Monument Mining Ltd V.MMY

Source Material

[nozzpack]

This discovery has been named the Mentique Prospect. Infill soil sampling, trenching, and geological mapping are planned to be carried at Mentique to create a drill target and determine the nature of mineralization in this area.

ield work permitting activities have commenced with ground preparation activities underway to facilitate the rapid deployment of the Air Core (AC) drill rig to site as it becomes available. 

The entire exploration program is expected to take in the vicinity of six months to complete with results becoming available for evaluation throughout this period.

 

The stripping ratio was 5.75 for the quarter as compared to 9.11 for quarter three of fiscal 2020.

Although additional costs were incurred as a result of the increased leachable sulphide material being mined (higher cost due to blasting requirements) and pit dewatering in order to put Pit 4 back into operation, the increase in total material mined and the lower stripping ratio led to the decrease in mining costs per tonne to $1.88/tonne from $2.15/tonne. 

The Company continues to implement grade control drilling practices to manage mining cost increases during ramp up of mining rates to access additional ore and replenish stockpile levels.

 In addition, the mining contractor will be upgrading their mining fleet in order to meet the Company’s mining and development plan efficiently.

The reverse circulation (RC) drilling program was started during the quarter with 1,258 metres drilled of which 78% were from planned meter dril

The grade control (“GC”) drilling assay has been completed showing an estimated total of 82,674 tonnes of mineralized material @ 0.89/t Au containing 2,365oz Au. 

This increases the combined Peranggih mineralization mining inventory to 158,785 tonnes @ 0.89g/t Au with 4,181 contained Au. The near-surface drilling program substantially increased Peranggih mineral inventory compared to the internal estimation in 2018 at the same area based on widely spaced RC and diamond drilling. The total ounces have increased by 144%, the Au grade by 37%, and the tonnage by 79%. 

The costs of mining and processing of Peranggih materials were recorded in the inventory, the revenue and the cost of gold sold from Peranggih were reported in the income statement.

 

Samples were collected from South America, Southern Africa, and Europe. 

Successful test work on a Colombian gold concentrate culminated in an agreement to purchase a trial lot. A 100-tonne trial lot of concentrate was processed at the Selinsing plant in March 2021. 

The test results were obtained subsequent to the quarter. The analysis on the independent metallurgical results shows that the feed grades need to be further improved to be economically feasible.

 Further search for proper concentrates has continued subsequent to the quarter.

During the quarter, the main exploration activity was related to reverse circulation drilling at Peranggih and Selinsing Pits 4, 5 and 6.

Geological evidence and modelling indicate that it occurs in the same regional shearing structure hosting Selinsing and Buffalo Reef gold deposits and has a potential mineralized hydrothermal breccia system containing oxide materials suitable to provide immediate mineable/leachable oxide feed at the current oxide plant at Selinsing. 

A total of 24 holes for 1,258m were drilled and 1,337 samples were sent to Selinsing mine laboratory for analysis.

A number of smaller shallow satellite deposits trucking distance to the Burnakura plant within the land holding may also provide additional resources to support to current Resource base at Gabanintha and Burnakura.

Initial greenfield targets have been identified within the landholding by in-house Monument personnel and external consultants based on geophysical, geological and structural interpretations. These remain to be effectively explored for potential to host gold mineralization.

This exploration program is designed to test the potential of these greenfield targets utilising soil, RAB and AC as appropriate to collect geochemistry samples to ascertain the presence of gold mineralization of economic interest.

 The Company will make announcement as soon as practical for its drilling program.

In addition, 88,390t of ore from Peranggih was processed at a recovery of 76.1% (nine months ended March 2020: 18,653t at 91.0% recovery). .

On March 31, 2021, current assets exceeded current liabilities by $50.64 million (June 30, 2020: $18.79 million).

Another possible source of capital could be proceeds from the sale of non-core assets. 

These capital sources together with operating cash flow and the Company’s active management of its operations and development activities will enable the Company to maintain an appropriate overall liquidity position.

As at March 31, 2021 the balance of gold delivery obligation was 2,410 ounces as of March 31, 2021 which is to be delivered at 241 ounces of gold monthly until January 31, 2022.

On December 24, 2020, the Company sold an 80% interest of the Tuckanarra Gold Project for cash of $1.52 million and another $1.52 million to be received in 6 months.

 The remaining AUD$1.00 million (or equivalent $0.76 million) may become receivable within 36 months of the completion of the Transaction contingent on exploration success with an additional 100,000 ounces of gold being discovered.

The Company continues to assess the Burnakura early-stage production decision. Upon success, this would potentially allow the Company to generate a second source of cash flow from Australian operations.

0. elinsing year to date production through the oxide gold processing plant replied on the transitional sulphide ore at Selinsing Pit 4, Pit 5/6, blended with oxide materials from old tailings, Buffalo Reef pits and certain mineralized Peranggih areas.

    The reduction of cash flow in the third quarter has caused a large quantity of super low-grade ore with lower leachability being fed into the mill and triggered lower recoveries. 

   Actions have been taken to improve the profitability of Selinsing Gold Mine in the short run through speeding the mining rate, reassess leachability of Pit 4 transitional sulphide ore and to accelerate grade control drilling at Peranggih to obtain more oxide mill feed.

   The Selinsing short-term exploration program is focused on existing mine areas, such as Selinsing, Buffalo Reef South (BRS), BRC, and Buffalo Reef North (“BRN”), to locate more oxide and leachable sulphide ore through extensional drilling to increase mill feed.

    Opportunities for infill and extension drilling have also been verified on and around Selinsing Pits, particularly Pit 5 and Pit 6, aiming to intercept oxide shallow high-grade mineralization and use current understanding from structural information and interpretation, including historical underground developments.

    During the nine months ended March 31, 2021, the RC drilling program which commenced in early December 2020 and consisted of 1,128m over 19 holes at Pits 4, 5, and 6 was completed in Q3 2021

   he opportunity to consider Inferred Resources was discussed in the Feasibility Study. 

   The Inferred Mineral Resource inside the Reserve open pit designs potentially contains an additional 20koz of gold. 

   The Inferred Mineral Resource external to the open pit design contains 130koz of gold. Recommendations have been made to initiate further exploration programs, aimed at the conversion of Inferred Mineral Resources into Indicated Mineral Resources.

   urchison including Burnakura and Gabanintha together holds a substantial land package covering 170km2 over highly prospective gold bearing Archean Greenstone terrane. In comparison, a significant standalone greenfield discovery would change the landscape of the Murchison Gold Project.Finished goods includes 4,546 ounces of gold bullion held in the metal accounts (June 30, 2020: 5,479 ou

    

   1. and $1.53 million (June 30, 2020: $1.53 million) for the Burnakura crushing plant refurbishment at Murchison operation site. 

[romara]

nozz.... what is that??? ... did you have  a wet dream before you went to bed last night??? ....   Richard

[deiwel]

alll this infos are in the official MD&A filing

[deiwel]

please https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00008911

[nozzpack]

I don't think that many investors dig very deeply into the quarterly financials . If they did, they would find a wealth of information that would otherwise make them very knowledgeable investors . As I have reported, Monument has passed the corner of impoverishment in which sparse funds limited accelerated project development. That period is now at an end. Those who recognize that, trading