Erdene commences gold project drill program
Erdene Resource Development Corp. (TSX: T.ERD, Stock Forum) said the initiation of a further round of drilling has begun on the company's wholly-owned Altan Nar project in southwestern Mongolia.
The Altan Nar project, located in southwestern Mongolia, which is prospective for gold and associated with zinc, molybdenum, silver and copper, is still in the exploration phase.
According to the Erdene Resource Development press release, the current drilling program was started on Oct. 7 and is expected to include up to 20 shallow holes, totaling approximately 2,500 metres.
Fifteen exploration targets have been identified over a five kilometre by 1.5 kilometre area following the completion of a detailed soil geochemical survey and an induced polarization gradient array survey over the Altan Nar project.
The objective of this new phase of drilling is to determine which of these multiple target areas warrant detailed follow-up drilling.
It is anticipated that the results from the detailed follow-up drilling program will be used for a National Instrument 43-101 compliant resource estimate for the project.
Erdene is a diversified resource company with metal and coal interests in Mongolia, as well as the Donkin Coal Project and industrial mineral assets in North America.
On Tuesday, Erdene’s stock was up 7.8% and was trading at $0.275 a share. The company has a market cap of $26.4 million, based on 95.8 million shares outstanding. The 52-week high and low was $0.65 and $0.155 respectively.
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