- Erdene Resource Development (ERD) has made a new gold discovery just north of its Bayan Khundii gold deposit in southwestern Mongolia
- The discovery sits in the western portion of the Dark Horse prospect and was identified during a recent drilling program
- Major intersects include 45 metres at 5.97 grams per tonne of gold, which in turn included 1 metres at 82.5 grams per tonne of gold
- The company is now looking to launch an extensive exploration program in the first quarter of 2021 to follow-up on the discovery
- Erdene Resource Development is currently down 2.32 per cent to C$0.42 per share
Erdene Resource Development (ERD) has made a new gold discovery just north of its Bayan Khundii gold deposit in southwestern Mongolia.
The high-grade, near-surface discovery sits within a four-kilometre structure to the western end of the Dark Horse prospect, roughly 3.5 kilometres north of Bayan Khundii, and was identified during a recent exploration drilling program.
Hole AAD-58 returned 45 metres at 5.97 grams per tonne of gold, including 1 metre at 82.5 grams per tonne.
180 metres further north, hole AAD-57 returned 48 metres at 1.2 grams per tonne of gold, including 30 metres at 1.7 grams per tonne.
These two holes are located at the intersection of the north-south trending structure and the northeast trending Dark Horse structure, which are thought to be associated with large magnetic low and high IP chargeability anomalies, similar to that found at Bayan Khundii.
“The Dark Horse prospect has been established as the most significant zone of gold mineralisation since our discovery of the Bayan Khundii gold deposit,” said Peter Akerley, President and CEO of Erdene Resource Development.
“These new, high-grade drill intersections, combined with the geophysical and geochemical signatures traced over a four kilometre mineralised trend, demonstrate the significant size potential of the newly defined Dark Horse prospect,” he added.
Peter went on to say that while the recent intercepts are a significant discovery in their own right, they substantially increase the company’s understanding of the gold potential of the broader Bayan Khundii gold system, providing several high-priority targets.
Erdene is now looking to begin a major exploration drilling campaign to follow-up on the discovery, which has been scheduled for the first quarter of 2021.
Erdene Resource Development is currently down 2.32 per cent to C$0.42 per share at 9:38am EST.
