Monument Mining has received encouraging results from the third round of resource drilling at the Murchison Gold Project in Western Australia. The best intersection was 11 metres @ 14.74 grams/tonne gold in extensional drilling, including 1 metre @ 103 grams/tonne.

The Murchison property is 100%-owned by Monument Mining and consists of the historical Burnakura, Gabanintha and Tuckanarra projects.

Monument’s CEO Robert Baldock says: “Exploration and progress towards a preliminary economic assessment has continued to the end of December 2014, with a total of 13,123 metres of RC drilling carried out at Burnakura project containing historical resources including Alliance, New Alliance. A further 4676 metres of exploration drilling has also been carried out at Federal City.

“The drilling has comprised infill drilling to further define the historical resources, extensional drilling to test strike and width extensions, and exploration drilling to target new prospects. The initial preliminary economic assessment is targeting completion by March 2015 and the final study is expecting to be completed by June 2015, comprised of metallurgical test work, mining engineering, environmental studies and permitting, aiming to bring the Murchison into production as soon as is economically viable.”

To date, 151 RC holes have been completed for a total of 13,123 metres at Alliance/New Alliance. Results for the first 102 holes drilled were announced last November. The remaining 49 holes totalling 3777 metres, drilled in the second round of drilling at Alliance/New Alliance, has results pending. At Federal City, a total of 74 holes for 4676 metres has been completed, including a further follow-up program of 11 holes for 618 metres.

The Federal City program was completed in two phases - 63 holes in the first round and a further 11 holes in the second round - to attempt to test the high grade intersections down dip and along strike.

The majority of the infill and extensional drilling was angled at 60 degrees towards the southwest and has confirmed the existing mineralized zones and also intersected a number of isolated high grade intervals outside of the currently defined mineralisation. The drill hole intersections reported represent the actual sample intervals obtained from drilling. The mineralization at Federal City can host high grade ‘nuggetty’ gold zones which will require further close spaced drilling to confirm their orientations and extents.

High grade intersections were revealed in five holes from the phase 1 drilling and a follow-up program of 11 holes tested four of these. One hole intersected 2 metres @ 24.6 grams/tonne from 36 metres, 30 metres southeast of an historical intersection of 2 metres @ 14.1 grams/tonne from 40 metres, which is about 30 metres from the southwest corner of the current pit. The current drilling has confirmed this historical high grade intersection and follow-up drilling has indicated low grade mineralization 20 metres further along strike to the southeast, indicating a newly defined mineralized zone 30 metres below the lowest zone at Federal City South.

The highest grade intersection of 11 metres @ 14 grams/tonne was returned in a hole at Federal City North, however follow-up drilling failed to confirm the high grade. Additional drilling on a north-south orientation is planned in this area to test for a narrow cross-cutting sub-vertical east-west structure that may host the mineralization and which may have been missed using the current drilling orientation.

According to exploration manager Lisa Wells, “These results have shown some impressive high-grade intersections in exploration and extensional drill holes at Federal City. High grade zones are outside the current mineralization and could be hosted in sub-vertical cross-cutting E-W structures. The orientation and extent of the high grade zones is unknown at this stage and requires further confirmation drilling.

“The structure in the area is geologically complex and the company is now undertaking a PQ diamond drilling program to twin these high grade holes to assist the interpretation. A further follow-up RC program is also about to commence at Federal City to assist understanding of the orientation of the mineralization to aid future targeting.”