Monument Announces Burnakura Phase 1 Assay Results Including High-Grade Gold at Junction Target
January 19, 2022 News Release Release #01-2022
Monument Announces Burnakura Phase 1 Assay Results
Including High-Grade Gold at Junction Target
Vancouver, B.C., January 19, 2022, Monument Mining Limited (TSX -V: MMY and FSE: D7Q1)
“Monument” or the “Company” is pleased to announce the drill results from the Phase 1 drilling
program undertaken in July and August 2021 at the company’s Murchison Gold Project in the
Meekatharra region of Western Australia.
The Phase 1 program comprised 46 reverse circulation ( RC) holes (3,465m) and 349 aircore ( AC)
holes (10,484m) testing new targets, focusing on areas outside of current resources in the wholly-
owned Burnakura project.
HIGHLIGHTS OF DRILL RESULTS
Significant drill intercepts are show in Table 1 below:
Table 1: Highlights of Drill Results
Target Drillhole ID Type From (m) To (m) Length (m) Au (g/t)
Munro Bore Extension 21BNRC037 RC 31 36 5 1.53
21BNRC038 RC 111 113 2 0.81
and RC 119 122 3 1.91
21BNRC039 RC 60 62 2 1.56
and RC 106 108 2 3.70
FLC2 21BNRC008 RC 5 13 8 0.97
21BNRC026 RC 18 25 7 0.82
Junction 21BNAC213 AC 22 25 3 10.2
including AC 22 23 1 27.3
See Appendix 1 for more detailed hole information.
Key results of the drilling program are as following:
Munro Bore E xtension: 160m strike extension confirmed at the Munro Bore Extension ,
southwest of the historical Munro Bore deposit (outside of Monument’s tenements).
Junction: New high-grade discovery at the Junction target (3m at 10.2 g/t Au including 1m at
27.3 g/t Au from 21BNAC213 ), where AC drilling intersected gold under transported cover in
association with a significant shear zone and no known historical drilling or surface sampling.
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FLC2: The gold mineralization appears to be associated with various lithological contacts based
on the Phase 1 drill program assay results and geological logging. Several holes may need to be
extended to determine whether the shallow mineralization previousl y identified continues at
depth.
Monument CEO and President Cathy Zhai commented: “The results from the Phase 1 drilling
program are hig hly-encouraging, which confirms the exploration team’s target selection strategy
that implemented to identify new zones of mineralization at underexplored areas within the
Burnakura Gold Project. The discovery of high-grade gold mineralization at the Junct ion Target is
particularly exciting given it is located in an area with no known prior exploration and there is
significant room to extend this mineralization with further drill programs.”
PHASE 1 RC/AC DRILLING PROGRAM
The Phase 1 drilling program was designed to test new high-quality structural targets beneath cover
within the Burnakura Project that may lead to the identification of shallow stand -alone or satellite
gold deposits to supplement the Project’s current resou rce base (Figure 1). These targets include
Authaal East, Banderol South, Junction and Munro Bore Extension.
The RC drilling targeting the FLC2 and FLC3 prospects was brought forward from Phase 2 drill
program to take advantage of increased drill rig avail ability. This drilling targeted historical high -
grade gold assays from rotary air blast (RAB) drilling as well as several intersections in RC holes.
In contrast to this, the Phase 2 program, which is now underway, is targeting down dip and down
plunge extensions of known high -grade deposits along the North of Alliance (NOA) structure, some
of which have been mined historically, potentially leading to an expansion of the current
underground resources.
Figure 1: Phase 1 and 2 drilling target areas and completed Phase 1 collar locations
The Phase 1 drilling program was carried out between July 3 rd and August 21st 2021 using a Schramm
T450 rig managed by Strike Drilling.
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A total of 46 RC holes for 3,465m were completed, comprising 12 holes for 1,301m at the Munro
Bore Extension target and 34 holes for 2,164m at the FLC2 and FLC3 prospects.
A total of 349 AC holes were completed for 10,484m at the Authaal East, Banderol So uth and
Junction targets as planned, although the eastern line of the Junction target was not drilled due to
steep terrain. Furthermore , the depth to blade refusal was generally less than anticipated resulting
in fewer metres drilled than originally planned.
Drill holes were angled at 60 degrees with varying azimuths and AC holes were generally spaced at
25m with lines spaced at between 400m to 950m.
MUNRO BORE EXTENSION
A total of 12 RC holes for 1,301 m were drilled at the Munro Bore Extension target in t hree lines
covering a minerali zed strike length of 160m within tenement M51/178 . This minerali zation is the
strike extension of the unexploited historical Mineral Resource at Munro Bore (266,000t at 1.6 g/t
Au, reported in “Technical Project Review and Independent Valuation Report (Short Form)” prepared
by Giralia Resources NL and reviewed by Ravensgate Mining Industry Consultants in January 2011).
Drill holes were spaced between 40m and 50m and drilled to depths from 60m to 160m. The area
was also surface mapped at a scale of 1:2000 (Figure 2).
Figure 2: Munro Bore Extension Drilling
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The extended mineralization to Munro Bore deposit has been confirmed by the RC drilling.
Mineralized intercepts includ e the following and are shown in Table 2 below : 5m at 1.53 g/t from
31m downhole (21BNRC037) , 2m at 3.70g/t from 106m downhole (21BNRC039) , and 3m at 1.91g/t
from 119m downhole (21BNRC038).
Table 2: Munro Bore Extension Highlights
Target Drillhole ID Type From (m) To (m) Length (m) Au (g/t)
Munro Bore Extension 21BNRC005 RC 119 120 1 1.00
21BNRC037 RC 31 36 5 1.53
and RC 71 72 1 1.00
21BNRC038 RC 111 113 2 0.81
and RC 119 122 3 1.91
and RC 129 130 1 2.35
21BNRC039 RC 60 62 2 1.56
and RC 106 108 2 3.70
21BNRC041 RC 34 37 3 0.99
21BNRC042 RC 56 58 2 1.16
and RC 65 66 1 1.49
The main mineralized intervals occur within a shear zone over a width of 45m to 65m that is hosted
within granodiorite, basalt and dacite/felsic volcanics. Gold mineralization appears to be associated
with disseminated pyrite up to 3% , in variably altered and sheared rocks. The shear zone trends in a
north-easterly direction , dipping approximately 70 degrees to the northwest and appears to be a
continuation of the structure on the adjacent tenement M51/338, host to the Munro Bore deposit.
The shear zone is located at the eastern contact of a circular granitic intrusion that has a diameter of
approximately 1.3km. Strain has been focused on the edge of the intrusion within a more ductile
intercalated package of basalts and felsic volcanics.
Although the reported mineralized intersections are relatively low grade, they are contained within a
wide minerali zed shear zone with anomalous gold scattered throughout that is located at a
favorable lithological contact. A geological model will be completed that will assist in further
targeting the shear zone to the south-west along the granite contact. In addition , the mineralization
will be assessed for possible shallow RC infill drilling, targeting resources close to surface.
JUNCTION TARGET
This target represents a major confluence between an east -west oriented magnetic high and a
north-south oriented magnetic high, which coincides with an apparent magnetic low.
A total of 192 holes for 5,847m of AC drilling w ere completed at the Junction target (Figure 3). A
planned eastern most line was not drilled as the topography is steep and not suitable for a large drill
rig.
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Figure 3: Completed drilling at the Junction Prospect
A best intersection of 3m at 10.2g/t Au from 22m downhole was returned from 21BNAC213, which
included 1m at 27.3g/t Au as detailed below (Table 3):
Table 3: Junction Best Intercepts
Target Drillhole ID Type From (m) To (m) Length
(m)
Au (g/t)
Junction 21BNAC213 AC 22 25 3 10.2
Including AC 22 23 1 27.3
There is also low -level gold minerali zation in the adjacent holes including 21BNAC211 (0m to 4m at
0.22g/t Au and 4m to 8m at 0.15g/t Au), 21BNAC212 (0m to 4m at 0.32g/t Au, 4m to 8m at 0.14g/t
Au and 8m to 12m at 0.17g/t Au), 21BNAC213 (0m to 4m at 0.16g/t Au) and 21BNAC214 (4m to 8m
at 0.11g/t Au).
The mineralized intersection in 21BNAC213 is associated with a shear zone containing strongly
sheared and sericite altered meta -sediments containing dark blue/grey quartz veins with very fine
sulphides. The hanging wall lithology consists of a fine metasediment and the footwall consists of
talc rich ultramafic.
The drilling at the Junction target intercepted narrow intervals of meta -sediments including minor
banded iron formation horizons, mafic and ultramafic horizons, within a weak to moderately
strained granite. The total width of the greenstone package varies from 100m to 800m wide .
Geological mapping was completed along a north south line approximately 800m to the east of hole
21BNRC213. Structural measurements indicate that the foliation is dipping to the north at an
average of 71 degrees with an average strike of 255 degrees.
Three grab samples were collected from a quartz vein within a shear/fault structure that outcrops
800m northeast and along strike of hole 21BNAC213. The samples returned weakly anomalous
results (best Au values of 0.1 0 and 0.11 g/t grades) and indicate that the mineralization in hole
21BNAC213 could be associated with a larger scale shear system.
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The high-grade intersection in 21BNAC213 is particularly significant because it is located in an area
that is under transported cover that has no known historical drilling or surface sampling , and the
gold minerali zation is associated with a significant shear zone. There is significant potential to
delineate a large mineralized system close to surface with further successful exploration drilling as
the intersection is open both down dip and along strike. To the east of 21BNAC213 , there is a strike
length of app roximately 5km within Monument’s project area with no known sampling, apart from
the three grab samples described in this release.
FLC2 PROSPECT
The FLC2 target is located approximately 400m to the south of the Banderol pit and appears to be
associated wit h the southward continuation of the same structural contact that hosts the
mineralization within the pit. The Banderol pit produced an estimated 28koz of gold at 2.9g/t Au pre-
2005 (Updated Mineral Resource, Burnakura Project, Western Australia, Australia NI 43 -101
Technical Report. SRK, July 2018).
A total of 30 holes for 1882m were drilled at FLC2 (Figure 4).
Figure 4: Phase 1 RC Drilling at FLC2 Prospect
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The best intercept is 8m at 0.97 g/t Au from 5m downhole in 21BNRC008. There are several other
narrow low grade intercepts of similar tenor to historical intersections, including 7m at 0.82g/t Au
from 18m downhole in 21BNRC026 (Table 4).
Table 4: FLC2 Prospect Highlights
Target Drillhole ID Type From (m) To (m) Length (m) Au (g/t)
FLC2 21BNRC008 RC 5 13 8 0.97
21BNRC011 RC 29 30 1 2.05
21BNRC013 RC 21 22 1 1.10
21BNRC015 RC 38 39 1 1.05
and RC 43 44 1 2.30
21BNRC020 RC 55 58 3 0.85
21BNRC021 RC 55 56 1 1.33
21BNRC026 RC 18 25 7 0.82
21BNRC030 RC 23 24 1 1.20
Previous drilling consisted of fences of RAB holes, 80m apart and with a hole spacing of 40m drilled
to a depth of 40m. Although low grade gold minerali zation was intersected, with a best intersection
of 10m at 3.4g/t Au and 3m at 5.0g/t Au, deeper percussion drilling targe ting the down dip higher
grade RAB results failed to intersect minerali zation of economic grade or thickness. The base of
complete oxidation averages 30m in depth whilst the top of fresh rock is located at a depth of
approximately 45m.
The drilling results and geological logging from the Phase 1 drilling indicate that the mineralization is
generally associated with mafic and ultramafic as well as ultramafic and granite lithological contacts.
There is also some evidence of supergene enrichmen t. The localization of shearing along various
lithological contacts combined with supergene enrichment has distributed mineralization across a
strike of over 800 m and along a strike of approximately 700m.
To further target this mineralization and to focu s on the most prospective areas , a more detailed
geological interpretation based on all drilling and airborne magnetic images will need to be
completed. In addition, some of the Phase 1 drill holes may need to be extended in future drill
programs to further establish downdip mineralization continuity.
FLC3 PROSPECT
The FLC3 prospect is located 1.2km south of the Federal City Pit and includes several shallow
historical high-grade gold intercepts that have been recorded over a very short strike length,
including 10m at 10.9g/t (FCPH1526).
Eight lines of RAB drilling have been previously drilled around FCPH1526 in an attempt to delineate
the high-grade mineralization; however, they intersected only very weakly anomalous gold, limiting
the strike extent to 200m (Figure 5). Interpretation of the mineralization in drillholes indicates that
the mineralization is trending in an approximate north-south direction.
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As part of the Phase 1 drilling program , 4 RC holes (282m) were drilled to test the high -grade
mineralization 40m to the north and south of FCPH1526 and investigate the down dip continuity.
Surface mapping was also undertaken, however, outcrop is limited.
Figure 5: Phase 1 RC Drilling at FLC3 Prospect
No anomalous results were received from any of the FLC3 Phase 1 drill holes and there appears to
be limited potential to develop the FLC3 prospect further in the immediate drilling area. However,
there is considerable strike length to the north and south of the FLC3 prospect that has not been
drilled and these areas will be assessed as part of Monument ’s ongoing target development
strategy.
BANDEROL SOUTH TARGET
The Banderol South target is located approximately 2km to the south of the Banderol Pit where gold
bearing ore was extracted from a north south orientated structure and treated at the Burnakura
Plant site (Figure 6). No residual resource is reported from Banderol.
Magnetic High
Magnetic Low