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Monument Mining Announces Progress of the Burnakura Gold Project
VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased to an
About this update from Monument Mining Limited
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) (\"Monument\" or the \"Company\") is pleased to announce progress of the Burnakura Gold Project at Murchison in Western Australia. Along with completion of a recent NI43-101 Mineral Resource update, further work has been carried out under the Preliminary Economic Assessment Study (“PEA”), which includes underground mining opportunities. President and CEO Cathy Zhai comments, \"After updating the mineral resource estimation at Burnakura Gold Project under the NI43-101 Technical Report in July 2018, we have completed an initial economic assessment under the PEA study with an increase of mill capacity to 500ktpa from 260ktpa. Based on those assessments, we have re-strategized development of the Burnakura Gold Project. The planned gold production is postponed until completion of the PEA to include underground mining opportunities that would potentially allow for a better return to shareholders.” Ms. Zhai further commented: “Our past successful drill programs have produced significant results with positive geological implications and provided us much more understanding of the control structure. It is now critical to engage a disciplined, effective and efficient exploration strategy to test our understanding of the regional geological targets for new discoveries while adding gold inventory to the existing defined deposits. The strategy will provide an economic scale of the project potential and allow us to hopefully move towards to placing Burnakura into production with a lower risk profile.” Updated Resources and PEA Study At Burnakura, in July 2018, SRK Consulting (Australasia) Pty Ltd (“SRK”) completed the “NI 43-101 Technical Report: Updated Mineral Resources, Burnakura Gold Project, Western Australia.” A total of 293koz Indicated Gold Mineral Resources at 2.3 g/t Au for 4,043kt and 88koz of Inferred Gold Mineral Resources at 1.8 g/t Au for 1,551kt was reported and has tripled from the previous reported resource estimates in 2015. The PEA program is designed to identify the economic potential in a large scale at Burnakura, Tuckanarra and Gabanintha (together the “Murchison Gold Projects”) including open pits and underground mining opportunities. The NOA 7/8 resource estimates form a si...