- Erdene Resource Development (ERD) has completed an initial phase of drilling at its Bayan Khundii Project in southwestern Mongolia
- A total of 10,000 metres were drilled in 60 holes as part of a larger 18,000-metre program, focusing on resource expansion and the discovery of new targets
- Some assay results have already been received, including 3.9 grams per tonne of gold over 22.4 metres and20.8 grams per tonne over three metres
- A second phase of drilling is expected to include further resource expansion work at the Bayan Khundii and Altan Nar licenses
- Erdene Resource Development (ERD) is currently up 2.13 per cent and is trading at C$0.48 per share
Erdene Resource Development (ERD) has completed an initial phase of drilling at its Bayan Khundii Project in southwestern Mongolia.
The Halifax-based company drilled a total of 10,000 metres across 60 holes as part of a larger 18,000-metre program. 49 of these holes were completed at the Bayan Khundii deposit for a total of 8,435 metres, while the remaining 11 holes focused on the Dark Horse prospect for 1,574 metres.
This work was focused primarily on expanding resources at the Bayan Khundii deposit beyond the boundaries of an economic pit in the Midfield North, Midfield Southeast and Striker areas.
However, Erdene also dedicated some time to the discovery of new resources to the north and north-east, including the Dark Horse, Altan Arrow and Ulaan prospects.
The results from the first 12 holes have already been received and, while there are many yet to come, suggest a significant potential for the expansion of the Bayan Khundii Gold Project beyond that which was outlined in a recent feasibility study.
At Midfield North, expansion drilling on both the western and eastern sides of a proposed economic pit returned high-grade intersections. These include 3.9 grams per tonne of gold over 22.4 metres at the eastern flank, and 3.9 grams per tonne of gold over 12 metres to the west.
Drilling at the Striker area, which focused on the southern end of the economic pit, targeted shallow areas of high-grade mineralisation outside of the current mineral resource.
Erdene reported four grams per tonne of gold over 10 metres, which included one metre at 24.5 grams per tonne, as well as 20.8 grams per tonne over three metres in another hole.
Peter Akerley, President and CEO of Erdene Resource Development, said he is encouraged by the early results from the first phase of drilling.
“The second phase of the 2020 drilling program will include further expansion drilling at Bayan Khundii and Altan Nar, as well as exploratory drilling at the Dark Horse, Altan Arrow and the Ulaan prospects.
“We have a full pipeline of prospects to grow our resource base in advance of initial production at the Bayan Khundii Gold Project, expected in 2022,” he added.
Erdene Resource Development (ERD) is currently up 2.13 per cent and is trading at C$0.48 per share at 11:16am EDT.