(GLOBE NEWSWIRE via COMTEX) --
VANCOUVER, British Columbia, July 07, 2025 (GLOBE NEWSWIRE) -- Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) ("Monument" or the "Company") is pleased to announce the commencement of its expansion drilling program at the Selinsing Gold Mine including Selinsing and Buffalo Reef gold properties, located in Pahang State on the Central Gold Belt of Western Malaysia.
Ms. Cathy Zhai, President and CEO of Monument Mining, commented:
"We are pleased to see the market respond positively to our disciplined business approach. Monument's growth is anchored in sustainable gold inventory and supported by free cash flow, which enables us to reinvest into resource replacement and expansion. This approach has effectively mitigated mining risks and minimized shareholder dilution. Commencement of exploration programs are critical under this approach to extend the life of mine ("LoM") in our Malaysia operations."
A mine expansion study (the "Study") has been undertaken by Snowden without current spatial constraints, such as lease boundaries and existing infrastructure limitations. This exercise is designed to test areas beyond the current LoM plan that exhibit reasonable potential for resource discovery upon drilling. The outcome of the Study will also serve as a guide for the mine expansion drill program, functioning as conceptual "Blue Sky" targets for future drill program design. A rationalized tiered approach has been proposed to prioritize the target areas.
Mine Expansion Strategy
The mine expansion drilling program targets the delineation of new mineralized zones beyond the current production pit shells (the "Mine Expansion Areas"), laying the foundation for an updated LoM. It is anticipated that successful confirmation of the expected mineralisation in the Mine Expansion Areas will allow future pit designs to include most of the current Mineral Resources outside the current pit shells.
The mine expansion drilling program aims, through aggressive exploration drilling, to discover new Mineral Resources with subsequent conversion of those Resources to Reserves. The initial drilling plan is currently under review with a cash commitment of USD$2.5 million, targeting completion by the end of March 2026.
The most recent feasibility study ("Selinsing Gold Sulphide Project - NI43-101 Technical Report" Sedar filed January 31, 2019) outlines total Resources of 16.1 million tonnes at 1.6 g/t Au for 836,000 ounces of gold, supporting a five-year life of mine with a 4.9 million tonne Reserve at an average grade of 1.6 g/t Au containing 249,000 ounces of gold. The Gold Sulphide Project has been in production since 2023.
Of these totals, Resources of 525,000 ounces of gold at 1.64 g/t are located outside the current pit shells --comprising 316,000 ounces of gold at 1.64 g/t in the Selinsing Gold areas and 209,000 ounces of gold at 1.64 g/t in the Buffalo Reef and Felda zones. Additional land acquisition will be required to convert those ounces to Reserves, particularly to the south and east of the current Selinsing/Buffalo Reef tenement boundaries.
Monument expects confirmation of a potentially significant exploration upside. The detailed initial drilling program will be announced once finalized.
Program Scope and Budget
With an initial investment of USD $2.5 million, the expansion program is scheduled for completion by the end of March 2026. The campaign includes aggressive extensional drilling to discover new Mineral Resources and the subsequent upgrade of an expanded Mineral Resource base to Mining Reserves.
The program will:
- Test underexplored structural targets,
- Gather geotechnical data to support future open-pit and underground development,
- Advance geological interpretation and pit design through detailed core logging.
Key Target Areas
Buffalo Reef / Felda Block 7
The Buffalo Reef remains open at depth, particularly in its central and southern zones. Updated structural modeling suggests a steepening of the mineralized body, enhancing the potential for expansion (Figure 1).
Figure 1: Cross-section at ~4,340 mN (all coords in mine grid) highlights the down-dip potential.
Drilling gaps between current pits (BRC2, BRC3, BRC4, BRN) suggest further potential for shallow mineralization, directly supporting near-term open-pit extension planning. The grade control information and additional drilling (post-2016 Mineral Resource Estimate "MRE") have highlighted strong mineralisation in the gap areas, hosted within the same shear zone structure (Figure 2).
Figure 2: Long section facing west of the Buffalo Reef deposit, showing the current LOM and potential pit expansion (expanded pit shell), along with additional drilling post-2016 MRE (Bold Traces).
Selinsing Gold
At Selinsing Pit, the southernmost zone shows a thick mineralized envelope that remains open at depth (Figure 3) and along northeast-southwest structural trends (Figure 4).
Figure 3: Cross-section at 1,960 mN showing untested extensions at depth
Figure 4: Plan view at mRL 375 showing the new interpretation of the Selinsing pit 4 and Deep orebody mineralization trend.
In-pit geological mapping supports the updated interpretation of a better-defined mineralization trend, indicating that the Selinsing orebody remains open along strike. Previous drilling at the southern and northern ends of Selinsing Pit 4 did not optimally test mineralization extensions due to poorly positioned drill holes relative to the orientation of the orebody. A long section of the current Selinsing pit and expanded pit shell is shown in Figure 5.
Figure 5: Long section facing west of the Selinsing deposit showing the LOM (current mined pit) and expanded pit shell.
Drilling Readiness
Monument's in-house drilling team has been reassembled for this work, supported by two refurbished Desco SP 6500SA rigs (350-meter depth capacity). One rig will be outfitted with a multipurpose drill head, allowing it to switch between reverse circulation ("RC") and diamond drilling.
- Planned holes will initiate with RC pre-collars followed by diamond coring through target zones.
- Samples will be analyzed at internationally accredited laboratories.
- QA/QC protocols follow industry standards to ensure reliable, accurate results.
Geotechnical and Structural Logging
Detailed geological and structural logging will provide data for:
- Slope stability analysis for pit optimization,
- Rock mass classification for underground planning,
- Refinement of mineralization models.
Qualified Person's Statement
The scientific and technical information in this press release has been reviewed and approved by Matthew Ridgway, BSc (Hons), MSc, MBA, MAIG, Chief Managing Geologist and a Qualified Person as defined by NI 43-101.
About Monument
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) is an established Canadian gold producer that 100% owns and operates the Selinsing Gold Mine in Malaysia and the Murchison Gold Project in the Murchison area of Western Australia. It has 20% interest in Tuckanarra Gold Project, jointly owned by Odyssey Gold Ltd in the same region. The Company employs approximately 270 people in both regions and is committed to sustainability with practice of the high standards of environmental management, social responsibility, including health and safety for its employees and neighboring communities, and good corporate governance.
Cathy Zhai, President and CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:
Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102 rcushing@monumentmining.com
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Disclaimer Regarding Forward-Looking Statements
This news release includes statements containing forward-looking information about Monument, its business and future plans ("forward-looking statements"). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company's plans with respect to its mineral projects, expectations regarding the completion of the ramp-up period to target production level at Selinsing and the timing thereof, expectations regarding the Company's continuing ability to source explosives from suppliers, expectations regarding completion of the proposed storage shed and ammonium nitrate depot and the timing thereof, and the timing and results of the other proposed programs and events referred to in this news release. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities, including those related to the ramp-up process at Selinsing and the completion of the proposed storage shed and ammonium nitrate depot; uncertainties and risks related to the Company's ability to source explosives from suppliers; foreign operations risks; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Company's projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument; assumptions and expectations regarding the results of exploration on the Company's projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; assumptions regarding the timing and results of development activities, including the ramp-up process at Selinsing and the completion of the proposed storage shed and ammonium nitrate depot; expectations that the Company will continue to be able to source explosives from suppliers in a timely manner; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company's projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Figures accompanying this announcement are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/99bda7aa-99ef-45d8-97d5-953921b48faf
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COMTEX_467059306/2241/2025-07-07T07:59:57
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