VANCOUVER, British Columbia, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased to announce results of a 309m deep diamond drillhole with RC pre-collar at Alliance and New Alliance (“ANA”) Deposit, one of three drilling programs carried out at the Burnakura Property announced on May 8, 2018. All three drill programs were completed in June 2018, assays have recently been received, and results of the remainder of the programs, including the NOA 7/8 Deep Exploration Program and the Burnakura Shallow Oxide Drilling Program are still being processed and yet to be released to the market.
Highlights of the ANA Deep Drilling Result
- High-grade mineralization was intercepted more than 170m down dip of the known mineralization at ANA.
- Drillhole 18RCDDH10 intersected 1.3m @ 26.8g/t Au (from Meter 194 to 195.3) (Figure 1).
- The favourable Banded Iron Formation (“BIF”) horizon which controls the gold mineralization has been shown to be continuous at depth.
Figure 1: Assay results from drillhole 18RCDDH10 (grades in g/t Au)
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Alliance and New Alliance Deep Drilling Program
The ANA deposit (included in the NI 43-101 Technical Report-Updated Mineral Resources, Burnakura Gold Project, Western Australia, Australia, July 2018) is structurally controlled by BIF horizons. The gold rich quartz vein commonly develops in the hanging wall of the BIF and forms a tabular 1-3m wide high grade vein, with a low grade halo developing in the BIF itself.
Historically the ANA deposit was mined both open pit and underground since early 1900’s. Historical records from the State Mine Engineer records of WA reported that over 23,000oz of gold were produced underground, at an average head grade of 41.2g/t. Between 1989-1997, 30,000oz of gold were produced open pit, at an average head grade of 3.5 g/t Au, as indicated in the SRK NI 43-101 Technical Report-Updated Mineral Resources, Burnakura Gold Project, Western Australia, Australia, July 2018.
The BIF which controls the mineralization, is projected to dip to the East. Drillhole 18RCDDH10 tested this favourable horizon approximately 170m below the known mineralization (Figure 2), and high grade mineralization (1.3m @ 26.8g/t, approximately true mineralization width) was intercepted almost exactly where predicted, showing that the mineralization is very continuous and predictable. See Table 1 1 for details of the hole, and Table 2 for the drill assay results..
Table 1: Drillhole 18RCDDH10 details
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Table 2: Drill assay results for 18RCDDH10
| SampleID | Hole_ID | mFrom | mTo | Length (m)* | Au (g/t) | Sample_Type |
| 18MDD0264 | 18RCDDH10 | 192 | 193 | 1.0 | 0.02 | CORE |
| 18MDD0265 | 18RCDDH10 | 193 | 194 | 1.0 | 0.01 | CORE |
| 18MDD0266 | 18RCDDH10 | 194 | 195.3 | 1.3 | 26.8 | CORE |
| 18MDD0268 | 18RCDDH10 | 195.3 | 196 | 0.7 | 1.0 | CORE |
| 18MDD0269 | 18RCDDH10 | 196 | 197 | 1.0 | 0.31 | CORE |
| 18MDD0270 | 18RCDDH10 | 197 | 198 | 1.0 | 0.02 | CORE |
| 18MDD0271 | 18RCDDH10 | 198 | 199 | 1.0 | 0.02 | CORE |
*approximate true mineralization width
Increased alteration intensity was logged at the end of hole, indicating increased fluid flow which is a common vector to mineralization. The potential for further repeat parallel mineralization lines will be investigated with a planned follow-up drilling.
Figure 2: ANA Cross section displaying new diamond drillhole intersection
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Plan Moving Forward:
An initial exploration target has been delineated based on the knowledge of current mineral resources together with the results of the new intersection in depth. (Figure 3)
Figure 3: ANA Oblique Plan demonstrating the location of 18RCDDH10 and the extents of the exploration target zone
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Monument is encouraged and believes an extended mineralization can be delineated quickly with further drilling along this prospective BIF horizon in the exploration target zone. Monument is excited to follow up with further drilling to delineate what Monument believes to be a very simple and continuous high grade structure. A drill program is currently being developed to follow up on this opportunity, testing continuity of the known mineralization and possible repeats at depth.
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 190 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 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.