An updated resource and reserve estimate for Monument Mining’s Selinsing Gold Project in Malaysia provides evidence that the mine will operate sustainably or years to come. The estimate includes the Selinsing mine and the adjacent Buffalo Reef deposit.
All reserves and mineral resources were estimated by Snowden Mining Industry Consultants Pty Ltd as an independent qualified person defined under NI 43-101 standards.
Monument’s president and CEO Robert Baldock said, “We are excited to see that the new NI 43-101 mineral reserve allows Selinsing mine to operate with sustainable production for years to come.
“The company has adopted the bio-leaching approach as its economic baseline for the sulphide gold production while continuing its Intec test works. We expect the economics to be further optimised by the potential of Intec technology and other alternatives with large sulphide exploration potential.”
The reserves were estimated at June 30, 2016 and comprise 235,000 ounces of gold from 3.882 million tonnes of ore at a diluted grade of 1.88 g/t gold from the Selinsing and Buffalo Reef/Felda deposits, along with a further 44,000 ounces of gold from 2.335 million tonnes of ore from stockpiles at a grade of 0.59 g/t.
The probable reserves are within newly estimated indicated resources of 200,000 ounces of gold from 3.220 million tonnes of material at a grade of 1.93 g/t at the Selinsing deposit, and 240,000 ounces from 4.330 million tonnes of material at a grade of 1.73 g/t at the Buffalo Reef/Felda deposit. Indicated resources are inclusive of probable reserves.
The Selinsing inferred resource is an additional 65,000 ounces from 550,000 tonnes of material at a grade of 3.67 g/t, whereas for Buffalo Reef/Felda the inferred resource is 212,000 ounces from 3.81 million tonnes of material at a grade of 1.74 g/t.
Exploration at Selinsing and Buffalo Reef primarily comprised diamond and RC drilling. In addition trenching, channel samples and pit mapping were also used to help guide exploration works. Assays received up to the cut-off date of February 24, 2016 were considered for modelling.
Exploration has continued at Selinsing and Buffalo Reef after June 2016, focused on defining mineralization at depth below the existing pits, within gap zones in between the known resources that contain little drill hole information, and to convert inferred materials to indicated and/or measured materials. Also metallurgical drilling has been completed, aiming to get sulphide material to be used in metallurgical test work.