Erdene Resource Development (T.ERD) completes trenching program on Mongolia project, soars 55%
Erdene Resource Development Corp. (TSX: T.ERD, Stock Forum) reported significant gold and silver results from the first phase of trenching that was completed earlier this month at the company's Altan Nar gold-polymetallic project in southwest Mongolia.
Results have been obtained for the first four out of 28 trenches designed to test ten distinct mineralized zones across the 5.5 kilometre long Altan Nar target area.
According to the Erdene Resource Development press release, results include three of four trenches returning excellent results over a 250 metre portion of the 400 metre long Discovery Zone. Gold-silver mineralized stockwork breccia zones were uncovered over wide intervals of 44 to 50 metres in each of the three trenches, all containing an average gold content of greater than 1.0 gram per tonne. Each contain wide, higher grade, intervals of 11 to 15 metres grading 2.4 to 3.0 grams per tonne gold accompanied by 8.0 to 20 grams per tonne silver.
"These early results have exceeded our expectations and have allowed us to meet our stated objective of establishing initial targets for open pit development at Altan Nar while pending results will allow us to prioritize new areas for the next phase of resource drilling" said Peter Akerley, President and CEO. "We believe the combination of these results and the extent of stockwork breccia uncovered in the remaining twenty-four trenches, combined with our previous results, demonstrate the potential for Altan Nar to host multiple, near-surface, gold-polymetallic deposits conducive to open pit mine development."
The objective of the trenching program is to further define the near-surface mineralization identified to date, improve the understanding of the gold mineralized system and prioritize new areas for the next phase of resource drilling.
The exploration data generated by this program will also be used to develop conceptual plans for initial open pit development. These initial trench results, in conjunction with previous drill results, indicate the presence of a potential shallow, bulk-tonnage, gold-silver-lead-zinc mineralized system in the first of the 10 targets tested along the 5.0 kilometre trend.
Erdene is a Canada-based resource company focused on the acquisition, exploration, and development of base and precious metals in underexplored and highly prospective Mongolia.
On Monday, Erdene soared 55.6% and was trading at $0.14 a share. The company had a market cap of $8.2 million, based on 58.9 million shares outstanding.
Results have been obtained for the first four out of 28 trenches designed to test ten distinct mineralized zones across the 5.5 kilometre long Altan Nar target area.
According to the Erdene Resource Development press release, results include three of four trenches returning excellent results over a 250 metre portion of the 400 metre long Discovery Zone. Gold-silver mineralized stockwork breccia zones were uncovered over wide intervals of 44 to 50 metres in each of the three trenches, all containing an average gold content of greater than 1.0 gram per tonne. Each contain wide, higher grade, intervals of 11 to 15 metres grading 2.4 to 3.0 grams per tonne gold accompanied by 8.0 to 20 grams per tonne silver.
"These early results have exceeded our expectations and have allowed us to meet our stated objective of establishing initial targets for open pit development at Altan Nar while pending results will allow us to prioritize new areas for the next phase of resource drilling" said Peter Akerley, President and CEO. "We believe the combination of these results and the extent of stockwork breccia uncovered in the remaining twenty-four trenches, combined with our previous results, demonstrate the potential for Altan Nar to host multiple, near-surface, gold-polymetallic deposits conducive to open pit mine development."
The objective of the trenching program is to further define the near-surface mineralization identified to date, improve the understanding of the gold mineralized system and prioritize new areas for the next phase of resource drilling.
The exploration data generated by this program will also be used to develop conceptual plans for initial open pit development. These initial trench results, in conjunction with previous drill results, indicate the presence of a potential shallow, bulk-tonnage, gold-silver-lead-zinc mineralized system in the first of the 10 targets tested along the 5.0 kilometre trend.
Erdene is a Canada-based resource company focused on the acquisition, exploration, and development of base and precious metals in underexplored and highly prospective Mongolia.
On Monday, Erdene soared 55.6% and was trading at $0.14 a share. The company had a market cap of $8.2 million, based on 58.9 million shares outstanding.
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