Yes my friends, MMY has been @ $1.50/sh before and it has much more hard assets currently so its only that the word should go out to investors about MMY / MMTMF Imo!
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is very undervalued and oversold -
MMY is a profitable Gold Mines producer - Imo!
Ex....
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1): Objective of Becoming a Mid-Tier Multiple Mines Gold Producer; Interview with Cathy Zhai, President and CEO By Allen Alper Jr., President, Metals News Inc. on 5/14/2019
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia.
The team of proven mine-builders is advancing a portfolio of exploration and development projects, including the Mengapur Copper-Iron Project, in Pahang State of Malaysia, and the Murchison Gold Projects in Western Australia, towards becoming a mid-tier multiple mines gold producer.
At PDAC2019, we learned from Cathy Zhai, President and CEO of Monument Mining, that the Selinsing Gold Mine has been producing for 10 years, for a total of about 280,000 ounces for gross revenue of more than $390 million, with an average low cost of $476 per ounce.
After Monument completes the 53 million plant extension and mine development work, the mine will have an additional 6 years of mine life on sulfide materials, which is going to generate another $100 million cashflow.
Monument Mining Limited
Allen Alper Jr: This is Allen Alper Jr., President of Metals News, here at PDAC 2019, interviewing Cathy Zhai, President and CEO of Monument Mining Limited. Could you tell us at Metals News and our readers/investors a little bit more about yourself?
Cathy Zhai: My background is in accounting. I’ve been with Monument Mining for more than 10 years, since the beginning. I was a CFO to support the CEO, President.
Allen Alper Jr: Tell us a bit about Monument and your 10 years there. Obviously you've stuck with them and grown them, so.
Cathy Zhai: Yes, Monument acquired a Malaysia primary gold asset back in 2007. We spent two years to complete the mine development, and then we built out the plant, and put it into production in, I think, October 2009.
Since then, we produced gold for the past 10 years, for a total of about 280,000 ounces for gross revenue, of more than 390 million, with a cost per ounce, average of $476 dollars per ounce.
Allen Alper Jr: What does the current mine life look like?
Cathy Zhai: Well we pretty much ran out of the oxide materials. Now, we have just released a full history of what is a related study, with an additional life of mine, of six years on Sulfide materials. We should require about 53 million for the additional plant extension, including mine-development as well. We're expecting to generate a large cashflow from our operation, about 100 million with NPV 27 million.
Allen Alper Jr: Tell us a little bit about your share structure and insider investments.
Cathy Zhai: Well, we have a total of about 324 million shares outstanding. The majority of them are owned by private shareholders. We do not have a large institutional and management has about 5 million shares and 18.9 million in restricted share units.
Allen Alper Jr: What are your next steps now to bring more life to the mine?
Cathy Zhai: First of all, we want to put Selinsing Sulphide project into production. That requires some funding. Secondly, we have two other projects. One is in West Australia, our Murchison project. We have a resource of 380,000 ounces. It is a very large land position, with very good potential and underground potential as well. We're going to do more regional exploration. Locally, we want to increase our gold inventory. Then, be able to put it into production, generate a second cashflow. Another project is our copper and iron project in Malaysia. We published resources statements last year, in October. We have about 90 million tons of copper at an average grade of .47. I think the copper can be a pretty attractive project for Monument as the next step. We, most likely, can get a ten year tax holiday from the Malaysia government for that project.
Allen Alper Jr: Tell us a little bit about your Management team and their expertise.
Cathy Zhai: Our Management team has been very stable. We built up a core of people for the past 11 years, and most of them are still with us, at a senior level. I think our executives are more strategic and our operation team is more boots on the ground. Very good operators. Over the past 10 years, we have increased our technical capability. We can do lots of desktop study in-house. We have a pretty strong management team.
Allen Alper Jr: So, what do you view right now, as your largest challenge, and what are you doing to address it?
Cathy Zhai: Well, I think the challenge is pretty common in the mining industry, with the scarcity of a good quality gold inventory and having to mine sulfide materials and, or low-grade materials. The strength of Monument is our assets, major assets in Malaysia, very, very low cost compared to Canada and Australia. Also our team has done lots of research on how to treat the sulfide materials and our team is quite experienced and able to adapt and carry on the new technologies.
Allen Alper Jr: Is that going to increase the cost per ounce?
Cathy Zhai: It would increase some cost per ounce, but because Malaysia is a low cost country, compared to Australia or Canada, the cost is relatively low, our feasibility study shows the average cost per ounce is 864 dollars with gold price now about 1300. I think we’ll made some pretty good profits.
Allen Alper Jr: Now, are you going to need any additional permits for this?
Cathy Zhai: No. We don't have any permitting issues.
Allen Alper Jr: So, you're fully permitted. What do you think are the main reasons investors would want to look at Monument?
Cathy Zhai: I think number one is Monument has a very good operating team and management team, experienced, committed, enthusiastic, think out of the box. That's number one. Number two, our major assets in Malaysia have very low cost and their tax holidays. Some, say for the sulfide project, we can get capital tax allowance against the total investment.
We report 53 million as CAPEX. So the first profits, up to that amount, are tax-free. Also we have government support. We have local support and Malaysia has a very good British law system, mining law, and I think it's a very established country. Of course, there is corruption, but I think Malaysia is now moving in the right direction.
Allen Alper Jr: And, you have a lot of experience dealing in Malaysia.
Cathy Zhai: Yes, I do.
Allen Alper Jr: You have been in Malaysia, with Monument, for ten years.
Cathy Zhai: More than ten years. I started with Monument before it turned into a mining company in 2001 or 2002. Then we experienced two reverse takeovers, change of business and acquisitions, development and other department expansions. Lots of things happened in the past 11 years.
Allen Alper Jr: And, some people might not be familiar with mining in Malaysia. What have you done to make it more mining-friendly?
Cathy Zhai: Well, in general, Monument started from a junior mining company, but over the past eight years, we have become a leading-edge gold producer in Malaysia and we have established standards for Malaysia in the mining industry. So we're well-known. We get lots of support.
Allen Alper Jr: You feel you have de-risked anyone else's concerns for Malaysia?
Cathy Zhai: Well there will always be a risk. We always tell our investors, "If you are afraid of risk, don't invest in mining." Mining has challenges, which we are used to. But also that opens up opportunities.
Allen Alper Jr: Is there anything else you'd like to add?
Cathy Zhai: Monument, compared to other junior companies, is quite unique. Because, we are not an exploration company, and we're not a big, large gold-producing company. We're in the middle, but we have upside potential, with exploration, and we also generate cashflow. We're operators.
Allen Alper Jr: So now, the cashflow that you're producing, are you putting that back in?
Cathy Zhai: Yes, we generate about 370 or 90 million gross revenue, and with low cost, we re-invest all the money back into our gold portfolio in Australia, and also into copper and iron project in Malaysia. We're looking for sustainable production going forward.
Allen Alper Jr: So, by doing that, you've reduced the dilution of your stock, not having to issue financing in stock. Going forward, how are you planning to finance your next 25 million market cap for the land, without significantly diluting the stocks?
Cathy Zhai: We do not see equity as an option at the moment. We think the debt financing is more attractive to shareholders, without large dilution, but I think after we unlock the value in our assets, hopefully our share price can come up and we can return value to our shareholders.
Allen Alper Jr: Well, thank you very much for an excellent interview. I think this is a good, good company. Very exciting. What's your newsfeed looking like? When will we hear more about your progress? What are the next steps that are coming?
Monument Mining Limited
Cathy Zhai: In summary; we want to bring the Selinsing sulfide project into production as soon as possible. We're ready. The Team is ready. Whenever we get funding we can start immediately. It takes 12 months, a little bit more, than we can start off to generate revenue from the sulfide project.
Allen Alper Jr: So, you're looking at 2020?
Cathy Zhai: Yes, mid-2020, subject to financing. Next, we want to do our regional exploration in Murchison. Murchison has an existing processing plant already, a small one, 260,000 ton per annum. That is designed for processing high-grade gold inventory. In Murchison, we have underground potentials. We're going to do more deep-routing to find if there's a system we should replicate. Also, for the Mengapur, Mengapur used to be a large state-owned economic scale project. We have to divide up the resource, we want to find a finance partner to work together to unlock the value.
Allen Alper Jr: Thank you very much for a very interesting interview. We look forward to seeing you back in production strongly, second half of next year. Sounds very promising.
Cathy Zhai: Thank you, Allen for interviewing us at Monument Mining for Metals News. We appreciate it.
Allen Alper Jr: We’ll publish your press releases as they come out so our readers/investors can follow your progress.
Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102 rcushing@monumentmining.com
bigone thanks; RE:Mengapher Copper Porphryry.......Interesting article These copper/gold /silver porphrys are much more important than i had realized.
That impression was derived from low grades of these porphrys, but research on recoveries shows about 90 % copper and about 65 % for gold.
Mengapher has 50.9 million tons of ore , containing 394,000 tons of copper which is close to 900 million lbs.
It also contains 409,000 ounces of gold plus millions of ounces of silver.
At 2 million tons per year, its mine life would be about 25 years.
What is also positive is that the overburden is magnetite rich in iron ore.
Removal of this overburden can be expensive but with lots of magnetite iron ore in the overburden soils which has been and can be profitably sold, this process can carry on until the skarn rock is fully exposed, with progits directed towards paying for the mill.
Mengpaher will need more drilling to upgrade the 43-101 categories to measured from Indicated, but this too can be paid for by the sale of magnetite soils.
I dont know what Monument might get for its 100 % owned Mangapher project.
I would hope at least $40 million US up front and a 2-3 % NSR on future production.
Contained in this would be 1.2 million tons of stockpiled magnetite which should convert ,upon concentration and milling,to about 200,000 tons or so of 62 % iron fines valued at about $27 million US at current iron ore prices. by nozzpack (519) thanks good info December 09, 2020 - 08:33 AM
Monument Mining (TSXV:MMY) Photo Gallery - well they growing with new great discovery of plenty more gold ore to increase the ore reserve with good drilling results to be mined many future years the weather is good no curtain needed - :-))
1,000th Gold Bar Pour Photo Gallery :-)) It's a great Mother ore start
News Releases Monument Reports First Quarter Fiscal 2021 (“Q1 2021”) Results November 16, 2020 View PDF Gross Revenue of $5.92 Million and Cash Cost of US$923/Oz
Vancouver, B.C., November 16, 2020,
Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its first quarter production and financial results for the three months ended September 30, 2020. All amounts are expressed in United States dollars (“US$”) unless otherwise indicated (refer to www.sedar.com for full financial results).
President and CEO Cathy Zhai commented: “Fiscal 2021 started with new challenging as a global COVID-19 pandemic carried forward from fiscal 2020. The Company has fully resumed its production in the first quarter from eight-week’s mining ban at Selinsing in the first quarter, the Selinsing Sulphide gold plant upgrade is however still pending for financing.
“On the other hand, gold price surged to record high and the gold mining sector was very active in Western Australia, gold mining producers enjoyed high production margins, and investment is flowing into that region for gold explorations.
The Company continues try hard to access to financing, and it is very closely monitoring the market and looking for divesting of base metal portfolio to focus on primary gold assets, as well as new corporate development opportunities to lift up market value for the best interest of its shareholders.”
First Quarter Highlights:
3,504 ounces (“oz”) of gold produced (Q1 2020:
4,852oz) with 3,100oz of gold sold for gross revenue of $5.92 million (Q1 2020: 4,323oz of gold sold for revenue of $6.34 million);
Gross margin of $3.06 million (Q1 2020: $2.65 million);
Average realized price per ounce, excluding prepaid gold sales, of $1,909/oz (Q1 2020: $1,475/oz);
Cash cost per ounce of $923/oz (Q1 2020: $855/oz);
All-in sustaining costs per ounce (“AISC”) of $1,055/oz (Q1 2020: $1,158/oz);
Peranggih grade control drilling after positive trial mining results identified 58,662 tonnes at 0.93g/t Au materials;
Production resumed at Selinsing after lifting eight weeks mining ban in last quarter during COVID-19 pandemic Entering into a Tuckanarra JV arrangement with Odyssey subsequent to the quarter opens corporate development opportunities in WA region.
RE:Substantial Increase in Gold ...Stage 1 open pit Peranghi nozzpack @ sth. wrote:
Based on the 2017 GC drilling program which identified a high grade zone measuring 150 m by 80 m in P North ( see Fig 1 in link below ) management estimated this this GC zone contained 20,000 to 30,000 ounces....see link to 2017 NR below.
The recently completed 5002 m GC drilling of this Zone elicited this statement from management..
The GC delineated indicates;
54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
So in just this small zone, we now have at least 31,000 to 47,000 ounces of even higher grade gold within a lesser volume of ore.
I had earlier missed this implication .
They are now telling us that we have a significant new gold deposit at Peranghi whose size will eventually describe a substantially new oxide resource once P North and the other 3 high grade zones are fully explored.
My earlier analyses of these 4 zones showed in excess of 120,000 ounces.
This discovery completely alters the future perspective for mining at Selinsing.....no rush to fund Biox as we have new and substantial sources of high grade oxides for years to come
xxxxxxxxxxxxxxx
The Peranggih phase 1 GC drill program was completed during Q1 2021 with additional 1,466 meters drilled bringing total drilling to 5,002 meters.
The drill program identified a total of 58,662 tonnes at 0.93g/t Au, which increased the mining inventory.
The GC delineated indicates;
54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
A further GC drill program was planned;
The Peranggih phase 1 GC drill program was completed during Q1 2021 with additional 1,466 meters drilled bringing total drilling to 5,002 meters.
The drill program identified a; total of 58,662 tonnes at 0.93g/t Au, which increased the mining inventory.
The GC delineated indicates; 54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
The recent 2017 close spaced RAB drilling program was carried out at an historic mining site to test 150m strike length x 80m width of the mineralization.
This allowed the accurate identification of several high grade gold (HG) zones surrounded by a main low grade (LG) halo.
The significant drill intersections; (Au >2.0 g/t & >5m length) within a more consistent high grade gold area are presented in Table 1.
The full set of drill results for the holes intercepting this HG gold mineralization occurrence are listed in
Appendix A and Appendix B.
Previous activities plus more recent exploration works, totaling 1,700m for 21 trenches, 2,900m of Diamond Drilling (DD) and Reverse Circulation (RC) drilling for 35 drill holes, and 2,800m of close spaced RAB drilling for approximately 300 drill holes (completed in 2017) have been used to outline an exploration target of 20,000 to 30,000 oz Au contained within 1 to 2 Mt @ 0.3 to 2.0 g/t Au. The potential tonnages and grades are con
Gold & Silver bulls starting to break out > ^ > ^ > ^
Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (“Monument” or the “Company”) is pleased to announce its corporate strategy following consultation with the Company’s board, management and advisors.
Newly appointed chairman of the Company, Graham Dickson, stated: “I am honored to be the successor to Robert Baldock as chairman of the board. Mr. Baldock has created a strong legacy for Monument and its shareholders and the board has always been aligned with his philosophy that shareholders’ value be realized through growth in the Company’s asset value. I will diligently progress this culture, stand by our stakeholders, and continue to strengthen the Company’s gold resource base, which is the best way to increase shareholders’ return.”
Strategy Highlights
To establish the Murchison Gold Project as a cornerstone gold development project; To place the Selinsing Sulphide Project into production by implementing a two stage approach; To build the production profile of the Company through additional targeted acquisitions in the gold sector. The board has reviewed and accepted the corporate development strategies proposed by management. In the past two years, the Company has increased its resources and reserves, updated the economic valuation of each of it’s wholly- owned projects, and streamlined the gold portfolio by spinning out the Mengapur base metal project. Given the current market appetite for gold and gold assets, especially in stable jurisdictions, upon closing the Mengapur transaction, proceeds will be used to advance our gold portfolio in Western Australia and Malaysia, and to support further corporate development.
CEO and President Cathy Zhai commented: “Our overall strategy is to build incremental gold resources and reserves through exploration, expansion and disciplined acquisitions, and to locate resources as well as build up market awareness in order for the market to reflect the Company’s value thus transforming the Company’s upside potential to benefit our shareholders.”
With cash and cash equivalents on hand and additional upon closing of the Mengapur transaction, the Company is ready to implement and fund its preferred development strategy. Alternative sources of capital remain an option and are progressing, especially for the development of the Selinsing sulphide project.
DISCUSSION OF STRATEGIES
Murchison Gold Project
The Company will seek to develop the Murchison gold project into a cornerstone asset through an aggressive two-year exploration program to delineate additional ounces, alongside concluding a preliminary economic assessment of the restart of the existing plant to build out an early-stage production story. The Murchison project represents a significant opportunity for the Company to generate near term cash flows from the restart of gold production using the existing well maintained 260k tpa mill. Further extension drilling and step out exploration programs have the potential to delineate additional resources, which could justify expanding the current mill capacity up to 750k tpa for production of 25,000oz to 50,000oz per annum depending on exploration success in areas which have historically been underexplored. The Company’s strategy is to focus on an aggressive exploration plan to increase the existing 380koz NI 43-101 compliant Measured, Indicated and Inferred Resources over the next two years on a combined quality, and quantity basis as feed to the already permitted plant and infrastructure at Burnakura. The potential for treating third party ore is also being considered.
Selinsing Gold Mine
The Company plans to develop the Selinsing Sulphide Project into production through a two stage de-risking process, in order to reduce the initial upfront investment required. Step 1 proposes the construction of a flotation plant producing gold concentrates for sale to a third party, with cash generated from these sales to be used as construction funding for the planned stage 2 BIOX plant. Selinsing has been the flagship project for Monument over the last decade, with low operating costs, a dedicated operations team and resources to underpin an additional six-year life of mine. The completion of the plant upgrade and startup of production for the new life of mine will provide significant future cash flows which can be used to fund the second stage of development as well as further exploration to increase the current resource base and support growth in other areas of the business.
Selinsing is invaluable to de-risked cash resources to support Monument’s corporate development and operations. Cash would be generated at Selinsing from (1) Gold production cash flow from Selinsing Gold Mine, (2) Development of a niche market through bio-leaching process with third party sulphide concentrates, and (3) Potential underground mining.
The Company will examine the justification of the above stated opportunity to open a niche market to procure third parties’ sulphide gold concentrates as a rationale for financing the Biox® plant that will provide sustainable cash resources to the Company.
Further Acquisitions
The Company will seek to augment current and future production via a suitable acquisition strategy that can either supplement future production from the Murchison project and its possible expansion, or enhance overall gold production via a large-scale standalone project. Our mission statement from the very beginning has been to become a mid-tier gold producer. By achieving better quality and larger reserves and resources, a potential acquisition would fundamentally change the Company’s production profile and its position in the mining industry. Any acquisition would need to show significant potential to add value to the current resource base and future cash flows.
IMPLEMENTATION AND MILESTONES
Management will devote its best effort to upgrade and establish a first class asset base to increase the Company’s value. Further the Company will allocate resources to build up market awareness and transparency so that the Company’s long term share value fully reflects the underlying real value of the portfolio and improve overall shareholders’ long-term interests, through sustainable long-term production.
Milestones and Timelines
Selinsing Flotation Production: two stage construction with flotation completed within 15 months for an estimated $20M, utilizing debt financing and/or funding partners where appropriate to preserve cash position for second stage Biox® plant. This includes completion of flotation plant optimization and engineering, procurement, construction and securing off-take agreements. Murchison Exploration: Murchison two-year exploration program estimated to cost A$10M to delineate new resources to increase the current ounces, increase the mine life and improve the cash flows of the project. The program is expected to start subject to closing the Mengapur Transaction in April 2021. Murchison Production: Usage of the current plant to generate cash flow through processing existing gold mineralized materials or third party ores subject to (1) completion of SRK review and their recommended follow up works, and (2) obtaining road access licenses. Acquisition target generation: Continuing internal and external appraisal of potential acquisitions already underway. Monument will regularly keep the market updated on its progress.
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 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 205 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
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.”
$MMY Heap Leach Production Potential of Murchison;
$Kentor has done a decent analysis of the heap leaching potential of the lower grade ores at Murchison.
As far as I know, we have the necessary heap leach equipment on hand at $Burnakura for 2 million tons per year.
I used to own GGD which heap leaches very low grade tailings .....less than 1 gm per ton Agglomeration was necessary, as recoveries were greater once the head grade ore was agglomerated with concrete. However, agglomeration seems to be not needed very much for Burnakura ore.
The other parameter is leach cycle time......the time required for the gold to be leached out of the ore once placed on the heap pad. I used 2 cycles per year.....ie about 150 days to maximize recovery of gold.
However, Kentor shows about 24 days which I think must mean something else , as that cycle is quite rapid.
So I use 2 cycles per year Of 500,000 tons of auriferous ore which means 1 million tons per year.
I will use an average of 0.9 gms per ton as head grade of the ore placed on the heap leach pads.
So, that means 900,000 grams of contained gold on the heap leach pads per year.
Recovery rates is about 90% for this grade of ore, so we end up recovering about 800,000 grams of gold per year, which divided by 31 gms per ounce means an annual production of about 25,000 ounces per year .
This is quite close to the 30,000 ounces recovered/ year by Indee gold which used this same leach equipment which was acquired by Kentor.
So, combining 40,000 ounces of high grade production from underground ore through the Burnakura mill @ 300,000 tons per year.....see my previous post..and 25,000 ounces of the lower grades from heap leach, we have about 65,000 ounces of production per year .
Heap leach is cheaper than milling for obvious reasons .
So an AISC of $1000 per ounce for the two combined production methods seems quite reasonable . @$1800 POG, we are excess cash flowing about $50 million per year .
Our neighbour KRR ( which I own ) free cash flows $80 million per year on 95,000 ounces .
This is good agreement . KRR trades at 5.5 times its free cash flow.
This would imply..but degraded 4,5 times , for lower production ..a fair value of about $225 million for our Murchison production, employing fully our current milling and heap leach facilities .
But, we have in addition , that rich gold copper resource at the Yagahong deposit of Gabathinia along with its other 6 pits none of which have been fully explored or the possibility of finding supergene ore.
So, our Murchison assets have superb value at current POG.
It's my analytical opinion, that the Greatest value of our Murchison assets would accrue to us shareholders by spinning it out to us as a new public listing, including the Tuckanara seed capital and JV , allocated perhaps 80% to shareholders and 20 % to our parent company.
Its a win win situation By nozzpack
$MMY- $70 mil in assets and only a $42 mil market cap? NO DEBT! :-) )
Way undervalued and oversold - 5 bagger + + + + ? or more - :-))
$Monument Mining (TSXV:MMY) Photo Gallery - well they growing with new great discovery of plenty more gold ore to increase the ore reserve with good drilling results to be mined many future years the weather is good no curtain needed - :-))
$1,000th Gold Bar Pour Produced by MMY; Photo Gallery :-)) It's a great Mother ore start;
News Releases Monument Reports First Quarter Fiscal 2021 (“Q1 2021”) Results November 16, 2020 View PDF Gross Revenue of $5.92 Million and Cash Cost of US$923/Oz
Vancouver, B.C., November 16, 2020,
Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” today announced its first quarter production and financial results for the three months ended September 30, 2020. All amounts are expressed in United States dollars (“US$”) unless otherwise indicated (refer to www.sedar.com for full financial results).
President and CEO Cathy Zhai commented: “Fiscal 2021 started with new challenging as a global COVID-19 pandemic carried forward from fiscal 2020. The Company has fully resumed its production in the first quarter from eight-week’s mining ban at Selinsing in the first quarter, the Selinsing Sulphide gold plant upgrade is however still pending for financing.
“On the other hand, gold price surged to record high and the gold mining sector was very active in Western Australia, gold mining producers enjoyed high production margins, and investment is flowing into that region for gold explorations.
The Company continues try hard to access to financing, and it is very closely monitoring the market and looking for divesting of base metal portfolio to focus on primary gold assets, as well as new corporate development opportunities to lift up market value for the best interest of its shareholders.”
First Quarter Highlights:
3,504 ounces (“oz”) of gold produced (Q1 2020:
4,852oz) with 3,100oz of gold sold for gross revenue of $5.92 million (Q1 2020: 4,323oz of gold sold for revenue of $6.34 million);
Gross margin of $3.06 million (Q1 2020: $2.65 million);
Average realized price per ounce, excluding prepaid gold sales, of $1,909/oz (Q1 2020: $1,475/oz);
Cash cost per ounce of $923/oz (Q1 2020: $855/oz);
All-in sustaining costs per ounce (“AISC”) of $1,055/oz (Q1 2020: $1,158/oz);
Peranggih grade control drilling after positive trial mining results identified 58,662 tonnes at 0.93g/t Au materials;
Production resumed at Selinsing after lifting eight weeks mining ban in last quarter during COVID-19 pandemic Entering into a Tuckanarra JV arrangement with Odyssey subsequent to the quarter opens corporate development opportunities in WA region.
RE:Substantial Increase in Gold ...Stage 1 open pit Peranghi nozzpack @ sth. wrote:
Based on the 2017 GC drilling program which identified a high grade zone measuring 150 m by 80 m in P North ( see Fig 1 in link below ) management estimated this this GC zone contained 20,000 to 30,000 ounces....see link to 2017 NR below.
The recently completed 5002 m GC drilling of this Zone elicited this statement from management..
The GC delineated indicates;
54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
So in just this small zone, we now have at least 31,000 to 47,000 ounces of even higher grade gold within a lesser volume of ore.
I had earlier missed this implication .
They are now telling us that we have a significant new gold deposit at Peranghi whose size will eventually describe a substantially new oxide resource once P North and the other 3 high grade zones are fully explored.
My earlier analyses of these 4 zones showed in excess of 120,000 ounces.
This discovery completely alters the future perspective for mining at Selinsing.....no rush to fund Biox as we have new and substantial sources of high grade oxides for years to come
xxxxxxxxxxxxxxx
The Peranggih phase 1 GC drill program was completed during Q1 2021 with additional 1,466 meters drilled bringing total drilling to 5,002 meters.
The drill program identified a total of 58,662 tonnes at 0.93g/t Au, which increased the mining inventory.
The GC delineated indicates;
54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
A further GC drill program was planned;
The Peranggih phase 1 GC drill program was completed during Q1 2021 with additional 1,466 meters drilled bringing total drilling to 5,002 meters.
The drill program identified a; total of 58,662 tonnes at 0.93g/t Au, which increased the mining inventory.
The GC delineated indicates; 54.2% higher contained ounces, 63% higher gold grade, and 5.2% less tonnage gold materials to be extracted than the initial assay results from 2017 GC drilling program at the same area.
The recent 2017 close spaced RAB drilling program was carried out at an historic mining site to test 150m strike length x 80m width of the mineralization.
This allowed the accurate identification of several high grade gold (HG) zones surrounded by a main low grade (LG) halo.
The significant drill intersections; (Au >2.0 g/t & >5m length) within a more consistent high grade gold area are presented in Table 1.
The full set of drill results for the holes intercepting this HG gold mineralization occurrence are listed in
Appendix A and Appendix B.
Previous activities plus more recent exploration works, totaling 1,700m for 21 trenches, 2,900m of Diamond Drilling (DD) and Reverse Circulation (RC) drilling for 35 drill holes, and 2,800m of close spaced RAB drilling for approximately 300 drill holes (completed in 2017) have been used to outline an exploration target of 20,000 to 30,000 oz Au contained within 1 to 2 Mt @ 0.3 to 2.0 g/t Au. The potential tonnages and grades are con
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