Monument Completes Phase 2 Drilling Program
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September 23, 2022 News Release Release #07 -2022
Monument Completes Phase 2 Drilling Program
Vancouver, B.C., September 23, 2022, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument”
or the “Company” is pleased to announce that the results from the Phase 2 diamond drilling (“DD”) have been
received and confirmed the extension of gold mineralization, including high grades of up to 17.8g/t gold, for more
than 150m vertical depth below the current Mineral Resource at the North of Alliance (“NOA”) group of deposits
(NOA 1 to NOA 7/8, NOA9), offering the potential for significant future expansion of the Mineral Resource base.
The site work and data validation to wrap up the Phase 2 drilling program has now been completed at Burnakura.
Together with the Phase 1 drilling program, the Company has tested greenfield targets and extensions to known
mineralized structures, and successfully achieved initial objectives with the Phase 1 Junction target discovery and
the Phase 2 drilling confirmation of gold mineralization extensions at depth at the NOA group of deposits
highlighting the opportunity to grow the Murchison Project organically.
Monument’s President and CEO, Cathy Zhai, said: “These latest drilling results continue to demonstrate the
potential of the Murchison Project and support our strategy to expa nd the existing Mineral Resource base that
might turn Murchison Project into the Company’s cornerstone project.
We see significant potential for near mine extensions at the NOA group of deposits and across our entire Burnakura
and Gabanintha land package. The Murchison Project also presents unique opportunities for greenfield targeting
and potential for additional discoveries in this mineral -rich geological setting. We will continue to explore all
options and opportunities using systematic exploration techniques applied to Monument’s land package”.
HIGHLIGHTS OF BURNAKURA DRILING RESULTS
The Phase 2 drilling Results
The Phase 2 drilling program is contained within the Company’s two -year exploration program testing
extensions of known mineralization down dip of the Burnakura tenements increasing the potential longer
term production profile.
Phase 2 Diamond Drilling Results
• Drilling results confirm the extension of gold mineralization, including high grades of up to 17.8g/t gold,
for more than 150m vertical depth below the current Mineral Resource at the NOA group of deposit s,
offering the potential for significant future expansion of the Mineral Resource base.
• Drilling demonstrates an increase in width, grade, and associated alteration of the mineralized package
(mine sequence*) at depth, affirming that unlocking the potential for the NOA group of deposits rests with
a focused exploration program to delineate additional Mineral Resources beneath the historic open pits for
underground exploitation.
• Drilling highlights the potential to exploit historic pits deeper and transition to underground mining.
• Furthermore, the drilling program provides more confidence in extending the Mineral Resources beyond
the current 1.6km strike limit to the immediate south of NOA 1 pit and north of NOA 7/8 deposits and
offers the opportunity to deliver additional significant discoveries along the prospective NOA Shear zone.
• Significant intercepts returned from the outstanding DD portion of Phase 2 drilling program include:
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o 4m at 12.0g/t gold from 392.6m in 21BNRD057 at NOA 7/8 target.
o 1m at 1.2g/t gold from 260m, 1.6m at 1.6g/t gold from 267.8m, and 2m at 17.8g/t gold from
293m in 22BNRD006 at NOA 4-6 target.
o 2.2m at 1.6g/t gold from 441m in 21BNRD055 at NOA 7/8 target.
Phase 2 Reverse Circulate Drilling Results Recap:
Significant RC intercepts (Previously reported in News Release dated May 30, 2022):
o 4m at 32.0g/t gold from 218m (including 1m at 71.8g/t gold from 219m), 1m at 1.1g/t gold
from 226m, 1m at 4.2g/t gold from 229m and 1m at 1.1g/t gold in 21BNRC050 at NOA 1
target.
o 2m at 5.3g/t gold from 140m in 21BNRC047 at NOA 1 target.
The Phase 1 Drilling Results Recap
The Phase 1 drilling results were previously reported in January 19, 2022, which initiated the Company’s two-
year exploration program to test unknown greenfield targets across the Burnakura tenements with the aim of
increasing the potential longer-term production profile.
• As previously announced on January 19, 2022, t he Company is also increasingly encouraged by the
discovery of a near-surface high-grade mineralization system at the Junction target with intercepts up to
3m at 10.2g/t gold, which could rapidly advance towards production through open-cut methods.
• The early promising results at the Junction target, particularly given the near surface high grades ,
strengthen the Company’s resolve that the Burnakura area remains highly prospective with several
untested areas which could deliver another significant gold discovery.
Follow up Works
• A critical technical evaluation, refinement and ranking of all known targets incorporating all data across
the extensive tenement package are ongoing over Burnakura and Gabanintha project areas to ensure future
exploration efforts continue to deliver the Company’s long-term strategy of turning the Murchison Project
into a cornerstone project.
• Undertaken the following programs at Gabanintha:
o To conduct drilling targeting mineralization along strike of existing mineralization trends from
the open pits and on parallel and splay mineralized structural trends identified from wide-spaced
exploration drilling.
o To conduct drilling beneath the historic Terrells and Canterbury pits to test for mineralization
extensions at depth which has not been closed off.
• Further programs might be carried out at Burnakura in future also include but not limited to
o A follow up phase of drilling to provide coverage across the NOA group of deposits testing for a
mineralized package deeper to approximately 300m below surface and then infill drilling t o
provide confidence to grow the Mineral Resources when the estimate is next completed.
o To systematic ally test for strike continuity along the NOA mineralized structure to delineate
further potential open pit and underground Mineral Resources beyond the curr ent 1.6km strike
limit.
o Follow up on the new shallow high-grade Junction discovery by drill testing for extensions using
RC drilling to potentially progress it rapidly to a Mineral Resource estimation.
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1Press release on July 18, 2018, titled “Monument Announces NI43-101 Mineral Resource Update at the Burnakura Property, Western Australia.” Monument
confirms that it is not aware of any new information or data that materially affect the information included in the announcem ent of July 18, 2018, and that
all material assumptions and technical parameters underpinning the Mineral Resources estimate in the announcement of July 18, 2018, have not materially
changed, and continue to apply.
2Armstrong, B. 2007, “NOA 2 Gold Project Resource Statement as at 1 January 2007”, Page 10, Tectonic Resources NL. Cited in “Independent Technical
Report - NI 43-101 on the Mineral and Mining Assets within the Burnakura Project held by Tectonic Resources NL, Extract Resources NL located in the
Murchison Mineral Field of Western Australia for ATW Venture Corp” effective as at 22 November 2007.
3Wells, L. 2013, “Due Diligence Report on Burnakura and Gabanintha Gold Prospects of Kentor Gold Limited Final”, Page 9.
*The highly deformed and altered package of rocks contained within the BTZ is locally known as the mine sequence. The original lithologies are dominated
by altered mafic with minor fine-grained felsic rocks.
PHASE 1 & 2 DRILLING PROGRAM AT BURNAKURA
Monument commenced Phase 1 of a two-year exploration drilling program in July 2021 and completed it in August
2021(refer to news releases dated December 15, 2021, and January 19, 2022). In November 2021, it commenced
Phase 2 drilling (completed in April 2022), and, in May 2022, announced the results received from the RC portion
of the program (refer to news release dated May 30, 2022).
Target areas for the Phase 1 and 2 drilling falls within the Company’s Burnakura project area and are shown in
Figure 1. The Burnakura area is considered highly prospective for discovering economic gold mineralization
associated with the prolific Burnakura Thrust Zone (“BTZ”). This regional northeast-trending lineament dominates
the area and is related to at least 15 deposits with pre-2005 historic gold production from 15 open pits and two
underground operations amounting to 1.8Mt at 3.7g/t gold for a total of 216,000 ounces2. Subsequent underground
mining campaigns were undertaken at NOA 2 from 2005 to 2007 (185,000 tonnes at an average grade of 7.1g/t
gold for 42,289 ounces3) and in 2009 (81,150 tonnes averaging 5.81g/t gold for 13,462 ounces3).
Figure 1: Murchison Exploration Phase 1 and Phase 2 Target Areas
While a detailed discussion on Phase 2 drilling program is seen below, reader is recommended to refer to the
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News Release dated January 19, 2022 for Phase 1 drilling program discussion.
PHASE 2 DRILLING PROPRAGE DISCUSSION
The Phase 2 program focused on the New Alliance and NOA group of deposits, which have a combined Mineral
Resource1 of 289Koz Indicated and 52Koz Inferred, to identify mineralized extensions aimed at increasing the
scale of the previously mined open pits and underground deposits.
A combined 18 RC and DD holes for a total of 5,595.1m against a planned 18 holes for a combined RC and DD
total of 5,546m was drilled for the Phase 2 program. The breakdown of the drilling completed is provided in Table
1. The drill locations and results reported in this press release are shown in Figures 2 and 3 and interpreted long
sections and cross-sections in Figures 4, 6, 8 and 9, with all holes listed in Appendices 1 to 2.
Table 1: Completed RC and DD drilling for Phase 2
Target Number of holes Drill metres
RC RCDD Total
RC
DD
Total
NOA 1 4 3 7 1,559.8 385.5 1,945.3
NOA 2 1 1 2 510.0 49.7 559.7
NOA 4-6 1 1 2 525.0 71.0 596.0
NOA 7/8 1 5 6 1,740.2 588.9 2,329.1
New Alliance 1 - 1 165.0 - 165.0
Total 8 10 18 4,500.0 1,095.1 5,595.1
All drill collars are accurately surveyed using Differential Global Positioning System (DGPS) techniques.
Coordinates and azimuth are reported in MGA 94 Zone 50. Downhole survey was completed by downhole
gyroscopic method at regular intervals.
Geological logging was completed for all holes and representative across the deposits. The drill hole lithology,
alteration, mineralogy, and structural characteristics of core were logged directly to a digital format following
procedures and using Monument Mining geologic codes. All data was imported into a central SQL geological
database.
Monument Murchison Quality Control and Quality Assurance (QAQC) protocol is considered industry standard
with certified reference material (CRM) regularly submitted with routine samples to ensure ongoing quality
control. CRMs and Blanks are inserted at a minimum of a 5% frequency rate.
An independent commercial laboratory, ALS Geochemistry, performed all sample preparation and gold assaying
of primary samples in Kalgoorlie, Western Australia. Samples were analyzed for gold by lead collection fire assay
of a 50g charge with AAS finish.
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Figure 2: Phase 2 drilling completed for NOA group, showing anomalous intercepts in DD (yellow
boxes) and previously reported RC results (white boxes). All intercepts are downhole widths.
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Figure 3: Phase 2 drilling completed for New Alliance target, showing anomalous RC intercepts
previously reported.
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The NOA Group Phase 2 DD Drilling
NOA gold deposits comprise NOA 1 to the south and NOA 7/8 to the north and are in a flat sheetwash area and
underlain by felsic to intermediate volcanic rocks and associated sediments within mafic intrusive and volcanic
rocks. Five of the known deposits NOA 2, NOA 4 -6 and NOA 7/8, are colinear within a northerly trending
dilational structure (NOA Shear Zone) that splays off the regional BTZ and dipping to the east at approximately
30°- 60° (Figure 1). NOA 1 is offset to the east by some 200m on a different but related structure. The NOA Shear
Zone intersects a dolerite sill which is interpreted as having intruded along a sequence of felsic pyroclastic flows
and associated sediments and is the dominant feature at the NOA deposits that constrains and controls economic
gold mineralization at depth within a strongly sheared and altered sequence of siltstone felsic volcanic and intrusive
mafic rocks (Figures 1 and 2). The bulk of the mineralization occurs within massive quartz veins and quartz breccia
within a large irregular silica-carbonate-sericite-pyrite (potassic) alteration halo.
The NOA 1 to NOA 4-6 deposits are in mining lease M51/116 and NOA 7/8 straddle mining leases M51/116 and
M51/177. The surface RL in the area is approximately 460m, with the deepest portion at NOA 2 pit, which is
about 80m below surface (Figure 4). Mining of the NOA group of deposits began in 1995 with underground ore
sourced exclusively from the NOA 2 deposit. Currently, the combined unmined Mineral Resource total for the
NOA area is 1.81Mt at 3.1g/t gold for 182,000 ounces of gold Indicated and 0.64Mt at 2.3g/t gold for 48,000
ounces of gold Inferred1.
The focus of the Phase 2 drilling at the NOA group of deposits was to identify extensions to existing Mineral
Resources and increase the scale of the existing open pits and underground deposits at Burnakura.
Seventeen drill holes were designed to test the extensions of potentially economic mineralization down dip and
down-plunge. Fourteen of the drill holes drilled intercepted the prospective horizon of quartz -sericite-pyrite
alteration (mine sequence) with significant gold mineralization returned, including high grades of up to 17.8g/t
gold. The mineralized package appears to continue down-plunge and down-dip of the current NOA group Mineral
Resources, which remain untested by drilling along strike, down-dip, and down-plunge (Figure 4).
Figure 4 shows the interpretive NOA group long section looking west of recent and historic drilling with pierce
point locations of the significant primary intercepts. The drill results confirm that the width, alteration, and grade
of the prospective horizon are more pervasive at depth, providing significant potential for underground Mineral
Resources discovery to the south of the NOA 1 open pit, further north beyond the NOA 7/8 deposit and underneath
the existing NOA open pits (Figures 4, 6, 8 and 9).
These encouraging results indicate that significant potential for the NOA group of deposits hinges on a focused
exploration program to delineate deeper Mineral Resources around the previously mined open pits for underground
exploitation. In line with this, the Company plans to further test for mineralization extension to approximately
300m below surface to extend the underground Mineral Resource targets.
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Figure 4: NOA Group Long Section Looking West showing recent and historic drilling (Drillhole ID is grey font) with pierce point locations
of the primary intercepts shown in bold. RC drilling significant intercepts are shown in white boxes and DD significant intercepts are shown
in yellow boxes. All intercepts are downhole widths.