Haranga Resources hikes stake in Selenge Iron Ore Project to 80pct
Haranga Resources Limited announced that the company has acquired a further 20% interest in the joint venture company that holds the five exploration licenses comprising the Selenge Iron Ore Project.Highlights:
Haranga Resources now holds an 80% interest in its flagship iron ore project in Mongolia
Haranga Resources maintains full operational and management control of the JV
Significant widths of iron mineralization have been intersected at all three of the iron ore targets drilled thus far at Selenge
Drilling is ongoing at Selenge with four diamond rigs currently in operation
The company is aiming to define an initial JORC Code compliant resource by early 2012
The company’s Selenge iron ore project covers 600 square kilometers in the heart of Mongolia’s premier iron ore development region, approximately 200 kilometers north of Ulaanbaatar. The Selenge project area has access to the main trans Mongolian rail line and nearby rail spurs.
As per the previous exploration update dated November 3rd 2011, a total of 36 diamond core holes have been drilled at Selenge for a total of 8,366 meters. Three of the four primary targets at Selenge have now been drilled.
Drilling to date has focused on the Bayantsogt Prospect. At least five major iron lodes exist at Bayantsogt, each averaging approximately 20 meter and up to 103 meters, in apparent width. Assay results received to date (holes 1 to 14 only) include the following intervals:
28 meters at 30% Fe from 3 meters in hole BTDH-2
17 meters at 28% Fe from 50 meters in hole BTDH-7
41 meters at 26% Fe from 107 meters in hole BTDH-8
18 meters at 31% Fe from 65 meters in hole BTDH-9
5 meters at 40% Fe from 106 meters in hole BTDH-11
9 meters at 39% Fe from 13 meters in hole BTDH-13
38 meters at 24% Fe from 68 meters in hole BTDH-13
The mineralization at Bayantsogt is primarily hosted in Banded Magnetite Skarn, similar in nature to the nearby 300 million tonnes Eruu Gol deposit which has proven amenable to low cost mining and beneficiation. In 2009 the China Investment Corporation invested over USD 500 million to obtain a one third interest in Eruu Gol.
Metallurgical test work has commenced on initial samples from Bayantsogt. It is intended to define a maiden JORC Code compliant resource for Bayantsogt by early 2012. Initial drilling at the larger Dund Bulag Prospect has recently discovered significant widths of iron mineralization of a similar nature to that observed at Bayantsogt. Mineralized intersections from initial drilling at the Huiten Gol Prospect appear to be smaller in width but of a higher iron grade than that observed at Bayantsogt. The company awaits initial assay results from both Dund Bulag and Huiten Gol.
Haranga Resources now holds an 80% interest in its flagship iron ore project in Mongolia
Haranga Resources maintains full operational and management control of the JV
Significant widths of iron mineralization have been intersected at all three of the iron ore targets drilled thus far at Selenge
Drilling is ongoing at Selenge with four diamond rigs currently in operation
The company is aiming to define an initial JORC Code compliant resource by early 2012
The company’s Selenge iron ore project covers 600 square kilometers in the heart of Mongolia’s premier iron ore development region, approximately 200 kilometers north of Ulaanbaatar. The Selenge project area has access to the main trans Mongolian rail line and nearby rail spurs.
As per the previous exploration update dated November 3rd 2011, a total of 36 diamond core holes have been drilled at Selenge for a total of 8,366 meters. Three of the four primary targets at Selenge have now been drilled.
Drilling to date has focused on the Bayantsogt Prospect. At least five major iron lodes exist at Bayantsogt, each averaging approximately 20 meter and up to 103 meters, in apparent width. Assay results received to date (holes 1 to 14 only) include the following intervals:
28 meters at 30% Fe from 3 meters in hole BTDH-2
17 meters at 28% Fe from 50 meters in hole BTDH-7
41 meters at 26% Fe from 107 meters in hole BTDH-8
18 meters at 31% Fe from 65 meters in hole BTDH-9
5 meters at 40% Fe from 106 meters in hole BTDH-11
9 meters at 39% Fe from 13 meters in hole BTDH-13
38 meters at 24% Fe from 68 meters in hole BTDH-13
The mineralization at Bayantsogt is primarily hosted in Banded Magnetite Skarn, similar in nature to the nearby 300 million tonnes Eruu Gol deposit which has proven amenable to low cost mining and beneficiation. In 2009 the China Investment Corporation invested over USD 500 million to obtain a one third interest in Eruu Gol.
Metallurgical test work has commenced on initial samples from Bayantsogt. It is intended to define a maiden JORC Code compliant resource for Bayantsogt by early 2012. Initial drilling at the larger Dund Bulag Prospect has recently discovered significant widths of iron mineralization of a similar nature to that observed at Bayantsogt. Mineralized intersections from initial drilling at the Huiten Gol Prospect appear to be smaller in width but of a higher iron grade than that observed at Bayantsogt. The company awaits initial assay results from both Dund Bulag and Huiten Gol.
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