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Monument Mining updates Selinsing gold reserves, resources

An updated estimate for the Selinsing gold mine in Malaysia outlined probable reserves containing 235,400 ounces of gold within 3.9 million tonnes grading 1.88 g/t of gold, according to a Nov. 9 statement from property owner Monument Mining Ltd.

The reserves estimate includes the Buffalo Reef and Felda deposits and uses cutoffs of 0.3 g/t of gold for oxide ore and 0.7 g/t of gold for transitional and fresh ore.

The Selinsing deposit hosts indicated resources containing 200,000 ounces of gold, with inferred resources containing 65,000 ounces of gold, while the Buffalo Reef and Felda deposits host indicated resources containing 240,000 ounces of gold and inferred resources containing 212,000 ounces of gold. Probable reserves are included within indicated resources.

Monument Mining noted that stockpiles on the property host proven reserves containing an additional 43,966 ounces of gold within 2.3 million tonnes grading 0.59 g/t of gold.

The estimates are effective as of June 30 and incorporate mining depletion.

The company said that exploration is continuing at the operation, aiming to define additional mineralization and upgrade inferred resources. Metallurgical work was also completed, focused on obtaining sulfide material for testing.

Monument Mining is studying the use of a flotation-bioleach sulfide treatment process for a phase-four plant expansion at Selinsing. The phase-four plant and mining expansion has a capital cost of US$39.5 million while providing a US$23.1 million net present value with a 34.8% rate of return.