Monument Mining Announces Results of Annual General Meeting of Shareholders
October 28, 2020
View PDF
https://www.monumentmining.com/news-media/news/2020/monument-mining-announces-results-of-annual-general-meeting-of-shareholders/
Vancouver, British Columbia –
Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the
“Company”) is pleased to announce the results from its Annual General
Meeting of shareholders held on October 28, 2020 in Vancouver, B.C.
Resolutions tabled at the AGM as proposed in the Information Circular
dated on September 28, 2020 include appointing Grant Thornton LLP as
auditors and fixing the number of board members for the ensuring year
at five, being Robert F. Baldock, Cathy Zhai, Zaidi Harun, Graham
Dickson, and Michael John Kitney.
Each resolution and each nominee of the board of directors have been
approved by a vast majority of the shares voted.
Robert Baldock, Chairman commented,
“I would like to thank again our shareholders for their long-standing
support as we progress towards 2021. Under changing market conditions
and current progress towards funding and operational goals, we look
forward with open minds to improving corporate development and
strategizing opportunities to significantly lift up the value of the
Company.”
For more information on these matters, please refer to Monument’s
Information Circular, available on SEDAR (www.sedar.com) or visit our
website at www.monumentmining.com .
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 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
https://www.monumentmining.com/news-media/news/2020/monument-mining-announces-results-of-annual-general-meeting-of-shareholders/
Monument MIning Limited TSXV.MMY Alternate Symbol(s): MMTMF
a new October Presentation -
Vision + Persistence = Success
C o r p o r a t e P r e s e n t a t i o n - O c t o b e r 2 0 2 0
https://www.monumentmining.com/site/assets/files/4188/mmy_corporate_presentation_october_2020.pdf
The 1st Presentation -
SELINSING GOLD MINE
Prepared for the next Growth Phase
Development for Selinsing Sulphide Project October 2020
https://www.monumentmining.com/site/assets/files/4187/mmy_corporate_presentation_-_selinsing_gold_mine_october_2020.pdf
https://www.monumentmining.com
$10,000 Gold Is the Ultimate Endgame, Says Gabelli Funds Analyst
35,417 views•Oct 26, 2020
STANSBERRY RESEARCH
https://www.youtube.com/watch?v=U1e3tOcGMu0
Gold & Silver bulls starting to break out > ^ > ^ > ^
https://www.youtube.com/watch?time_continue=5&v=RDZQoQ61RrY&feature=emb_logo
Monument MIning Limited TSXV.MMY Alternate Symbol(s): MMTMF
https://www.monumentmining.com/news-media/news/
https://www.monumentmining.com/site/assets/files/4187/mmy_corporate_presentation_-_selinsing_gold_mine_may_2.pdf
http://www.monumentmining.com
Murchison gold mill
Ex....
Silver Lake Resources leasing Murchison gold mill for $7.9M
silver_lake_resources_murchison_358.jpg
Silver Lake Resources (ASX:SLR) will receive $7.9 million in payments
after entering into a binding agreement with a private consortium for a
dry hire lease of its Murchison gold mill and associated infrastructure
in Western Australia.
This will be made in equal monthly payments over the 10 month lease,
which will commence in or around January 2015.
The private consortium can extend the lease in two stages that could
increase payments by a further $7.1 million in Stage 1 and $9.5 million
in Stage 2.
“The lease of the Murchison Mill is a mutually beneficial agreement for
Silver Lake and for the lessee,” managing director Les Davis said.
“During the term of the lease, Silver Lake will be assessing a number of
strategic alternatives to further enhance the option value on the gold
and base metal resources in the Murchison.”
The Murchison Gold Operations have been on care and maintenance since
July 2014.
Murchison gold mill
Commissioning of the 1.2 million tonne per annum Murchison gold mill
commenced late in January 2013 and the first gold pour occurred mid
February 2013.
Up until it was placed on care and maintenance, the mill processed 1.5
million tonnes at 1.5 grams per tonne gold for 70,000 recovered ounces
which included processing of historic surface stocks.
The mill is located 600 kilometres north of Perth.
Analysis
https://stockhouse.com/companies/bullboard?symbol=v.mmy&postid=31745442
Monument Announces
Joint Venture Arrangement
for the Tuckanarra
Project in Western
Australia
TSXV.MMY | 4 hours ago
VANCOUVER, British Columbia, Oct. 19, 2020 (GLOBE NEWSWIRE) --
Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or
the “Company” is pleased to announce that it has entered into a
Joint Venture Arrangement (the “Transaction”) with Odyssey Energy Ltd
(proposed to be renamed Odyssey Gold Ltd) (ASX: ODY) to advance
the Tuckanarra Gold Project (“Tuckanarra”) located in the Murchison
Goldfield.
Tuckanarra is currently 100% owned by Monument through its
Australian subsidiary Monument Murchison Pty. Ltd.
(“Monument Murchison”), which also holds 100% of
the Burnakura and Gabanintha Gold Projects (“Murchison Gold Projects”)
as its primary high-grade gold development projects in
the Meekatharra district.
Subject to the closing of the Transaction, ODY will own
80% of Tuckanarra and develop Tuckanarra together with
Monument under an unincorporated joint venture.
TRANSACTION HIGHLIGHTS
Sell 80% of Tuckanarra interest for consideration of AUD$5 million cash
subject to certain conditions;
Retain a 1% NSR royalty over Odyssey’s 80% shared interest;
Retain a 20% interest in Tuckanarra Project free carried until a
decision to mine;
Preferentially process ODY’s gold ore through Monument’s Burnakura gold
plant subject to commercial terms;
Jointly develop the Tuckanarra Gold Project through an unincorporated
joint venture.
President and CEO Cathy Zhai said: “The JV arrangement with Odyssey is a
strategic move by the Company to divest Tuckanarra, one of our quality
gold projects, allowing it to be advanced faster;
and have our team focus on the primary highly prospective gold projects
Burnakura and Gabanintha, former mining centers in Meekatharra and Cue
region, and move these two projects closer to production through our
existing infrastructure.
This strategy will complement our Selinsing Gold Project in Malaysia,
which has been in production since 2010 and has
produced over 315,000 ounces of gold to date.”
Ms. Zhai further commented: “We are excited to work with the Odyssey
team, a part of Apollo Group in Perth which has a long and successful
history of exploring and developing mining assets around the world.
Apollo Group collectively has financed in excess of $1bn of mining
projects.
We are open to all opportunities to increase our
shareholders value as a whole.”
To date Monument has defined a total 381,000 ounces of gold resources
under NI43-101 standards at
Burnakura from its three gold projects
(Figure 1), all acquired in 2014 with an aggregate historical gold
resources of 644,000 ounces under JORC standards, of which
81,000 ounces were attributed to Tuckanarra.
ODY plans to progressively explore high grade opportunity at
Tuckanarra after closing the Transaction.
Tuckanarra is directly adjacent to
the Stakewell Gold Project that was recently acquired by ODY.
Together ODY will own tenements covering 25km of strike of highly
fertile banded iron formation (“BIF”) and greenstones with extensive
gold mining history.
Given Odyssey access to Monument’s
Burnakura gold process plant located 25km from Odyssey’s projects,
Odyssey will preferentially process ores extracted from both projects,
subject to commercial terms at the Burnakura gold processing plant.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bc71899e-ec99-48cf-aadf-190290f19eef
TENEMENT SALE AND UN IN CORPO R ATED JV STRUCTURE
Tenements Sale
Monument and Monument Murchison (together “Monument Group”)
entered into a binding Tenement Sale Agreement with ODY and its
subsidiary Tuckanarra Resources Pty. Ltd. (“Tuckanarra Resources”)
(together “ODY Group”), under which
Monument Group sells to ODY Group a 80% of
the Tuckanarra Gold Project for the aggregated consideration of
AUD$5 million in cash, plus 1% net smelter return royalty over
the ODY’s percentage share the Tuckanarra Gold Project on standard
terms, as detailed below:
Deposit: AUD$150,000 cash payable on signing the Tenement Sale
Agreement;
Completion Consideration:
AUD$1,850,000 cash payable on completion of the Acquisition;
Deferred Consideration:
AUD$2,000,000 cash payable within 6 months of completion of the
Acquisition; and
Milestone Consideration:
AUD$1,000,000 cash payable on the delineation of an independently
assessed mineral resource in accordance with
the JORC Code (2012 Edition) of at least 100,000 ounces of gold
at a minimum resource grade of 1.55g/t in relation to
Tuckanarra Gold Project, within 36 months of completion of the
Acquisition.
The acquisition is subject to condition precedents including:
Regulatory Approval:
All ASX and other regulatory approvals required in relation to
the Acquisition having been obtained either unconditionally or on
conditions acceptable to the relevant party (acting reasonably);
Due Diligence:
Odyssey completing due diligence on the Tuckanarra Gold Project subject
to its satisfaction;
Capital Raising:
Odyssey successfully completing a capital raising of at least
$1 million at a price not less than $0.02 per share;
Shareholder Approval:
Odyssey obtaining shareholder approval in relation to the Acquisition
or relevant aspects of
The completion of the Transaction is projected by December 9, 2020.
The cash proceeds will be used for
Murchison Gold Projects development and working capital.
Unincorporated Joint Venture Agreement
Tuckanarra Resources (80%) and Monument Murchison (20%) have also
entered into an unincorporated joint venture agreement in respect to
the exploration and development of the Tuckanarra, on
the following key terms:
Tuckanarra Resources will be the manager of the joint venture;
A joint venture management committee will comprise of two members from
Tuckanarra Resources and one member from
Monument Murchison and will have the responsibility for overseeing
joint venture matters, including a decision to mine;
Monument Murchison’s 20% interest is free carried until a decision
to mine on the Tuckanarra Gold Project,
following which the participant will contribute pro rata or dilute;
If a decision to mine is made, the parties will form an unincorporated
mining joint venture on certain agreed terms and subject to a separate
mining joint venture agreement;
There is a pre-emptive right on disposal of joint venture interests and
drag along and tag along rights;
Tuckanarra Resources and Monument Murchison have agreed to negotiate in
good faith a processing arrangement on reasonable arm's length
commercial terms for Monument Murchison to process ore extracted by
Tuckanarra Resources from the Tuckanarra or
Stakewell Gold Projects at
Monument Murchison's Burnakura plant in Meekatharra, Western Australia;
and
Other standard terms and conditions for an unincorporated exploration
joint venture including areas of interest and rights upon default
by a participant (including an option to acquire a defaulting
participant’s interest at fair market value).
Planned Exploration under the Unincorporated Joint Venture
Upon completion of the Transaction, work planned to develop the
targeting profile for Tuckanarra in the near term will include:
Reassessment and re-processing of historical high-resolution magnetics
in the area;
Potential sub audio magnetics ground geophysical survey;
An updated 3D structural targeting model of the region;
Confirmation of the drill database through on-ground work and
reference to historical company reports;
Re-interpretation of soil sampling data including potential infill
lines;
A target ranking exercise over the area; and
Re-logging and re-assaying of drill core and samples where appropriate.
MURCHISON GOLD PROJECT DEVELOPMENT (BURNAKURA AND GABANINTHA)
Murchison Gold Project is situated in the Meekatharra district.
The unique position in the Murchison Goldfields, where historically
millions ounces of gold were delivered and major production from
Westgold Resources and Ramelius Resources are still ongoing.
This together with the fully functional small size gold processing plant
designed for high grade production that can be upgraded
to larger capacity, makes Murchison Gold Project strategic and
attractive as the recent success of
Musgrave Minerals and Spectrum Metals highlights.
Burnakura and Gabanintha Gold Projects are at the development stage with
considerable exploration potential, located approximately 650km north
of Perth and 45 km south of Meekatharra in the Murchison Goldfields,
containing a total of 381,000 ounces of gold under NI43-101 Standards
(historical resources of 563,000 ounces).
The projects have extensive mining histories and have been mined via
numerous open pits and underground methods as well as smaller workings.
The projects cover an area on the eastern margin of the Archean
Meekatharra -Wydgee greenstone belt within the north-eastern
Murchison Domain of the Yilgarn Craton.
The 260,000 tpa gold processing plant,
108 man camp and
infrastructure facilities are well maintained,
and ready to be placed into production
once a three stage refurbished crushing plant is installed.
An economic assessment was completed in 2018 and
it is currently under review, with
the new rally of gold prices in 2020.
The Murchison Gold Project requires both development and
exploration work to increase its prospective potential
to add value to the Monument Group as a whole.
Burnakura Project
The Burnakura project consists of a full set of
gold processing
facilities and operating camp,
6 mining licenses, 3 exploration licences (2 under application) and
5 prospecting licenses covering a total area of 123.1 km
2 .
It contains a NI43-101 compliant Resource of 381,000 ounces of gold.
The historical resources were in total 410,000 ounces of gold under
JORC standards.
Significant effort was devoted to development and exploration since
acquisition, to establish production capacity and economic viability
to compliment the Selinsing Gold production.
The Burnakura gold deposits are situated along a northeast trending
splay (Burnakura Shear Zone) that parallels and is linked to
the north-northeast trending regional scale Mt Magnet fault.
The Burnakura Shear Zone Gold mineralization is typical of a brittle to
semi-ductile shear zone, forming semi-continuous dilational veins.
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5319cac1-67eb-422c-9a51-af1400e7d3bf
The main historical mining period was between 1898 and 1961, and
a total production of 32,231 ounces of gold at 26 g/t has been
estimated to have been produced.
More recent production, prior to the commissioning of
the Burnakura gold processing plant in 2005,
from the 13 producing pits and
two underground operations amounts to
216,000 ounces of gold at 3.7g/t.
Gold production since the Burnakura plant was commissioned
totals 58,371 ounces from Tectonic, ATW Gold Corp and Kentor Gold.
The project has been extensively explored and numerous drill programs
have been carried out since 1986.
A total of 20,642 drill holes are in the current database as well as
13,278 surface samples.
The main mining leases were covered by an aerial photographic survey
carried out in 2014, and various geophysical surveys have been
completed including an airborne magnetics, radiometric and
digital elevation survey in 2008 at 40m line spacing.
In addition, several structural interpretations have been
completed by various consultants.
An updated mineral resource was reported by SRK in 2018 under
NI43-101 standards, with 381,000 ounces of gold for
the NOA 1-6, NOA 7-8, ANA, Authaal and
Federal City deposits, comprised of 88,000 ounces of
Inferred and 293,000 ounces of Indicated Resource.
Gabanintha Project
The Gabanintha project consists of 2 mining licenses,
3 exploration licenses and 16 prospecting licenses
(5 under application) covering a total area of 43.4 km
2 .
It contains a historical Inferred Resource of
153,000 ounces of gold at 2.16g/t.
The project lies on the Gabanintha Shear Zone, a
1km wide north-northwest anastomosing regional shear zone
hosted within a mafic and ultramafic sequence with minor volcanics.
Mineralization is associated with quartz veins and stockworks hosted
within a volcanogenic suite of lithologies which include ultramafic,
mafic and felsic volcanics, felsic porphyry, gabbro/dolerite,
volcanogenic sediments and thin BIFs.
Historical mining production of 11,800 ounces of gold has been
estimated up until 1914, with intermittent gold and copper production
until the late 1940’s.
Between 1987 and 1991, Dominion Mining expanded the resources at
Kavanagh, Yagahong and Canterbury and mined
Terrell’s, Yagahong, Kavanagh, Canterbury, Canterbury South and
Tumblegum pits, producing approximately 150,000 ounces of gold.
There was no production from Jinka Minerals Limited or
Kentor Gold who owned the project after Dominion.
Figure 3
is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9a6490ac-076c-4770-9cfc-76120801af34
A total of 8,718 drill holes are in the current database as well as
13,452 surface samples.
The project has been covered by over 8 geophysical surveys including
multiple EM surveys which were primarily used to
target copper mineralization.
Various resource estimations have been completed between 2011 and 2013.
Work Plan for Murchison Gold Project (Burnakura and Gabanintha)
The work plan for the Murchison project will consist of re-assessing
the production profile at current higher gold prices,
developing a range of high priority exploration targets,
as well as further advancing existing mineral resources
so that updates can be incorporated into
a new life of mine plan.
In addition, there will be further corporate development work, and
other opportunities that could potentially
add value to shareholders that will be explored.
The main focus of development work will include:
Review and updates of existing drilling data including wireframe remodelling for a new Alliance resource estimation considering an underground mining scenario.
Review status of data for all deposits that are included in the life of mine plan and generate a program of work to update existing data to ensure robust mine plans.
Collection of additional data and reinterpretation of data for deposits included in the life of mine plan as required.
Drillhole planning to infill and immediately extend deposits to ensure mine plans are based on comprehensive datasets.
Resource updates as required. This will be especially important for resources that are being targeted by underground mining.
Complete an updated life of mine plan and financial model for production potential.
The main focus of exploration will include:
Drill programs that will target down plunge of existing high-grade resources that have the potential to be mined underground such as at NOA 1, 7-8 and Alliance deposits at Burnakura and Yagahong deposits at Gabanintha.
Close spaced magnetic orientation surveys that may be able to delineate favourable structures in prospective host lithologies such as BIF.
Upgrade existing drilled areas to resource status such as Tumblegum and Kavanagh at Gabanintha.
Further refinement and ranking of regional style exploration targets, that have the potential to host significant deposits. There are multiple areas in both projects that have no first pass sampling information.
Complete budget in line with exploration strategy.
The scientific and technical information in this press release has been prepared by Adrian Woolford, B.Sc. (Hons) Chief Geologist of Monument Mining Limited; 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 operates the 100% owned
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 and 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 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
http://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.
Primary Logo
GlobeNewswire
October 19, 2020 - 5:00 AM PDT
MURCHISON GOLD PORTFOLIO -
BURNAKURA PROPERTY
144.10 KM2
GABANINTHA PROPERTY
50.90 KM2
TUCKANARRA PROPERTY
63.70 KM2
https://www.monumentmining.com/projects/murchison-gold-portfolio/
http://www.monumentmining.com
October 28, 2020
View PDF
https://www.monumentmining.com/news-media/news/2020/monument-mining-announces-results-of-annual-general-meeting-of-shareholders/
Vancouver, British Columbia –
Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the
“Company”) is pleased to announce the results from its Annual General
Meeting of shareholders held on October 28, 2020 in Vancouver, B.C.
Resolutions tabled at the AGM as proposed in the Information Circular
dated on September 28, 2020 include appointing Grant Thornton LLP as
auditors and fixing the number of board members for the ensuring year
at five, being Robert F. Baldock, Cathy Zhai, Zaidi Harun, Graham
Dickson, and Michael John Kitney.
Each resolution and each nominee of the board of directors have been
approved by a vast majority of the shares voted.
Robert Baldock, Chairman commented,
“I would like to thank again our shareholders for their long-standing
support as we progress towards 2021. Under changing market conditions
and current progress towards funding and operational goals, we look
forward with open minds to improving corporate development and
strategizing opportunities to significantly lift up the value of the
Company.”
For more information on these matters, please refer to Monument’s
Information Circular, available on SEDAR (www.sedar.com) or visit our
website at www.monumentmining.com .
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 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
https://www.monumentmining.com/news-media/news/2020/monument-mining-announces-results-of-annual-general-meeting-of-shareholders/
Monument MIning Limited TSXV.MMY Alternate Symbol(s): MMTMF
a new October Presentation -
Vision + Persistence = Success
C o r p o r a t e P r e s e n t a t i o n - O c t o b e r 2 0 2 0
https://www.monumentmining.com/site/assets/files/4188/mmy_corporate_presentation_october_2020.pdf
The 1st Presentation -
SELINSING GOLD MINE
Prepared for the next Growth Phase
Development for Selinsing Sulphide Project October 2020
https://www.monumentmining.com/site/assets/files/4187/mmy_corporate_presentation_-_selinsing_gold_mine_october_2020.pdf
https://www.monumentmining.com
$10,000 Gold Is the Ultimate Endgame, Says Gabelli Funds Analyst
35,417 views•Oct 26, 2020
STANSBERRY RESEARCH
https://www.youtube.com/watch?v=U1e3tOcGMu0
Gold & Silver bulls starting to break out > ^ > ^ > ^
https://www.youtube.com/watch?time_continue=5&v=RDZQoQ61RrY&feature=emb_logo
Monument MIning Limited TSXV.MMY Alternate Symbol(s): MMTMF
https://www.monumentmining.com/news-media/news/
https://www.monumentmining.com/site/assets/files/4187/mmy_corporate_presentation_-_selinsing_gold_mine_may_2.pdf
http://www.monumentmining.com
Murchison gold mill
Ex....
Silver Lake Resources leasing Murchison gold mill for $7.9M
silver_lake_resources_murchison_358.jpg
Silver Lake Resources (ASX:SLR) will receive $7.9 million in payments
after entering into a binding agreement with a private consortium for a
dry hire lease of its Murchison gold mill and associated infrastructure
in Western Australia.
This will be made in equal monthly payments over the 10 month lease,
which will commence in or around January 2015.
The private consortium can extend the lease in two stages that could
increase payments by a further $7.1 million in Stage 1 and $9.5 million
in Stage 2.
“The lease of the Murchison Mill is a mutually beneficial agreement for
Silver Lake and for the lessee,” managing director Les Davis said.
“During the term of the lease, Silver Lake will be assessing a number of
strategic alternatives to further enhance the option value on the gold
and base metal resources in the Murchison.”
The Murchison Gold Operations have been on care and maintenance since
July 2014.
Murchison gold mill
Commissioning of the 1.2 million tonne per annum Murchison gold mill
commenced late in January 2013 and the first gold pour occurred mid
February 2013.
Up until it was placed on care and maintenance, the mill processed 1.5
million tonnes at 1.5 grams per tonne gold for 70,000 recovered ounces
which included processing of historic surface stocks.
The mill is located 600 kilometres north of Perth.
Analysis
https://stockhouse.com/companies/bullboard?symbol=v.mmy&postid=31745442
Monument Announces
Joint Venture Arrangement
for the Tuckanarra
Project in Western
Australia
TSXV.MMY | 4 hours ago
VANCOUVER, British Columbia, Oct. 19, 2020 (GLOBE NEWSWIRE) --
Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or
the “Company” is pleased to announce that it has entered into a
Joint Venture Arrangement (the “Transaction”) with Odyssey Energy Ltd
(proposed to be renamed Odyssey Gold Ltd) (ASX: ODY) to advance
the Tuckanarra Gold Project (“Tuckanarra”) located in the Murchison
Goldfield.
Tuckanarra is currently 100% owned by Monument through its
Australian subsidiary Monument Murchison Pty. Ltd.
(“Monument Murchison”), which also holds 100% of
the Burnakura and Gabanintha Gold Projects (“Murchison Gold Projects”)
as its primary high-grade gold development projects in
the Meekatharra district.
Subject to the closing of the Transaction, ODY will own
80% of Tuckanarra and develop Tuckanarra together with
Monument under an unincorporated joint venture.
TRANSACTION HIGHLIGHTS
Sell 80% of Tuckanarra interest for consideration of AUD$5 million cash
subject to certain conditions;
Retain a 1% NSR royalty over Odyssey’s 80% shared interest;
Retain a 20% interest in Tuckanarra Project free carried until a
decision to mine;
Preferentially process ODY’s gold ore through Monument’s Burnakura gold
plant subject to commercial terms;
Jointly develop the Tuckanarra Gold Project through an unincorporated
joint venture.
President and CEO Cathy Zhai said: “The JV arrangement with Odyssey is a
strategic move by the Company to divest Tuckanarra, one of our quality
gold projects, allowing it to be advanced faster;
and have our team focus on the primary highly prospective gold projects
Burnakura and Gabanintha, former mining centers in Meekatharra and Cue
region, and move these two projects closer to production through our
existing infrastructure.
This strategy will complement our Selinsing Gold Project in Malaysia,
which has been in production since 2010 and has
produced over 315,000 ounces of gold to date.”
Ms. Zhai further commented: “We are excited to work with the Odyssey
team, a part of Apollo Group in Perth which has a long and successful
history of exploring and developing mining assets around the world.
Apollo Group collectively has financed in excess of $1bn of mining
projects.
We are open to all opportunities to increase our
shareholders value as a whole.”
To date Monument has defined a total 381,000 ounces of gold resources
under NI43-101 standards at
Burnakura from its three gold projects
(Figure 1), all acquired in 2014 with an aggregate historical gold
resources of 644,000 ounces under JORC standards, of which
81,000 ounces were attributed to Tuckanarra.
ODY plans to progressively explore high grade opportunity at
Tuckanarra after closing the Transaction.
Tuckanarra is directly adjacent to
the Stakewell Gold Project that was recently acquired by ODY.
Together ODY will own tenements covering 25km of strike of highly
fertile banded iron formation (“BIF”) and greenstones with extensive
gold mining history.
Given Odyssey access to Monument’s
Burnakura gold process plant located 25km from Odyssey’s projects,
Odyssey will preferentially process ores extracted from both projects,
subject to commercial terms at the Burnakura gold processing plant.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bc71899e-ec99-48cf-aadf-190290f19eef
TENEMENT SALE AND UN IN CORPO R ATED JV STRUCTURE
Tenements Sale
Monument and Monument Murchison (together “Monument Group”)
entered into a binding Tenement Sale Agreement with ODY and its
subsidiary Tuckanarra Resources Pty. Ltd. (“Tuckanarra Resources”)
(together “ODY Group”), under which
Monument Group sells to ODY Group a 80% of
the Tuckanarra Gold Project for the aggregated consideration of
AUD$5 million in cash, plus 1% net smelter return royalty over
the ODY’s percentage share the Tuckanarra Gold Project on standard
terms, as detailed below:
Deposit: AUD$150,000 cash payable on signing the Tenement Sale
Agreement;
Completion Consideration:
AUD$1,850,000 cash payable on completion of the Acquisition;
Deferred Consideration:
AUD$2,000,000 cash payable within 6 months of completion of the
Acquisition; and
Milestone Consideration:
AUD$1,000,000 cash payable on the delineation of an independently
assessed mineral resource in accordance with
the JORC Code (2012 Edition) of at least 100,000 ounces of gold
at a minimum resource grade of 1.55g/t in relation to
Tuckanarra Gold Project, within 36 months of completion of the
Acquisition.
The acquisition is subject to condition precedents including:
Regulatory Approval:
All ASX and other regulatory approvals required in relation to
the Acquisition having been obtained either unconditionally or on
conditions acceptable to the relevant party (acting reasonably);
Due Diligence:
Odyssey completing due diligence on the Tuckanarra Gold Project subject
to its satisfaction;
Capital Raising:
Odyssey successfully completing a capital raising of at least
$1 million at a price not less than $0.02 per share;
Shareholder Approval:
Odyssey obtaining shareholder approval in relation to the Acquisition
or relevant aspects of
The completion of the Transaction is projected by December 9, 2020.
The cash proceeds will be used for
Murchison Gold Projects development and working capital.
Unincorporated Joint Venture Agreement
Tuckanarra Resources (80%) and Monument Murchison (20%) have also
entered into an unincorporated joint venture agreement in respect to
the exploration and development of the Tuckanarra, on
the following key terms:
Tuckanarra Resources will be the manager of the joint venture;
A joint venture management committee will comprise of two members from
Tuckanarra Resources and one member from
Monument Murchison and will have the responsibility for overseeing
joint venture matters, including a decision to mine;
Monument Murchison’s 20% interest is free carried until a decision
to mine on the Tuckanarra Gold Project,
following which the participant will contribute pro rata or dilute;
If a decision to mine is made, the parties will form an unincorporated
mining joint venture on certain agreed terms and subject to a separate
mining joint venture agreement;
There is a pre-emptive right on disposal of joint venture interests and
drag along and tag along rights;
Tuckanarra Resources and Monument Murchison have agreed to negotiate in
good faith a processing arrangement on reasonable arm's length
commercial terms for Monument Murchison to process ore extracted by
Tuckanarra Resources from the Tuckanarra or
Stakewell Gold Projects at
Monument Murchison's Burnakura plant in Meekatharra, Western Australia;
and
Other standard terms and conditions for an unincorporated exploration
joint venture including areas of interest and rights upon default
by a participant (including an option to acquire a defaulting
participant’s interest at fair market value).
Planned Exploration under the Unincorporated Joint Venture
Upon completion of the Transaction, work planned to develop the
targeting profile for Tuckanarra in the near term will include:
Reassessment and re-processing of historical high-resolution magnetics
in the area;
Potential sub audio magnetics ground geophysical survey;
An updated 3D structural targeting model of the region;
Confirmation of the drill database through on-ground work and
reference to historical company reports;
Re-interpretation of soil sampling data including potential infill
lines;
A target ranking exercise over the area; and
Re-logging and re-assaying of drill core and samples where appropriate.
MURCHISON GOLD PROJECT DEVELOPMENT (BURNAKURA AND GABANINTHA)
Murchison Gold Project is situated in the Meekatharra district.
The unique position in the Murchison Goldfields, where historically
millions ounces of gold were delivered and major production from
Westgold Resources and Ramelius Resources are still ongoing.
This together with the fully functional small size gold processing plant
designed for high grade production that can be upgraded
to larger capacity, makes Murchison Gold Project strategic and
attractive as the recent success of
Musgrave Minerals and Spectrum Metals highlights.
Burnakura and Gabanintha Gold Projects are at the development stage with
considerable exploration potential, located approximately 650km north
of Perth and 45 km south of Meekatharra in the Murchison Goldfields,
containing a total of 381,000 ounces of gold under NI43-101 Standards
(historical resources of 563,000 ounces).
The projects have extensive mining histories and have been mined via
numerous open pits and underground methods as well as smaller workings.
The projects cover an area on the eastern margin of the Archean
Meekatharra -Wydgee greenstone belt within the north-eastern
Murchison Domain of the Yilgarn Craton.
The 260,000 tpa gold processing plant,
108 man camp and
infrastructure facilities are well maintained,
and ready to be placed into production
once a three stage refurbished crushing plant is installed.
An economic assessment was completed in 2018 and
it is currently under review, with
the new rally of gold prices in 2020.
The Murchison Gold Project requires both development and
exploration work to increase its prospective potential
to add value to the Monument Group as a whole.
Burnakura Project
The Burnakura project consists of a full set of
gold processing
facilities and operating camp,
6 mining licenses, 3 exploration licences (2 under application) and
5 prospecting licenses covering a total area of 123.1 km
2 .
It contains a NI43-101 compliant Resource of 381,000 ounces of gold.
The historical resources were in total 410,000 ounces of gold under
JORC standards.
Significant effort was devoted to development and exploration since
acquisition, to establish production capacity and economic viability
to compliment the Selinsing Gold production.
The Burnakura gold deposits are situated along a northeast trending
splay (Burnakura Shear Zone) that parallels and is linked to
the north-northeast trending regional scale Mt Magnet fault.
The Burnakura Shear Zone Gold mineralization is typical of a brittle to
semi-ductile shear zone, forming semi-continuous dilational veins.
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5319cac1-67eb-422c-9a51-af1400e7d3bf
The main historical mining period was between 1898 and 1961, and
a total production of 32,231 ounces of gold at 26 g/t has been
estimated to have been produced.
More recent production, prior to the commissioning of
the Burnakura gold processing plant in 2005,
from the 13 producing pits and
two underground operations amounts to
216,000 ounces of gold at 3.7g/t.
Gold production since the Burnakura plant was commissioned
totals 58,371 ounces from Tectonic, ATW Gold Corp and Kentor Gold.
The project has been extensively explored and numerous drill programs
have been carried out since 1986.
A total of 20,642 drill holes are in the current database as well as
13,278 surface samples.
The main mining leases were covered by an aerial photographic survey
carried out in 2014, and various geophysical surveys have been
completed including an airborne magnetics, radiometric and
digital elevation survey in 2008 at 40m line spacing.
In addition, several structural interpretations have been
completed by various consultants.
An updated mineral resource was reported by SRK in 2018 under
NI43-101 standards, with 381,000 ounces of gold for
the NOA 1-6, NOA 7-8, ANA, Authaal and
Federal City deposits, comprised of 88,000 ounces of
Inferred and 293,000 ounces of Indicated Resource.
Gabanintha Project
The Gabanintha project consists of 2 mining licenses,
3 exploration licenses and 16 prospecting licenses
(5 under application) covering a total area of 43.4 km
2 .
It contains a historical Inferred Resource of
153,000 ounces of gold at 2.16g/t.
The project lies on the Gabanintha Shear Zone, a
1km wide north-northwest anastomosing regional shear zone
hosted within a mafic and ultramafic sequence with minor volcanics.
Mineralization is associated with quartz veins and stockworks hosted
within a volcanogenic suite of lithologies which include ultramafic,
mafic and felsic volcanics, felsic porphyry, gabbro/dolerite,
volcanogenic sediments and thin BIFs.
Historical mining production of 11,800 ounces of gold has been
estimated up until 1914, with intermittent gold and copper production
until the late 1940’s.
Between 1987 and 1991, Dominion Mining expanded the resources at
Kavanagh, Yagahong and Canterbury and mined
Terrell’s, Yagahong, Kavanagh, Canterbury, Canterbury South and
Tumblegum pits, producing approximately 150,000 ounces of gold.
There was no production from Jinka Minerals Limited or
Kentor Gold who owned the project after Dominion.
Figure 3
is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9a6490ac-076c-4770-9cfc-76120801af34
A total of 8,718 drill holes are in the current database as well as
13,452 surface samples.
The project has been covered by over 8 geophysical surveys including
multiple EM surveys which were primarily used to
target copper mineralization.
Various resource estimations have been completed between 2011 and 2013.
Work Plan for Murchison Gold Project (Burnakura and Gabanintha)
The work plan for the Murchison project will consist of re-assessing
the production profile at current higher gold prices,
developing a range of high priority exploration targets,
as well as further advancing existing mineral resources
so that updates can be incorporated into
a new life of mine plan.
In addition, there will be further corporate development work, and
other opportunities that could potentially
add value to shareholders that will be explored.
The main focus of development work will include:
Review and updates of existing drilling data including wireframe remodelling for a new Alliance resource estimation considering an underground mining scenario.
Review status of data for all deposits that are included in the life of mine plan and generate a program of work to update existing data to ensure robust mine plans.
Collection of additional data and reinterpretation of data for deposits included in the life of mine plan as required.
Drillhole planning to infill and immediately extend deposits to ensure mine plans are based on comprehensive datasets.
Resource updates as required. This will be especially important for resources that are being targeted by underground mining.
Complete an updated life of mine plan and financial model for production potential.
The main focus of exploration will include:
Drill programs that will target down plunge of existing high-grade resources that have the potential to be mined underground such as at NOA 1, 7-8 and Alliance deposits at Burnakura and Yagahong deposits at Gabanintha.
Close spaced magnetic orientation surveys that may be able to delineate favourable structures in prospective host lithologies such as BIF.
Upgrade existing drilled areas to resource status such as Tumblegum and Kavanagh at Gabanintha.
Further refinement and ranking of regional style exploration targets, that have the potential to host significant deposits. There are multiple areas in both projects that have no first pass sampling information.
Complete budget in line with exploration strategy.
The scientific and technical information in this press release has been prepared by Adrian Woolford, B.Sc. (Hons) Chief Geologist of Monument Mining Limited; 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 operates the 100% owned
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 and 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 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
http://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.
Primary Logo
GlobeNewswire
October 19, 2020 - 5:00 AM PDT
MURCHISON GOLD PORTFOLIO -
BURNAKURA PROPERTY
144.10 KM2
GABANINTHA PROPERTY
50.90 KM2
TUCKANARRA PROPERTY
63.70 KM2
https://www.monumentmining.com/projects/murchison-gold-portfolio/
http://www.monumentmining.com
My opinions are my own and and DD I post should be confirmed as unbiased
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