Monument Announces NOA 7/8 Drilling Program Results at Burnakura Gold Project

VANCOUVER, British Columbia, Sept. 24, 2018 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased to announce encouraging results of 1,333m exploration and metallurgical drilling for 5 holes at North of Alliance 7/8 (“NOA 7/8”), which have the potential to increase the Burnakura gold resources. Additional targets for extension and resource definition drilling were identified.

The NOA 7/8 exploration drill program is one of three drilling programs completed successfully within two months in May and June 2018 (refer to News Release dated August 8, 2018). It comprised three exploration drill holes and two metallurgical drill holes and consisted of both Reverse Circulation (“RC”) and Diamond Drilling (“DD”). The program was focused on extending NOA 7/8 mineralization down plunge, and providing additional samples from NOA 7/8 to further progress metallurgical testwork. All assays have already been received, with a view of increasing its gold resources in underground fresh material, and collection of metallurgical samples for testwork.

Highlights

NOA 7/8 program was successful in extending the known mineralization approximately 130m down plunge. Significant intercepts are listed in Table 1.

Table 1: Significant intercept results (>= 1g/t Au) for NOA7/8 Deep Exploration Drilling

* true mineralization widths are unknown

The collar locations for NOA 7/8 drilling for 2018 program are shown in Figure 1, indicating the drill holes with significant intercepts. The full set of drill results for the holes with significant intercepts are listed in Appendix A and Appendix B.

NOA 7/8 Deep Exploration

NOA 7/8 is the northernmost portion of the North of Alliance (“NOA”) deposits at Burnakura Project with Indicated Resource of 114 koz Au @ 4.6 g/t Au and Inferred Resource of 4 koz @ 3.9 g/t Au (refer to “NI 43-101 Technical Report: Updated Mineral Resources, Burnakura Gold Project, Western Australia, Australia” dated July 17, 2018, prepared by SRK Consulting (Australasia) Pty Ltd. at www.sedar.com). It contains a mineralised zone over a strike length of 560m, hosted by predominantly sedimentary and felsic volcanoclastic units. The target drilled represents a down-plunge extension of the high grade mineralization, as shown in Figure 2.

Three deep holes (868m in total) successfully extended NOA 7/8 northerly down plunge, confirming the understanding of mineralization geometry as predicted. Several structural readings have been taken which are integrating a regional structural study in progress.

Further drilling is needed to increase the confidence on the geometry and continuity of the mineralization (see Figure 2). The deposit is still open at depth, and further additions are highly likely with a follow-up drilling extension program. The significant intercepts for all drilling at the NOA 7/8 drill program presented in Table 1 shows the great potential of mineral inventory expansion on the drilled target. The outcome of the drilling is encouraging, extending the known mineralization at depth and assisting in the understanding of mineralization and underground potential at NOA 7/8.

The results in general show widths and grade that can be sued to assess underground mining opportunities. A follow-up drilling program is being designed to further extend the finalization at depth, to increase the confidence on the mineralization geometry and grades, encouraging further underground mining economic study. Figure 3 shows an example of core samples for mineralized zones, with assayed grade results.

Grades received indicate the underground potential for NOA 7/8. Further drilling is however needed to allow interpretation and incorporation into a resource model. With the style of mineralization, the current drill spacing is too wide to infer a resource. A follow up program is being designed to both extend and define the mineralization at depth. A suitably powerful RC rig can perform follow up infill, but a DD rig would be needed to discover further extensions at depth. The deposit is still clearly open at depth, with the potential to extend the resource further with deeper drilling.

NOA 7/8 Metallurgical Drilling

Two metallurgical holes (465m in total, of which 123m RC and 342m DD drilling) successfully intersected known areas of mineralization at the NOA 7/8 deep, providing sufficient representative core sample material for further testwork. Also the grade and width of the intercepts has evidenced the existence of high grade underground mineralization of NOA 7/8.  Figure 4 shows one example of core samples within a mineralized zone.

Mineralogical and metallurgical testwork is underway at ALS laboratories, and is being supervised by Orway Mineral Consultants Pty Ltd (“OMC”).

The scientific and technical information in this press release has been prepared by Mark Lynch-Staunton, MCSM, MAIG, M.Sc Mining Geology; and supervised and approved by Roger Stangler, MEng, MAusIMM, MAIG, a Qualified Person as defined by NI43-101, both retained by Monument Mining Limited. 

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 195 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:

"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.             

Appendix A
NOA 7/8 Exploration RC and DD Drilling Campaign 2018: collar coordinates in MGA94, Zone 50 grid

Appendix B
Assay Results for NOA 7/8 RC and DD Drilling Campaign 2018

Appendix B (continued)
Assay Results for NOA 7/8 RC and DD Drilling Campaign 2018

Photos accompanying this announcement are available at :

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