Announcement • Jan 20
Monument Announces Burnakura Phase 1 Assay Results Including High-Grade Gold At Junction Target
Monument Mining Limited announced 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. 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 resource base. 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 availability. 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. The Phase 1 drilling program was carried out between July 3rd and August 21st 2021 using a Schramm T450 rig managed by Strike Drilling. 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 South 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. A total of 12 RC holes for 1,301m were drilled at the Munro Bore Extension target in three lines covering a mineralized strike length of 160m within tenement M51/178. This mineralization is the strike extension of the unexploited historical Mineral Resource at Munro Bore. 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. The extended mineralization to Munro Bore deposit has been confirmed by the RC drilling. 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 mineralized 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. 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 were completed at the Junction target. A planned eastern most line was not drilled as the topography is steep and not suitable for a large drill rig. 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. There is also low-level gold mineralization 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 0.10 and 0.11 g/t grades) and indicate that the mineralization in hole 21BNAC213 could be associated with a larger scale shear system. 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 mineralization 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 approximately 5km within Monument’s project area with no known sampling, apart from the three grab samples described in this release.