Erdene drilling program results a good sign
Erdene Resource Development Corp. of Halifax reported promising results Wednesday from an initial drilling program at its wholly-owned Altan Nar (Golden Sun) property in southwest Mongolia.
"Altan Nar is proving to be an exceptional new discovery based on the size of the system and the extensive precious and base-metal mineralization now confirmed through drilling," Peter Akerley, Erdene president and CEO, said in a news release.
"We are very encouraged by these initial near-surface drilling results and look forward to the continued exploration of this exciting prospect."
Shares in Erdene were up four cents on the Toronto Stock Exchange at the close Wednesday. That’s a hefty eight per cent jump for the shares that were trading at 54 cents a piece at the end of trading. More than 300,000 of them changed hands Wednesday.
Additional sampling to better define the regional extent of soil anomalies at Altan Nar is underway, as well as detailed geological mapping.
Erdene is also extending a regional magnetic survey and doing additional geophysical work on the central portion of the Altan Nar prospect.
Additional drilling is expected to begin after the sampling and survey work is done.
Erdene is a diversified resource company with projects in Mongolia, Canada and the United States.
"Altan Nar is proving to be an exceptional new discovery based on the size of the system and the extensive precious and base-metal mineralization now confirmed through drilling," Peter Akerley, Erdene president and CEO, said in a news release.
"We are very encouraged by these initial near-surface drilling results and look forward to the continued exploration of this exciting prospect."
Shares in Erdene were up four cents on the Toronto Stock Exchange at the close Wednesday. That’s a hefty eight per cent jump for the shares that were trading at 54 cents a piece at the end of trading. More than 300,000 of them changed hands Wednesday.
Additional sampling to better define the regional extent of soil anomalies at Altan Nar is underway, as well as detailed geological mapping.
Erdene is also extending a regional magnetic survey and doing additional geophysical work on the central portion of the Altan Nar prospect.
Additional drilling is expected to begin after the sampling and survey work is done.
Erdene is a diversified resource company with projects in Mongolia, Canada and the United States.
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