- Intercepts 33.0 meters at 1.23 g/t Gold in Oxide and 13.5 meters at 3.83 g/t Gold in Sulfide -
VANCOUVER, Feb. 4, 2014 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" today disclosed recent drill results from its FY2013 Buffalo Reef gold exploration and delineation drilling program in Malaysia. The best intercepts were 33.0 meters at 1.23 g/t gold in Oxide and 13.5 meters at 3.83 g/t gold in Sulfide.
"These results, which are consistent with those that have been previously drilled, reported and modeled, show that we have successfully targeted and identified additional oxide and gold mineralization at Buffalo Reef," said Todd Johnson, VP Exploration for Monument Mining. "We expect that our next NI 43-101 resource estimate, anticipated in the spring of 2014, will show improved reserves and resources in part because of the inclusion of these results."
Added Ian Bruce, Chief Managing Geologist for Monument Mining, "The local Geology and Drilling staff continues to work hard to identify additional near-mine mineralization at Buffalo Reef and Selinsing for potential development. We continue to streamline the logging and sampling process at site to help achieve a faster assay turnaround time from the primary certified commercial labs."
Drilling continues to expand the mineralization at Buffalo Reef, Selinsing, and the adjacent FELDA lands with two diamond drills owned and operated by Monument. The drilling is focused within and adjacent to the operating Buffalo Reef South open pit and north of the operating Selinsing open pit gold mine.
ASSAY HIGHLIGHTS IN OXIDE
- MBRDD048 intersected 33.0 meters assaying 1.23 g/t Au (includes 2.0m at 6.77 g/t) at Central Buffalo Reef
- MBRDD063 intersected 7.3 meters assaying 2.37 g/t Au (includes 3.0m at 5.25 g/t) at Central Buffalo Reef
- MBRRC209 intersected 20.0 meters assaying 1.01 g/t Au at North Buffalo Reef
ASSAY HIGHLIGHTS IN SULFIDE
- MBRDD022 intersected 13.5 meters assaying 3.83 g/t Au under the South Buffalo Reef pit
- MBRDD043 intersected 13.5 meters assaying 3.77 g/t Au under the South Buffalo Reef pit
- MBRRC210 intersected 4.0 meters assaying 5.51 g/t Au (includes 2.0 m at 10.25 g/t) at North Buffalo Reef
- MBRRC253 intersected 4.0 meters assaying 4.12 g/t Au at Central Buffalo Reef
- MBRRC246 intersected 10.0 meters assaying 1.62 g/t Au (includes 1.0 m at 3.91 g/t) at Central Buffalo Reef
Background on the exploration program
From October 2007 to December 31, 2013, a total of 438 diamond (DDH) and reverse-circulation (RC) drill holes for 35,452 meters have been completed at the two Buffalo Reef tenements MC 1/107 and MC 1/111 (excluding FELDA lands). The campaign is more fully described in the table below:
|Fiscal year|| # Drill
|2008||October 2007 to June 2008||126||8,725||RC|
|2009||July 2008 to June 2009||39||3,155||RC|
|2010||July 2009 to June 2010||2||212||DDH|
|2011||July 2010 to June 2011||2||217||DDH|
|2012||July 2011to June 2012||20||3,689||DDH|
|2013||July 2012 to June 2013||216||16,722||DDH/RC|
|2014||July to December 2013||33||2,732||DDH|
Table 1 and 2 below list recently compiled, significant Buffalo Reef drill hole assays received between April and December 31, 2013. Complete tables of diamond and RC drilling results and drill hole details along with maps showing Monument's Buffalo Reef drill hole locations that are presented in this press release are posted on the Company's website at www.MonumentMining.com.
The recently reported Buffalo Reef drill results have been targeting and successfully identifying additional significant oxide and sulfide gold mineralization at the Buffalo Reef North and Central-South deposits, both laterally and below the location of the existing resource estimate made as of August 31, 2012 NI 43-101 , which Monument hopes will extend the project's life-of-mine. Another objective of the fiscal year (FY) 2013 and FY2014 drilling was to maximize the conversion of Inferred Resources to Indicated or Measured classifications. The reported sulfide drill hole intercepts in this press release occur down-dip of the oxide intercepts and locally contain higher grade intervals.
The gold mineralization is hosted in a series of north-south and en echelon northeast-southwest striking quartz veins which dip moderately to the east, within a north-south 4 km long structural-mineralized corridor. The host rocks consist of an interbedded sequence of variably graphitic phyllite, calcareous tuffaceous argillite, tuffaceous arenite, and felsic tuff with cataclasite and locally mylonitic deformation. The sulfide mineralization may contain quartz veins with pyrite, arsenopyrite plus/minus stibnite as disseminations and veinlets.
In FY2014, an additional drill program using the two Monument-owned diamond drilling rigs is currently underway in priority areas of all tenements and is following up drilling results from FY2013. Assays for another 66 drill holes drilled at Buffalo Reef in fiscal 2013 and fiscal 2014 are pending and will be reported in the near future, along with recently received assay results from Selinsing and the adjacent FELDA land, which is located to the east of and between the Buffalo Reef South and Central resource areas. For timing reasons the 66 drill holes whose assays are pending will not be incorporated into the spring 2014 resource update but will be incorporated into a subsequent resource update.
The scientific and technical information in this press release has been compiled by Ian Bruce, Chief Managing Geologist for Monument Mining Limited (M.Sc., AIG) who is a Qualified Person as defined by NI 43-101 guidelines and has been working in Malaysia for Monument since October 21, 2012. This press release has been reviewed by Todd Johnson (M.Sc., P.E.), Vice President of Exploration for Monument Mining Limited, who is also a Qualified Person as defined by National Instrument 43-101 guidelines and has verified and approves of the scientific and technical information in this press release.
Drill holes at Buffalo Reef are being sampled and logged at site in a secured and fenced area within the mine site and the core facility is locked during nonbusiness hours. Most of the drill hole samples are shipped to SGS Malaysia at their Port Klang facilities for sample preparation and analysis. SGS Malaysia is an accredited lab that complies with ISO 17025:2005 requirements. The samples are dried, crushed to 90% passing 4.0 mm and pulverized to 90% passing -75 microns and analyzed for: Au fire assay (2 assay ton) using the FAA505 analysis method and ICP analysis (ICP-OES method) for Ag, As and Sb. Some of the FY2013 Buffalo Reef drill holes were also prepared and analyzed at certified labs in Jakarta, Indonesia (PT. Intertek), and in Richmond, Canada (ACME) that follow similar sample preparation and analysis protocols as listed above for SGS Malaysia.
The Buffalo Reef and Selinsing exploration and delineation drilling programs includes a Quality Control and Quality Assurance (QAQC) program that meet the present NI 43-101 guidelines. Certified Au standards and non-certified blank materials are inserted approximately every 20 drill samples into the sample sequence. In addition, every 1 in 20 RC drill hole sample intervals is prepared using a riffle splitter and is submitted into the sample stream to the primary assay lab as a secondary split duplicate "check". Duplicate coarse reject (approximately every 1 in 40 samples) and pulp (approximately every 1 in 20 samples) drill hole samples are being dispatched from the primary laboratories (SGS Malaysia Sdn. Bhd. and PT. Intertek, Indonesia) under instruction by Monument to a secondary certified "umpire" assay lab (ALS, Malaga, Western Australasia).
Assay results reported in this press release are drill thicknesses but approximate true thickness as most drill holes are generally oriented at a magnetic azimuth of 270 degrees with an inclination of 50 to 70 degrees (near perpendicular to the strike and dip of the mineralized zones). All reported drill hole assay results in this press release are generally associated with recoveries greater than 80 percent for diamond drilling or greater than 40% for RC drilling.
Vote for Monument's incumbent board
Monument's incumbent eight-person board, which has been nominated for re-election, intends to continue to grow the Company's profitable mines in Malaysia and to advance its projects there and elsewhere, creating sustainable and growing value for all shareholders.
Monument urges shareholders to vote for the incumbent board members and allow them to continue to work for the benefit of all shareholders. Vote the Management proxy to keep the dissident team off of the Monument board. Don't let dissidents seize your company and take it in unknown directions.
YOUR VOTE IS IMPORTANT
PLEASE VOTE USING ONLY MANAGEMENT'S PROXY TODAY!
Your vote is important regardless of the number of shares you own. Monument encourages Shareholders to read the meeting materials in detail. A copy of the Management Information Circular is available on the Company's website at www.monumentmining.com or on SEDAR at www.sedar.com.
The board of directors of Monument recommends that Shareholders vote IN FAVOUR of all proposed items.
Vote today FOR Monument's board using only Management's proxy
As time is of the essence, Shareholders are encouraged to vote via the internet or by telephone by following the instructions found on the proxy or voting instruction form.
The deadline to vote is February 5, 2014 at 9 a.m. (Pacific Time). However, Shareholders are encouraged to vote 24 hours in advance of the deadline to ensure their votes are received in a timely manner.
If a Shareholder has voted on the Dissident's proxy and would like to change their vote to support Management, simply vote again using Management's proxy. It is the later dated proxy which will count at the Meeting. If Shareholders have already voted using Management's proxy, there is no need to take further action. Please discard any proxy from the Dissident group.
Shareholders who have questions or have not received their proxy or voting instruction form may contact the Proxy Solicitation Agent below:
Laurel Hill Advisory Group
Toll free: 1-877-452-7184 (416-304-0211 collect outside Canada and the US)
Email: [email protected].
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia, with production cash costs among the lowest in the world. Its experienced management team is committed to growth and is advancing several exploration and development projects in Malaysia, including the development stage, Mengapur Polymetallic Project. The Company employs 330 people in Malaysia and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities. In addition, the Company's recent acquisition announcement of the Murchison Gold Project located in Western Australia will add to its project pipeline and diversify its single project cash flow source, country risk and potential metal profile.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
Table 1. Summary of Significant FY2013 and FY2014 Buffalo Reef Diamond Drill Hole Intercepts Received as of December 31, 2013.
| Hole Depth
| Depth From
| Depth To
|Au (g/t)|| Mineralization
|MBRDD019||MC 1/107||203.0||67.50||68.30||0.80||1.18||Oxide + Sulfide|
|MBRDD027||MC 1/111||150.5||78.60||80.00||1.40||0.90||Oxide + Sulfide|
|DHID||Area||Hole Depth|| Depth From
| Depth To
|Au (g/t)|| Mineralization
|MBRDD047||MC 1/107||60.0||30.50||33.50||3.00||2.94||Oxide + Sulfide|
|MBRDD055||MC 1/107||80.0||30.60||37.50||6.90||1.13||Oxide + Sulfide|
|44.00||45.20||1.20||0.35||Oxide + Sulfide|
|MBRDD063||MC 1/107||65.0||9.50||16.80||7.30||2.37||Oxide + Sulfide|
|including||9.50||12.50||3.00||5.25||Oxide + Sulfide|
|MBRDD069||MC 1/107||120.0||45.40||53.60||8.20||0.79||Oxide + Sulfide|
|67.90||69.50||1.60||1.33||Oxide + Sulfide|
|MBRDD092||MC 1/107||40.0||26.50||35.00||8.50||1.12||Oxide + Sulfide|
(1) Drill hole samples were assayed at certified labs: SGS in Port Klang, Malaysia or PT. Intertek in Jakarta, Indonesia;
(2) Buffalo Reef diamond drill holes with no significant assays (<0.31 g/t Au in oxide and <0.62 g/t Au in sulfide mineralization):
MBRDD032, 038, 050, 056, 058, 060, 065-067, 070, 078, 081-082, 084-087, 089, 091, 093, 096-098, 100-104, 106, 109, and 110;
(3) All reported drill hole assay intercepts are generally associated with >80% recovery except MBRDD037 (62%), MBRDD048
(68%), MBRDD057 (68%), MBRDD059 (63%), MBRDD062 (59%, 68%), MBRDD064 (64%), MBRDD083 (47%).
(4) Buffalo Reef diamond drill holes with assays in progress: MBRDD068, 072, 073, 075-077, 079, 080, 090, 094, 095, 099, 107,
108, 111-115, 118,120,123, 125, 127-128, 130, 132, 135, 137-138, 140, 141, 143-146, 148, 150-151, 153, 155, 157, 160,
278-280, 282, 320, 324-340, and 349-350;
(5) Mineralisation is described as "Oxide + Sulfide" if geological logging indicates that the relevant interval contains alternating
zones of oxidised and fresh rock, or is oxidised rock containing some sulphide minerals below the base of pervasive oxidation.
Table 2. Summary of Significant FY2013 and FY2014 Buffalo Reef Reverse Circulation Drill Hole Intercepts Received as of December 31, 2013.
| Hole Depth
| Depth From
| Depth To
|Au (g/t)|| Mineralization
|17.00||25.00||8.00||2.51||Oxide + Sulfide|
|8.00||15.00||7.00||1.10||Oxide + Sulfide|
|22.00||23.00||1.00||3.20||Oxide + Sulfide|
| Hole Depth
| Depth From
| Depth To
|Au (g/t)|| Mineralization
|MBRRC248||MC 1/107||60.0||40.00||45.00||5.00||2.21||Oxide + Sulfide|
|13.00||16.00||3.00||1.07||Oxide + Sulfide|
(1) Drilling samples were assayed at: the certified lab SGS in Port Klang, Malaysia, and some at the Selinsing internal lab;
(2) All reported RC drill hole assay intercepts are generally associated with >40% recovery by weight relative to the theoretical
mass of the RC drilled interval
(3) Buffalo Reef RC drill holes with no significant assays (<0.31 g/t Au in oxide and <0.62 g/t Au in sulfide ores): MBRRC181,
183, 189, 190, 193, 194, 196-198, 201-205, 207, 213, 215, 217, 218, 221, 223, 226-231, 234, 235, 239, 241-244, 247, 250, 251,
254-260, 264, 267, 270;
(4) Buffalo Reef RC/Diamond drill holes with no significant assays (<0.31 g/t Au in oxide and <0.62 g/t Au in sulfide ores):
MBRRD261-263, 271, 272;
(5) Buffalo Reef RC drill holes which failed QAQC tests at the Selinsing in-house laboratory: MBRRC185, 188, 192, 199, 250;
(6) Buffalo Reef RC drill holes with significant assay intervals but insufficient recovery to be reported: MBRRC190, 217, 234, 239,
254, 257, and 259.
(7) Buffalo Reef RC or RC/Diamond holes with assays still in progress: MBRRD265, 266, and 268.
(8) Mineralisation is described as "Oxide + Sulfide" if geological logging indicates that the relevant interval contains either
alternating zones of oxidised and fresh rock, or is oxidised rock containing some sulphide minerals below the base of pervasive
"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 effect the Company expects drill results to have on future resource estimates and 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 and the interpretation of those results; 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: the Company's expectation that drilling results will increase future resource estimates; 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 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 information, except in accordance with applicable securities laws.
SOURCE: Monument Mining Limited
For further information:
visit the company web site at www.monumentmining.com or contact:
Nick Kohlmann, MMY Toronto
Richard Cushing, MMY Vancouver
T: +1-604-638-1661 x102
Wolfgang Seybold, Axino GmbH
T: +49 711-2535-92 40