EXPLORATION by Monument Mining is focused on replacement of oxide ore and discovery of new gold deposits at Selinsing and Buffalo Reef areas. Further studies of regional geological structures continue in a bid to define new targets.

The company has also implemented a geo-metallurgical test work program to obtain understanding of the leachability of sulphide ore in transition zones, aimed to further improve the recovery of gold from sulphide materials. Geological modelling work has commenced to update the Selinsing/Buffalo Reef resources.

During the March quarter two Desco drill rigs continued metallurgical drilling at Buffalo Reef Central and North, and initiated exploration resource definition drilling at Buffalo Reef Central.

A total of 24 holes were drilled, consisting of 15 metallurgical holes for 1352 metres at Buffalo Reef South, Central & North, and nine exploration holes for 1219 metres at Buffalo Reef Central and Selinsing Pit 5. There were 324 metres of PQ-core samples submitted to the Selinsing laboratory for further metallurgical tests.

As part of regional exploration work, 767 rock and channel samples from Buffalo Reef North and Bukit Ribu as well as 2596 core samples were submitted to SGS Mengapur and Selinsing laboratories. Assay results for the 21 holes drilled in the December quarter at the Peranggih prospect, along trend from Buffalo Reef North, were received in January 2015. The results showed some mineralization trends that will guide the next surface mapping program in July, which will focus on determining future drilling program design.

Monument achieved gold production of 9346 ounces at the Selinsing project during the March quarter, a 25% increase over the 7487 ounces produced in the corresponding period of 2014. It said the increase was mainly due to higher average ore head grade.

The amount of ore processed decreased 15% to 225,644 tonnes for the quarter, primarily due to the blockage of crushing plant causing downtime. Gold recovery increased 4% for the quarter to 8596 ounces, average ore head grade increased 13% to 1.44 grams/tonne and process recovery rate increased 8% to 82.16% compared to the corresponding period of 2014 reflecting improved plant performance.

For the nine months ended March 31 gold production was 29,042 ounces, up from 26,590 ounces in the corresponding period ending March 31, 2014. This came from plant throughput of 712,957 tonnes, compared to 765,613 tonnes in the corresponding period at an average head grade of 1.52 grams/tonne and gold recovery rate of 83.78%.

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