Monument Mining achieved gold production, net of gold doré in transit and refinery adjustment, of 9346 ounces at the Selinsing Gold Project during the March quarter, a 25% increase over the 7487 ounces produced in the corresponding period of 2014. The company said the increase was mainly due to higher average ore head grade.
The amount of ore processed decreased by 15% to 225,644 tonnes for the quarter primarily due to the blockage of crushing plant causing down time. Gold recovery increased by 4% for the quarter to 8596 ounces, average ore head grade increased by 13% to 1.44 grams/tonne and process recovery rate increased by 8% to 82.16% compared to the corresponding period of 2014 reflecting improved performance of the plant.
For the nine months ended March 31, 2015 gold production was 29,042 ounces, up from 26,590 ounces in the corresponding period ending March 31, 2014. This came from plant throughput ore 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%.
Monument achieved gross revenue of $12.46 million on 10,200 ounces of gold sold, a $370,000 increase from $12.09 million on 9550 ounces sold in the March quarter of 2014 while net profit of $3.62 million was a $4.59 million increase from a net loss. Cash cost per ounce was US$560/ounce, which was a 14% decrease.
Exploration in Malaysia 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 to effectively 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 the exploration resource definition drilling back at Buffalo Reef Central.
A total of 24 holes were drilled, consisting of 15 metallurgical (1352 metres) at Buffalo Reef South, Central & North, and 9 exploration holes (1219 metres) at Buffalo Reef Central and Selinsing Pit 5. A total of 324 metres of PQ-core samples were submitted to the Selinsing laboratory for further metallurgical tests.
As part of regional exploration works within the company’s tenements, 767 rock and channel samples from Buffalo Reef North and Bukit Ribu and 2596 core samples were submitted to SGS Mengapur and Selinsing laboratories. Assay results for all the 21 holes drilled in the second quarter of fiscal 2015 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 2015, which will focus on determining future drilling program design.