (Au, Ag, As, Bi, Cd, Co, Cu, La, Mo, Ni, Pb, Pd, Pt, Sb, Sn, Th, U, W, Zn) by its proprietary partial leach analysis method (Terraleach Partial Digest Geochemistry). This technology is designed to remove the “mobile ion” component from soil with the aim of potentially detecting metal dispersion from a buried ore-body. Pathfinder elements were analyzed for using this technique as well. A detection limit of 0.01 ppb for gold ensures very low levels of gold can be detected. The completed assay report was received in September 2019.

Spatial Distribution Multielement Analysis

Peranggih is one of the most promising prospects in the Selinsing gold portfolio where gold mineralization has been confirmed by high grade drill intercepts along the NW-SE structural trend. The distribution of gold also correlates well with interpreted faults. Selected pathfinder elements show high spatial correlation with gold. The Peranggih mineralization (Zone 1, Figures 1 to 5) has an Au-As-W-Sb-Mo association.

Mentique (Zone 2, Figures 1 to 5) also shows a significant anomalous zone that correlates well with 2 adjacent fault structures both trending in NW-SE and N-S directions. Superimposed folds are interpreted to have played important roles for gold enrichment. Based on the pathfinder element distribution, mineralization at Mentique has an Au- Sb-As-W-Mo association.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0d137336-cdc1-47df-9da2-275aaf9c32e9

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e961b69e-7c2e-4d1b-be4f-6f53c1c63b13

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dabb812e-9e9c-40d3-86d9-e6a3cc81179f

Figure 5 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9a152a5-3af7-46df-b53d-11040f838147

QAQC 

A total of 134 QAQC samples were inserted to the A-horizon sample intervals including 89 blanks and 45 duplicates. No certified reference materials (CRMs) were inserted and laboratory CRMs were used for standards analysis. Blank analysis has been carried out and 0.3 ppb was used as the cut off value, with blank material coming from a granite quarry in Cameron Highlands, located approximately 50 Km west of Peranggih. Of 89 blanks, 9 blank samples were reported above the recommended value. Duplicate samples show good repeatability against the original sample results.

 Follow up work at Peranggih and Mentique Prospect

• Additional exploratory drilling will be conducted at the southern and northern extensions of the Peranggih anomalous zone to confirm the continuation of mineralization along strike based on the soil geochemical anomaly.
• At the Mentique prospect, several east-west oriented trenches are being planned to test the mineralization in saprolite and provide a better understanding of the geology by sampling and geological mapping.
• Soil sampling is to be conducted north-west of the Mentique prospect to follow up on the open anomalous zone.
• Trial mining and trench sampling at Peranggih to test the average grade and collect further geological evidence. The trial mining has been undertaken and results will be announced once obtained.

The scientific and technical information in this press release has been prepared by Adrian Woolford, B.Sc. (Hons) Chief Geologist of Monument Mining Limited; 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 198 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 St,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
Wolfgang Seybold, Axino Media GmbH	T: +49 711-82 09 7211	wolfgang.seybold@axino.com

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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.