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Monument Mining Limited announced that the company, through its wholly owned subsidiary Monument Mengapur Sdn Bhd, has received historic iron rich soil production information from the Mengapur Polymetallic Project property, located in the Pahang State in Malaysia approximately 17 kilometers north of Seri Jaya.
As previously disclosed, the company has entered into an agreement to acquire a 70% interest in the project, subject to, among other things, shareholder approval of the acquisition and related financing. Further details regarding this acquisition and financing can be found in the company's information circular disseminated in connection with the upcoming Annual and Special General Meeting at which these matters will be considered.
The company recently completed and on December 2nd 2011 filed the Snowden Mining Industry Consultants NI 43-101 report on the Mengapur Property. That report referred extensively to the historic information obtained from a Definitive Feasibility Study completed in 1993 by the former owner of the Project. In the course of its review of the DFS and conducting its due diligence on the Project the Company identified from records of Malaco that the project has also recently yielded important quantities of iron production from the iron rich soil overburden on the property.
From October 2010 to October 2011 during the Malaco ownership of the property, iron rich soil production totaling approximately 2,556,479 tonnes has been realized from the oxidized soils overlying the sulphide ore that consists of skarn rock. Rights to extract iron ore from these oxidized iron rich soils covering specific areas of the property are presently held by a Malaco appointed operator. This operation is extracting this material at a rate of up to 400,000 tonnes per month for beneficiation and shipment to China under a sales contract. Removal of some of these soils, which are overburden to the skarn rock sulfide ore, is necessary before the skarn can be accessed.
In the month of November 2011, an additional 214,052 tonnes was extracted and removed for shipping from Malaysia under a third party sales contract. The records of Malaco revealed to MMSB confirm the above tonnage has been removed from a selected and agreed portion of the Mengapur property.
A significant resource of Cu, Au, and Ag resides in the oxidized soils throughout the Mengapur deposit as presented in the NI 43-101 report and shown below in Table 1. The spatial distribution of the iron ores and the Cu Au Ag resource hosted within the oxidized soils is unknown at the present time as iron was not analyzed in the historic diamond drill holes completed by Malaysian Mining Corporation when it was preparing the DFS.
Historical Oxide Resource at a 0.336 Cu equivalent Cutoff grade (Snowden NI 43-101, December 2nd 2011)
Tonnes
EQV Cu (%)
Cu (%)
Au (g/t)
Ag (g/t)
Measured
4.866
0.419
0.47
0.05
27.82
Indicated
16.406
0.557
0.64
0.12
26.45
Subtotal
21.272
0.525
0.6
0.1
26.7
As previously disclosed, the company has entered into an agreement to acquire a 70% interest in the project, subject to, among other things, shareholder approval of the acquisition and related financing. Further details regarding this acquisition and financing can be found in the company's information circular disseminated in connection with the upcoming Annual and Special General Meeting at which these matters will be considered.
The company recently completed and on December 2nd 2011 filed the Snowden Mining Industry Consultants NI 43-101 report on the Mengapur Property. That report referred extensively to the historic information obtained from a Definitive Feasibility Study completed in 1993 by the former owner of the Project. In the course of its review of the DFS and conducting its due diligence on the Project the Company identified from records of Malaco that the project has also recently yielded important quantities of iron production from the iron rich soil overburden on the property.
From October 2010 to October 2011 during the Malaco ownership of the property, iron rich soil production totaling approximately 2,556,479 tonnes has been realized from the oxidized soils overlying the sulphide ore that consists of skarn rock. Rights to extract iron ore from these oxidized iron rich soils covering specific areas of the property are presently held by a Malaco appointed operator. This operation is extracting this material at a rate of up to 400,000 tonnes per month for beneficiation and shipment to China under a sales contract. Removal of some of these soils, which are overburden to the skarn rock sulfide ore, is necessary before the skarn can be accessed.
In the month of November 2011, an additional 214,052 tonnes was extracted and removed for shipping from Malaysia under a third party sales contract. The records of Malaco revealed to MMSB confirm the above tonnage has been removed from a selected and agreed portion of the Mengapur property.
A significant resource of Cu, Au, and Ag resides in the oxidized soils throughout the Mengapur deposit as presented in the NI 43-101 report and shown below in Table 1. The spatial distribution of the iron ores and the Cu Au Ag resource hosted within the oxidized soils is unknown at the present time as iron was not analyzed in the historic diamond drill holes completed by Malaysian Mining Corporation when it was preparing the DFS.
Historical Oxide Resource at a 0.336 Cu equivalent Cutoff grade (Snowden NI 43-101, December 2nd 2011)
Tonnes
EQV Cu (%)
Cu (%)
Au (g/t)
Ag (g/t)
Measured
4.866
0.419
0.47
0.05
27.82
Indicated
16.406
0.557
0.64
0.12
26.45
Subtotal
21.272
0.525
0.6
0.1
26.7
