MMY:CC - Monument Receives Significant RC Results from Phase 2 Drilling Program at the Murchison Gold Project

VANCOUVER, British Columbia, May 30, 2022 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” is pleased to announce that significant results from the Reverse Circulation (“RC”) drilling has been received as a part of the Phase 2 exploration program at Burnakura, one of the primary Murchison Gold Projects in the Meekatharra area, Western Australia.

As part of a two-year exploration program to test the potential for gold discovery, the Phase 2 drilling program commenced in November 2021, following the completion of the Phase 1 program in August 2021 ( refer to News Release dated December 15, 2021 and January 19, 2022 ). The Phase 2 RC and DD drill program was completed in April 2022. The remaining assay results from the Diamond (“DD”) drilling component are anticipated over the coming weeks. The Company looks forward to updating the market with a comprehensive announcement incorporating the DD and RC drill results.

HIGHLIGHTS

• Reverse Circulation drilling has encountered multiple mineralization horizons at depth, indicating gold mineralization down-dip and the potential for additional underground economic mineralization at the NOA 1 deposit.
• Significant assay results from all the RC drilling component of the program returned include:
  • 4m at 32.0g/t Au from 218m (including 1m at 71.8g/t Au from 219m), 1m at 1.1g/t Au from 226m, 1m at 4.2g/t Au from 229m and 1m at 1.1g/t Au in 21BNRC050, testing the depth extent of the NOA 1 mineralization. Visible gold was observed in RC chips associated with the 4m at 32.0g/t Au intercept (See picture in Figure 1 below).
    
    Figure 1: Visible gold sighted in RC hole 12BNRC050 at 219m downhole at NOA 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/23297b7c-d85c-4ea7-a64e-c032d336e709
    
    
  • 2m at 5.3g/t Au from 140m in 21BNRC047
  • 1m at 4.3g/t Au from 190m and 1m at 1.7g/t Au from 184m in 21BNRC048
  • 1m at 4.3g/t Au from 246m and 1m at 1.5g/t Au from 243m in 21BNRC05
  • 1m at 2.4g/t Au from 45m and 1m at 2.8g/t Au from 116min 21BNRC05
  • 1m at 1.2g/t Au from 240m in 21BNRC049

• Further assay results are expected from the remaining ten diamond holes drilled, testing the depth extent of the mineralized system.
• Once the remaining assays from the diamond holes are received, they will be incorporated with the positive RC results, and a detailed interpretation will be undertaken to evaluate the NOA mineralized system's depth extent and structural components of the various lithological units.
• The prospectivity of the Phase 2 target areas are greatly enhanced due to its proximity to the prolific NOA structural corridor, which hosts significant economic gold mineralization with historic production from open pit and underground mines.
• The Company continues to evaluate all options and opportunities to add to the Mineral Resource base using systematic exploration techniques applied to Monument’s Murchison regional land package.
  

Monument’s President and CEO, Cathy Zhai, said: “We are encouraged by these early promising RC results of the Phase 2 program targeted at testing the depth extent of economic mineralization underneath NOA 1, NOA 2, NOA 4-6 and NOA 7/8. These results strengthen our resolve that the NOA structure is highly prospective with the potential to expand and upgrade the existing Mineral Resource, which remains open at depth. The Company continues to progress systematic exploration campaign to test for extensions to the known cluster of gold deposits at Burnakura and unlock the Murchison Gold Projects’ broader potential for additional economic gold mineralization.”

DISCUSSION OF PHASE II DRILLING PROGRAM

The Burnakura structure is spatially related to open-pit mines, which have produced significant ounces of gold from five deposits (Figures 2).

Figure 2: Murchison Exploration Phase 1 and Phase 2 Target Areas is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/34c95f7d-7d00-4ff5-9405-afad3c976e32

The Phase 2 drilling program followed up the Phase I program to identify additional economic gold mineralization at Burnakura Project, Western Australia (Figures 3 and 5), specifically targeted NOA 1, NOA 2, NOA 4-6, NOA 7/8 and New Alliance along the highly prospective NOA structure, a splay off the regional-scale Burnakura Shear Corridor covering to test for primary mineralization at depth below the deposits.

Figure 3: Phase 2 drilling completed for NOA, showing anomalous intercepts in RC drilling is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9888abab-5231-45be-a6bd-2a27919c58b2

The Company drilled a combined 18 RC and DD holes for a total of 5,595.1m against an originally planned 18 holes for a combined RC and DD total of 5,546m. The breakdown of the drilling completed is provided in Table 1.

Table 1: Completed RC and DD drilling for Phase 2

All RC results have been returned for drilling of NOA 1, NOA 2 and New Alliance targets. The DD component of the drilling program for NOA 1, NOA 2, NOA 4-6, and NOA 7/8 are pending.

Differential GPS techniques were used to survey all drill collar locations accurately. Downhole survey using gyroscopic method was undertaken for all drillholes and stored in the geological database.

Geological logging for the Phase 2 drilling has been uploaded it onto the Company's central SQL geological database.

Sampling was carried out to Monument's protocols as per industry best practice. Quality control procedures adopted for all sub-sampling stages to maximize the representativeness of samples was to insert commercial certified reference material “CRM” for standards and blanks every 20 samples. The CRMs covered gold grade ranges expected at the Murchison Project.

All sample preparation and gold assaying of primary samples were undertaken by an independent commercial laboratory, ALS Geochemistry, in Kalgoorlie, Western Australia. Samples were analyzed for gold by lead collection fire assay of a 50g charge with AAS finish.

NOA 1

Best results from the completed RC holes at NOA 1 include:

• 4m at 32.0g/t Au from 218m 1m at 1.1g/t Au from 226m (visible gold was sighted in RC chips associated with intercept – see Figure 1), 1m at 4.2g/t Au from 229m and 1m at 1.1g/t Au in 21BNRC050.
  • Including 1m at 71.8g/t Au from 219m
• 2m at 5.3g/t Au from 140m in 21BNRC047
• 1m at 4.3g/t Au from 190m and 1.7g/t Au from 184m in 21BNRC048
• 1m at 1.2g/t Au from 240m in 21BNRC049
• 1m at 4.3g/t Au from 246m and 1m at 1.5g/t Au from 243m in 21BNRC052

The location of results from drill holes reported in this release is shown in the plan view in Figure 3 and the sectional view in Figure 4. The sectional view is a cross-section of 7010030N at the NOA 1 deposit with a clipping window of 50m on either side of the section line AA1 indicated on the plan view in Figure 3. The cross-sectional view shows significant intercepts of drilling reported in this release shown in yellow boxes and some previously reported drilling in white boxes. The interpreted broad mineralization within the target zone highlighted gold grades greater than 0.5g/t.

Holes 21BNRC047, 21BNRC048, 21BNRC049, 21BNRC050, 21BNRC052 and 21BNRD051 (RC pre-collar with diamond tail) were drilled to target the deeper portions of the NOA 1 interpreted high-grade gold mineralization, where previous drillholes 16MRC107 and 20MRD013 had intersected 7m at 9.0g/t Au from 140m and 1m at 7.6g/t Au from 243m respectively (Figure 4). Gold mineralization within all drillholes is associated with sheared mafic-ultramafic rocks and quartz-carbonate veins with talc-carbonate alteration, accessory biotite, pyrite and minor arsenopyrite. In diamond drill core, the mineralized zones are visually distinctive due to the presence of millimeter to centimeter wide quartz-carbonate veins that are commonly folded and display yellow-brown talc-carbonate selvages.

The width and grade of the mineralization intercepted at depth beneath the historic pit in drill hole 21BNRC050 indicate continuity of mineralization at depth and remain open, greatly enhancing the NOA 1 underground target’s potential to host significant gold mineralization beyond the existing Mineral Resource (Figure 4).

The results from the DD are expected to provide critical structural and geological information that will assist in evaluating the structural components of the various lithological units. Monument looks forward to updating the market with a more comprehensive announcement combining all the Phase 2 RC and DD results over the coming weeks when the DD results become available.

Figure 4: NOA 1 cross-section 7010030N (AA1) +-50m looking North showing Phase 2 drilling completed, anomalous intercepts in recent RC drilling (yellow boxes) and some previously reported drilling (white boxes) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fd8c62d5-bad5-4961-b32c-9ee3ee5dfa3a

New Alliance

One RC hole was drilled at the New Alliance target, which has historically produced 30koz of gold from an open pit (Figures 2 and 5). This hole targeted the high-grade mineralization plunge interpreted beneath the northern end of the pit. Significant assay returned include 1m at 2.4g/t Au from 45m and 1m at 2.8g/t from 116m in 21BNRC054. This zone of interpreted gold mineralization at New Alliance remains open being mostly untested along strike and at depth. (Figure 5).

Drillholes for this release are detailed in Appendices 1 and 2.

Figure 5: Drill location plan at New Alliance target is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/74be83cb-9ae2-4151-9315-52fa0fb94f83

BACKGROUND OF MONUMENT MURCHISON PROJECT

Monument’s Murchison Gold Project comprises 170km ² of highly prospective Archean Greenstone. The project area covers the eastern margin of the Meekatharra-Wydgee greenstone belt within the north-eastern Murchison domain (Figure 6). Historically the Murchison Goldfield has produced over 15 million ounces of gold since the 1900’s and currently hosts significant gold producers in the region.

Figure 6: Monument Murchison Project and surrounding gold production to date is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d2708b24-41b8-48d3-883e-923f0a6053a0

- Source of Gabanintha Historical Resources figures: Mapleson, D., (2013) Murchison Gold Project: Burnakura and Gabanintha Resource Inventory. By BMGS for Monument Mining Limited. December 2013;
- Surrounding historical gold production are indicative only and collected by Monument geologists.

Competent Person’s / Qualified Person’s Statement

The technical and scientific information in this press release has been compiled by Mr. Ekow Taylor, a Chartered Professional Geologist with the Australasian Institute of Mining and Metallurgy, the Chief Managing Geologist of the Company, 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 100% owns and operates the Selinsing Gold Mine in Malaysia and the Murchison Gold Project in the Murchison area of Western Australia. It has 20% interest in Tuckanarra Gold Project jointly owned with Odyssey Gold Ltd in the same region. The Company employs approximately 200 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

"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 1

Table 2: Drill Holes Details

Table 3: Summary of Individual Intercepts

Notes:

• Cut-off grade for reporting of each individual intercept is ? 1.0g/t Au with a maximum of 1m of consecutive internal dilution included within the intercept; only intercepts ? 1m are reported.
• Intervals are RC chips which are sampled every 1m.
• Samples are analyzed for Au (ALS Geochemistry Au-AA26 50g FA method) which is a 50g fire assay fusion with AAS instrument finish.
• Grid coordinates are in MGA94 50

APPENDIX 2 - PHASE 2 RC DRILL RESULTS