The Mengapur Polymetallic Project is located in Pahang State, Malaysia, approximately 130 kms southeast of Monument's wholly owned Selinsing Gold Mine and 75 kms northwest of the Malaysian port city of Kuantan. Mengapur was historically owned by Malaysian Mining Corporation who defined the historical Polymetallic Resources in a full bankable feasibility study. Mengapur is a long term project in the Company's pipeline, with a Company vision to be developed as a large multi-commodity open pit mine.
The Mengapur Polymetallic deposit contains a historical Copper (Cu), Sulfur (S), Gold (Au). Silver (Ag) oxide and sulphide Resource from a drilling campaign conducted in the 1980's as reported in the "NI 43-101 Technical Report, Mengapur Project (Amended) (Snowden, January 2012)". The historical Resource consisted of 224 million tonnes (mt) averaging 0.597% Cu equivalent (eqv) (6.54% S, 0.25% Cu, 0.16g/t Au, and 8.86g/t Ag) at a cut-off grade of 0.336% Cu eqv cut-off grade. A historical sulphide Reserve consists of 64.8 mt averaging 0.737% Cu eqv (8.63% S, 0.27% Cu, 0.21g/t Au, and 2.59a/t Ag) at the same 0.336% Cu eqv cut-off grade (Snowden, 2012).
Since acquiring Mengapur, the Company has carried out extensive exploration programs (64,000m of drilling) to confirm historical Resources and metallurgical testwork in studying downstream products. The results when completed will be included in a Preliminary Economic Assessment study ("PEA" study). The resource confirmation was largely completed in 2014 while metallurgical work is pending completion. Due to the decline in copper and iron ore prices the Mengapur site was placed into care and maintenance in fiscal 2015.
The Company plans to exploit Intec Technology from Intec International Projects Pty Ltd ("Intec") for testing sulphide copper recovery at the Mengapur Project. The objective of the testwork is to produce copper metal in-country to supply local copper product fabricators, as opposed to shipping concentrate off-shore.
The major mining license for the Mengapur Project tenement was renewed in June 2016 and exploration and mining license applications are pending approval by Pahang State for Star Destiny Sdn. Bhd. ("SDSB"), a 100% owned subsidiary of Monument.