President and CEO
First Quarter Highlights:
85% progress of
Q1 FY2023 Production Analysis
Q1 FY2023 gold production was 2,066oz, a 98% increase as compared to 1,043oz for Q1 FY2022. The increase mainly was from higher feed grade.
Q1 FY2023 ore processed decreased to 132,447t from 156,611t for Q1 FY2022. The decreased mill feed was mainly due to less oxide ore and old tailings being fed into plant.
Average mill feed grade was higher this quarter (1.03g/t Au for Q1FY2023) as compared to the same period last year (0.54g/t Au for Q1 FY2022) due to higher grade ore from
Q1 FY2023 cash cost per ounce increased by 13% to
Q1 FY2023 Financial Analysis
Q1 FY2023 gold sales generated revenue was
Q1 FY2023 total production costs decreased by 68% to
Gross margin for Q1 FY2023 was
Net loss for Q1 FY2023 was
Cash and cash equivalents balance as at
Development
At
The flotation plant detail engineering design work has been completed and shop detailing design of earthing and lightning conductor work for power supply upgrade is underway. Procurement of all major and long lead equipment has been completed, with the delivery of the fabricated concentrate filter press arriving in mid-November, after the end of the quarter.
As of
A revised environmental management plan that includes the sulphide processing was submitted to the
The production of flotation concentrate is expected to commence after completion of commissioning, anticipated in early
Mine development was completed, with pre-stripping work finished during the quarter. The Tailing Storage Facility ('TSF') expansion development to 540m RL level will continue after commencement of production.
Flotation tests were carried out on samples of old stockpiles of transition ore that will be processed during commissioning and early ramp-up. The flotation tailings of transition ore will be stored for future Carbon-in-Leach ('CIL') processing. Several flotation pilot test runs were conducted which further supports the previous observation and test result; a mill feed flotation test was carried out during this quarter which indicated the good flotation performance of above 90% of rougher recoveries.
At Murchison, no drilling was carried out during the first quarter of fiscal year 2023 in order to dedicate resources to complete the
Gross Revenue Royalty from Fortress
During the first quarter of FY2023, the Company has begun earning royalties from
Exploration Progress
During the first quarter of FY2023, to sustain the continuity of the oxide plant production, a total of 270m RC drilling over six holes was drilled at
During the first quarter of FY2023, to explore near surface oxide mineralisation, a total of 37 and 134 channel samples were collected at Buffalo Reef C3 pit and the south wall of C2 pit respectively. Assay results were received, and no significant result was reported. Further a total of 20 grab samples of the alluvial material was collected at a diverted Buffalo Reef C3 creek, near the known high-grade mineralisation. Assay results reported highest Au value of 0.89g/t and 12 samples were reported with Au above 0.20g/t with an average grade of 0.45g/t.
The areas where the materials were considered economically mineable through the above drilling were considered in the mining plan
During the first quarter of FY2023, the Company received and analyzed the diamond drilling results of Phase 2 that confirmed the extension of gold mineralization, including high grades of up to 17.8g/t gold, for more than 150m vertical depth below the current Mineral Resource at the NOA group of deposits. Fiscal 2023 started with a focus on updating Gabanintha historical data to improve identifying drill targets. A full review of all historical maps with reports is ongoing for the Gabanintha project.
About Monument
Contact:
President and CEO
Suite
WEB: www.monumentmining.com
MMY Vancouver
T: +1-604-638-1661 x102
E: rcushing@monumentmining.com
'Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
Forward-Looking Statement
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 and the timing and results of 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; 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; the expected timing and results of development and exploration activities; 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.
(C) 2022 Electronic News Publishing, source