Selinsing Exploration / Development Spinout Two things puzzle me.
Information on the economic status of Peranghi, even just a current suite of photos , is being kept from us even tho bulk sampling shows excellent economic oxide grades in the same geologic setting as Selinsing .
Secondly, nothing is being said about the fact that the 1 million TPA oxide mill will within days be under extended care and management .
Oh sure, they plan the Biox mill but that would cost us $34 million US in 2019 dollars and would require costly underground exploration and development capital as well.
A low probability event imo at current POG. In the mean time , we have three oxide gold systems within a regional exploration area within a radius of 30km around the Selinsing Gold Mine .
In the past years, Monument’s exploration has targeted only the Selinsing-Buffalo-Peranggih shear zone among several other parallel shear zones that host gold mineralisation in the gold mining districts.
These three highly prospective systems with varying levels of drilling are..
Medang Ridge system: The north-trending Medang ridge shear zone located 1km east of Selinsing and Buffalo Reef was identified by the previous operator. The mineralized structure runs for about 5km with several prospects being identified, namely Koyan South, Medang Ridge South, Central, and North. The shear zone extends south, and several deposits, namely Bukit Nangka and the Tersang-Chenua gold prospect, lie between Raub gold mine and Selinsing.
Rubber Hill-Ular Seluar system: The second parallel structure, 3km to the east of Selinsing and Buffalo Reef, host the Ular-Seluar and Rubber Hill prospects. Significant drilling was carried out by the previous operator in this area which showed promising results.
Selinsing-Buffalo-Peranggih system: 14km north to Selinsing and Buffalo Reef regional shearing structuring, Peranggih and Mentique have been identified as new oxide exploration targets. The gold mineralization is associated with a hydrothermal breccia system which however is distinct from the hydrothermal veins system that occurs at Selinsing and Buffalo Reef. Folding, shearing and vein formation in these rocks indicate that the deposit is of similar type and generation to the Selinsing structures.
My estimates of Peranghi is of the order of 100,000 ounces of economic oxides. Mentique is its sibling just a gun shot away and probably linked by the same basement lodes.
A fallow but still costing us to care and maintain is the Selinsing oxide mill.
Upstream expansion involving a separate crushing and separation operation is all that is required .
And cheap options will get approved next Tuesday..