Monument Starts Trial Mining at Peranggih Gold Prospect

 

VANCOUVER, British Columbia, Feb. 11, 2020 (GLOBE NEWSWIRE) --  Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce that a trial mining program commenced on January 20^th 2020 at Peranggih Gold Prospect (“Peranggih”) in Peninsular Malaysia, Pahang State. The bulk sample material will be fed into the existing Selinsing oxide gold processing plant to confirm the average grade of the close-spaced drilled area, to quantify the presence of coarse gold and to test the metallurgical performance at plant scale.

The trial mining originally planned to commence in October 2019 was delayed due to the monsoon season that brought heavier rainfall than anticipated, which severely affected the earthwork and road construction activities.

A 11,428 ton bulk sample is planned to be mined and sent to the Selinsing run-of-mine pad to feed the mill in one campaign at 1,024 average tons/day production rate, which is expected to be completed by early March 2020. The first two-week mining operation has delivered a total 14,342 tons of material including 5,558 tons of bulk sample and 8,784 tons of waste.

Bench mapping was conducted during the trial mining period to have a better understanding of the geology of Peranggih. From the data collected so far, quartz breccia was observed as bands (10cm-30cm thickness) within the predominantly tuff country rock and associated with both low grade and high grade ore blocks. Massive quartz breccia was found within the excavation area in multiple locations. Visible gold has been seen in the brecciated quartz material. Quartz vein material was sometimes found in the quartz breccia but was nearly always brecciated, as seen in the photo below (Figure 1).

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/017e210e-c478-40a5-b7d7-6546fcd03433

The trial mining program is being conducted following the completion of the Peranggih haulage road which is open for trucking activities (Figure 2). The haulage road underwent major construction work that includes installing 14 new culvert crossings along the 10km length from Selinsing Northern tenement boundary to the south of Peranggih tenement and cut and fill activities that were undertaken from the Sungai Durian until Sungai Kura tributaries for a total length of 2 km, to provide efficient transportation of material from Peranggih project to Selinsing plant site (Figure 3). The safety bund was erected along the haulage road to provide protection and mitigation in an emergency situation. Further improvements to the road surface will be made to allow the road to be used the all-weather condition in the future.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/07696f0a-77b1-4c7e-81d1-da734009d226

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1474060f-65dc-401c-8f2d-5ee5af8f0912

Preparation work at Peranggih for trial mining included: demarcation of tenement boundaries, starter pit outline, building a siltation pond, and marking the bulk sample blocks on the area that was drilled for grade control previously. The drill program at Peranggih in 2017 and 2018 successfully delineated a broad 15m-20m wide high-grade zone and multiple isolated high-grade zones, surrounded by a halo of lower grade gold mineralization. It proved the presence of disseminated gold in the breccia matrix. A preliminary metallurgical investigation was carried out on the Peranggih Oxide ore 2014 DD core samples, showing an average recovery of the oxide material by cyanide leaching exceeding 80% with the highest recovery up to 98%.

At the Peranggih tenement, less than 10% of the total mineralization strike structure length was drilled to date and the gold mineralization is still open along strike and down-dip. The extensive nature of the brecciation events indicates prospectivity for a significant gold discovery within the Peranggih goldfield. Additional exploration drilling can bridge the information gaps on the expected mineralization, in addition to grade control drilling which may be extended at Peranggih North or to test other targets. Opportunities are anticipated to extend and better define a mineral resource and improve grade in the richest, brecciated central zone, also in between previously drilled and modeled domains.

Depending on the outcome of the trial mining program, a follow up exploration program may be designed to test adjacent areas (e.g. the North Pond), and areas with similar occurrences of brecciated material within the district.

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 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
Wolfgang Seybold, Axino Media GmbH	T: +49 711-82 09 7211	wolfgang.seybold@axino.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.