Monument Mining Limited announced yesterday that it has entered into a binding “Mining Property Sale Deed” with a group of Australia-based companies to acquire the Murchison Gold Project in Western Australia through its wholly owned Australia subsidiary Monument Murchison Pty Ltd.
The Murchison Gold Project consists of the Burnakura and Gabanintha properties, located near Meekathara in the Murchison Mineral Field, approximately 765 km North of Perth. The Murchison Mineral Field is a historical gold province within the Murchison District of Western Australia that has been explored since the 1900s. Today, the Field is home to a significant number of operational gold projects.
According to the company’s news release, the group of Australian companies includes the Jinka Minerals Limited, Kentor Minerals (WA) and KGL Resources Limited. Monument Mining Limited, an established gold producer from Canada, will pay AUD$15 million cash for the Murchison Gold Project.
The company will also include a number of mining and exploration tenements and lease applications covering approximately 98 square km of lands intended for resource extension. The tenement package includes a historical resource estimate of 546,000 ounces of gold, a gold processing plant which is fully operational, a camp site and all necessary infrastructures.
Monument Mining Limited proclaimed the Murchison Gold Project a prospective project at a near production state. Production from a heap leach operations is the first priority from potentially both operations with the production pad planned to be located near the present infrastructure at Burnakura.
The mine has a fully equipped assay laboratory to facilitate assays and simulation of heap leach results with on-site metallurgical test work programs. Further, a drill program will be undertaken to confirm grades, attempt to upgrade and increase the resource and provide data and material for the metallurgical test work program which will in turn facilitate mine planning and ore delivery schedules.