VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 5, 2018) – Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT:D7Q1) “Monument” or the “Company” is pleased to announce that it has commenced an infill and extension drilling program at the Peranggih Gold Prospect (“the 2018 drilling program”), located approximately 10 km North of the Selinsing Gold Mine (Figure 1).
Figure 1 – Location of the Peranggih Area in relation to Selinsing Property and gold plant is available at the following address: http://media3.marketwire.com/docs/Figure1_1107406.jpg
The 2018 drilling program is designed to follow up a recently completed 5m x 5m close spaced RAB drilling program at an historic mining site (“the 2017 drilling program”), of which encouraging drill results were announced in November 2017. The 2017 drilling program has successfully delineated a zone of higher grade gold material at Peranggih North area by testing 150m strike length x 80m width of the mineralization.
The 2018 drilling program includes 700m Diamond Drilling (DD) from 16 drill holes infill drilling and 2,800m Reverse Circulation (RC) drilling from 52 drill holes extension drilling. All designed exploration drill holes are inclined and dipping 60 degrees to the west (azimuth 270 degrees), aiming to intercept the mineralization as close as possible of a perpendicular intercept. Drill depths are ranging from 20m to 90m.
The infill drilling with spacing of 20m x 20m to 20m x 40m, or locally 10m x 10m in an identified high grade gold area, is designed to further test strike and down dip extensions of the identified high grade mineralization at Peranggih North, to test continuity of the mineralization, and to verify extension down dip and along the strike for other zones being trenched and drilled previously including Peranggih South, North 114 and NW. The location of the planned drill holes in relation to the four zones is shown in Figure 2.
Figure 2 – Location of the planned drilling for Peranggih in relation to the four mineralization zones is available at the following address: http://media3.marketwire.com/docs/Figure2_1107406.jpg
Through these detailing works, the in-fill drilling is targeting to delineate Indicated Resources at the areas where the initial internal interpretation has been completed based on sparse regional drilling and trenching.
The extension drilling with spacing of 50m x 100m is planned to understand mineralization structure and to identify regional exploration targets on and between the four areas within the same Peranggih oxide system based on previous exploration work.
Results from the current drill program will be progressively announced as assays are received and the continuity of the mineralization is interpreted.
The Peranggih Prospect has been identified as a new Gold Field that has the potential to host a significant mineralized hydrothermal breccia system. It has 1.2 km strike length with width varying from 25m to 50m, and depth from 40m to 70m. The mineralization occurs in the same regional shearing structure hosting Selinsing and Buffalo Reef deposits.
Roger Stangler, Chief Managing Geologist of the Company, MEng, MAusIMM, MAIG, has prepared, reviewed, supervised the preparation and approved the scientific and technical disclosure in this news release as a Qualified Person under NI43-101 standards.
Monument Mining Limited (TSX VENTURE:MMY)(FRANKFURT: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.
“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.”
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.
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