Monument Announces Drill Results at Peranggih Gold Prospect in Malaysia

VANCOUVER, British Columbia, Nov. 26, 2021 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased to announce drill results from the reverse circulation ("RC”) drilling program at South and Central areas of the Peranggih Gold Prospect ("Peranggih”), located approximately 10km north of Selinsing Gold Mine.

The RC drilling program was carried out from March to July 2021. The main objective of this program is to delineate shallow mineralization approximately 50m below the surface that can be potentially developed and quickly mined to feed the existing oxide plant at the Selinsing Gold Mine should the assay and block model results be satisfactory (Figure 1).

Figure 1: Peranggih Location Map showing interpreted mineralization is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d8c4c1d6-ad5f-4a1d-8290-a0977ed2f537

Significant Intercept Results

• PGRC076: 5m at 6.88 g/t Au from 10m including 3m at 11.06 g/t Au from 11m
• PGRC077: 14m at 1.50 g/t Au from 16m including 4m at 4.30 g/t Au from 19m
• PGRC089: 13m at 1.39 g/t Au from 11m including 2m at 5.30 g/t Au from 11m
• PGRC102: 9m at 1.52 g/t Au from 29m including 1m at 10.21 g/t Au from 36m
• PGRC113: 21m at 1.24 g/t Au from 21m including 7m at 2.58 g/t Au from 21m
• PGRC117: 10m at 1.56 g/t Au from 8m including 5m at 2.61 g/t Au from 10m

See details in Appendix 1-Summary of Drill Results (0.35 g/t cut-off grade)

2021 RC Drilling Program

The RC drilling program consisted of 68 RC holes for 3,317m, to a maximum depth of 70m for 3 holes (Figure 2). 3,901 samples were assayed at the onsite laboratory at Selinsing Gold Mine (the "Lab”). The final assay results were received on August 15^th 2021. The drill program confirmed the extension of significant mineralization down-dip of the previously explored area by shallow percussion rotary air blast ("RAB”) drilling along the North-West striking shear structure.

Overall, 70% of the designed holes hit gold mineralization above an oxide cut-off (>0.35 g/t Au Au) at relatively shallow depth, 50m below the surface. The results defined wider lower grade mineralization over an 830m long by 60m wide zone (Figure 2).

The 2021 RC drilling was conducted in two phases to optimize each phase, improving the potential to hit the targeted mineralization.

Phase 1 drilling was carried out from March to April 2021 at 20m by 20m nominal spacing and the average depth of 48m, involving 34 drill holes for a total 1,697m. Phase 1 drilling targeted high and low grade shallow mineralization extension at South and Central Peranggih, intercepted during the RC and diamond drilling campaign from February to May 2018 (21 DD holes for 1,015m and 34 RC holes for 1,710m). This target coincides with the eluvial and colluvial material located on the surface down to approximately 15m. Most of the holes were drilled at 60° dip oriented toward west.

Phase 2 drilling was initiated in May 2021 and completed in July 2021 after receiving encouraging assay results from Phase 1, targeting the strike extension of the mineralization at Peranggih South and Central intercepted in the phase 1 drilling. The program involved 34 RC holes for a total 1,620m and the average depth of 48m. The drilling azimuth, hole orientation, average depth, and spacing were similar to the Phase 1 program. Two reconnaissance holes were drilled at the southern part of Peranggih North to test an anomalous area.

Figure 2: Drill hole locations and geological map of Peranggih is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e4583027-0896-42b8-8509-38088c4783f1 

QA/QC

The Company implements a thorough internal Quality Assurance/Quality Control ("QA/QC”) protocol on all aspects of sampling and analytical procedure. Rock chips are monitored, collected, marked for sampling, and logged. Certified Reference Material ‘CRM”, duplicates, and blank samples are inserted based on industry standard practice. The samples were assayed internally at Selinsing laboratory using fire assays with Atomic Absorption Spectrometer ("AAS”) finish.

All blanks reported Au value below the recommended value, indicating low-risk contamination at the laboratory. All CRM’s assay values fall within the three standard deviation range. These indicate that all CRMs are performing well, and the result from the lab is considered reliable. Duplicate samples show good repeatability, potentially indicating that low cross-contamination takes place in the Lab.

Peranggih Geology and Mineralization

The Peranggih mineralization is structurally controlled by the 40-50m wide North-West shear zone. The completed drilling program outlined the extent of the footwall and hanging wall of the mineralized structure. The presence of quartz breccia, tuff breccia, and sheared country rock of argillaceous sediment, tuff and black shale indicates the nature of deformational event responsible for gold deposition at Peranggih. The steeply dipping high-grade (above 1.5 g/t) mineralized structure cuts across the low-grade mineralization at a higher angle and locally occurs at Peranggih South and Central. The spatial location of the high-grade mineralization is shown in the North-South ("N-S”) long section (Figure 3). The low and high grade structures are still open along the strike and down dip. An additional RC drilling program is planned to vector the 560m extension of the mineralized zone along strike and down plunge and dip of the known orebody.

The Peranggih mineralization is commonly associated with matrix-supported quartz breccia. The bulk of the mineralization occurs in a highly oxidized setting, as Peranggih is hosted in a deep weathering environment. The lithologies generally experience moderate argillic and silicification alteration. The structural framework suggests that the mineralized auriferous breccia is emplaced within the shear system with a steep to moderate dip towards the east.

Figure 3: The N-S long section of Peranggih shows the high-grade interception from the RC drilling program is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7831836b-3555-4301-af15-70b1c57b37af

Previous Rotary Air Blast ‘RAB’ Drilling and Follow Up Mining Work

Since January 2020, Monument has actively undertaken 86,870m of RAB drilling at Peranggih and intermittently mined and produced a total of 3,610oz Au as of October 31st, 2021. The shallow RAB drilling at a nominal spacing of 3m x 3m or 5m x 5m with a maximum 20m depth targeted shallow gold occurrences associated with eluvial and colluvium material that exists above the mineralized structure.

As a result of the 2021 RC drilling, an internal block model was produced, and an internal shallow pit shell down to 40m below the surface level was optimized. A total of 55kt of mineralized material was mined and fed to the mill in Q1 2022. Oxide mining and production from Peranggih are expected to increase in the upcoming months.

Peranggih is a fully permitted site having a ten year’s mining lease expiring March 14, 2029.

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 owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is also advancing the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra (20% interest) 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

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-Summary of Drill Results (0.35 g/t cut-off grade):

All intercepts reported are based on a drill width more than 3m above oxide cut-off (0.35g/t Au) with less than 2m internal dilutions constrained at 0.30 g/t Au while included intercepts with a minimum of 1m width is constrained at 1.0g/t Au.