Erdene Intersects High Grade Gold and Base Metal Zone at Altan Nar; 5 Metres of 17.7 g/t Gold, 69 g/t Silver, 2.1% Lead and 2...
02 June 2014 - 11:29PM
Marketwired Canada
Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is pleased
to provide final drilling results for its second quarter exploration program at
the Company's wholly-owned Altan Nar gold-polymetallic project in southwest
Mongolia.
Highlights
-- Highest grade gold interval at Altan Nar; 17.7 g/t gold over 5 m, within
19 m of 5.8 g/t gold, 37 g/t silver and 2.62% combined lead and zinc
intersected in Discovery Zone ("DZ")
-- High-grade intersection projects to surface where trenching returned 44
m of 1.1 g/t gold and 11 m of 3.0 g/t gold
-- DZ strike length extended to 450 m and is open to the northeast and at
depth where drilling returned 6 m of 4.8 g/t gold at 235 m
-- Continuity of Union North (1.3 km northwest of DZ) established at depth
and along strike with multiple gold-silver-base metal zones intersected,
including 24 m of 2.1 g/t gold
-- Expanded surface exploration has resulted in improved definition of 12
high-priority targets over a 5.6 km by 1.5 km area that remain
relatively untested by drilling
Altan Nar Drill Program Update
Final assays for seven drill holes and four drill-hole-extensions (totaling 834
m) were recently received and demonstrate the continuity of the high-grade gold
mineralization at Altan Nar. The second quarter exploration program was the most
successful to date with the discovery of a high-grade zone at DZ North and
establishing continuity of the mineralized system at Union North. Other
prospects tested included Union South and Maggie, where initial holes confirmed
continuity of mineralization.
Discovery Zone
The second quarter drilling program included a new hole in the southern portion
of DZ North (TND-65), and extensions of three previously drilled holes (TND-17,
-50 and -53) that tested mineralization at depth at the northern end of DZ
North. Hole TND-65 was drilled under trench ANT-26 which returned 44 m of 1.1
g/t gold including 11 m of 3.0 g/t gold. The intersection in TND-65 suggests
increasing grade at depth with an intersection of 32 m averaging 3.6 g/t gold
including 19 m of 5.8 g/t gold at approximately 60 m vertical depth. A parallel
mineralized zone was intersected near surface in TND-65 including 5 m of 2.2 g/t
gold. For reference, a cross-section through DZ North showing the mineralization
in TND-65 and ANT-26 has been included with this press release.
The high-grade intersection in TND-65 also improves continuity of mineralization
between DZ South and DZ North. Total combined strike length for the DZ has now
been extended to 450 m. Holes TND-50 and TND-17 are located at the northernmost
portion of the DZ where a very wide mineralized zone was intersected; 123 m
averaging 0.5 g/t gold with multiple higher-grade zones. Additionally, the
deepest mineralized intersection within the DZ was extended in TND-58 with a
zone of 6 m of 4.7 g/t gold at an approximate vertical depth of 235 m.
Table of Results - Discovery Zone North
---------------------------------------------------------------------------
Drill Hole From (m) To (m) Interval Au g/t Ag g/t Pb % Zn %
---------------------------------------------------------------------------
TND-65 8 13 5 2.2 6.0 0.15 0.13
---------------------------------------------------------------------------
And 78 110 32 3.6 23.2 0.79 0.90
---------------------------------------------------------------------------
Incl. 87 106 19 5.8 37.4 1.25 1.37
---------------------------------------------------------------------------
Incl. 91 96 5 17.7 69.2 2.12 2.46
---------------------------------------------------------------------------
TND-17 217 244 27 0.9 13.3 0.35 0.76
---------------------------------------------------------------------------
Incl. 230 242 12 1.5 9.8 0.39 1.13
---------------------------------------------------------------------------
TND-50 111 234 123 0.5 6.2 0.49 0.41
---------------------------------------------------------------------------
Incl. 111 116 5 2.7 10.0 0.62 0.37
---------------------------------------------------------------------------
Incl. 193 224 31 1.0 10.1 0.81 0.37
---------------------------------------------------------------------------
Incl. 200 206 6 2.5 16.3 2.11 0.76
---------------------------------------------------------------------------
TND-58 266 272 6 4.7 8.5 0.56 0.73
---------------------------------------------------------------------------
Union North
Drilling at Union North included four new holes and one hole extension.
Continuity of mineralization at depth was established with all new holes
intersecting gold mineralization, including two holes within the center of the
zone that returned between 22 m and 24 m of 2.1 g/t gold within 70 m of surface
(click here for the Company's May 22nd press release).
Table of Results - Union North Prospect
---------------------------------------------------------------------------
Drill Hole From (m) To (m) Interval Au g/t Ag g/t Pb % Zn %
---------------------------------------------------------------------------
TND-59 62 71 9 1.3 8.2 0.96 1.06
---------------------------------------------------------------------------
Incl. 69 71 2 5.0 25.0 3.32 3.42
---------------------------------------------------------------------------
And 88 93 5 0.5 2.5 0.16 0.32
---------------------------------------------------------------------------
And 102 109 7 2.2 5.7 0.67 1.01
---------------------------------------------------------------------------
TND-60 (i) 22 44 22 2.1 5.8 0.58 0.77
---------------------------------------------------------------------------
Incl.(i) 26 40 14 3.0 7.1 0.72 0.98
---------------------------------------------------------------------------
And 69 73 4 2.7 7.0 0.80 0.79
---------------------------------------------------------------------------
TND-61 45 69 24 2.1 5.8 0.59 0.84
---------------------------------------------------------------------------
Incl. 45 57 12 4.0 10.1 1.05 1.42
---------------------------------------------------------------------------
And 100 104 4 0.8 7.5 0.16 0.62
---------------------------------------------------------------------------
TND-62 20 30 10 0.5 3.6 0.48 0.60
---------------------------------------------------------------------------
(i) includes 5 metres of post-mineralization dyke
Union South and Maggie
Drilling at Union South (TND-63) established continuity of mineralization from
the trench on surface to a vertical depth of approximately 50 m. A single drill
hole at the Maggie prospect (TND-64) intersected a narrower zone of
mineralization than observed in the surface trench where it has been displaced
by a post-mineral dyke.
Table of Results - Union South and Maggie Prospects
---------------------------------------------------------------------------
Drill Hole From (m) To (m) Interval Au g/t Ag g/t Pb % Zn %
---------------------------------------------------------------------------
TND-63 71 78 7 1.1 2.7 0.33 0.84
---------------------------------------------------------------------------
Incl. 72 75 3 2.5 6.3 0.70 1.73
---------------------------------------------------------------------------
TND-64 40 43 3 1.3 36.3 1.38 0.14
---------------------------------------------------------------------------
And 62.65 68 5.35 1.1 7.9 0.84 0.30
---------------------------------------------------------------------------
Exploration Overview
The Q2 2014 exploration program at Altan Nar commenced in early April and
included an induced polarization ("IP") geophysical survey, close-spaced infill
geochemical soil sampling, rock chip sampling, detailed geological mapping, and
drilling. Results support the continued expansion of the gold-polymetallic
mineralization within the 5.6 km by 1.5 km target area at Altan Nar. The
combination of detailed surface mapping, geochemical analysis of soil and rock
samples, along with IP and magnetic geophysical surveys has resulted in improved
definition of 12 highly prospective targets. Two of these targets, the Discovery
Zone and Union North, have been shown to host significant near-surface
mineralization while the remainder remain relatively un-tested by trenching and
drilling. These zones have the potential to significantly expand the areas of
known gold-polymetallic mineralization at Altan Nar with further exploration.
Exploration, including delineation and exploration drilling, trenching and
expanded geotechnical surveys is expected to continue at Altan Nar during the
remainder of 2014 with the goal of establishing a maiden National Instrument
43-101 compliant resource and the identification of further gold, silver, lead
and zinc mineralization amenable to open pit development.
Qualified Person
J.C. (Chris) Cowan, P.Eng. (Ontario), VP Asia for Erdene, is a Qualified Person
as that term is defined in National Instrument 43-101 and has reviewed and
approved the technical information contained in this news release. All samples
have been assayed at SGS Laboratory in Ulaanbaatar, Mongolia. In addition to
internal checks by SGS Laboratory, the Company incorporates a QA/QC sample
protocol utilizing prepared standards, blanks and duplicates.
About Erdene
Erdene Resource Development Corp. is a Canada-based resource company focused on
the acquisition, exploration, and development of base and precious metals in
underexplored and highly prospective Mongolia. For further information on the
Company, please visit www.erdene.com. Erdene has 74,956,612 issued and
outstanding common shares and a fully diluted position of 88,538,051 common
shares.
Forward-Looking Statements
Certain information regarding Erdene contained herein may constitute
forward-looking statements within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans, expectations, opinions,
forecasts, projections, guidance or other statements that are not statements of
fact. Although Erdene believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. Erdene cautions that actual
performance will be affected by a number of factors, most of which are beyond
its control, and that future events and results may vary substantially from what
Erdene currently foresees. Factors that could cause actual results to differ
materially from those in forward-looking statements include market prices,
exploitation and exploration results, continued availability of capital and
financing and general economic, market or business conditions. The
forward-looking statements are expressly qualified in their entirety by this
cautionary statement. The information contained herein is stated as of the
current date and is subject to change after that date. Erdene does not assume
the obligation to revise or update these forward-looking statements, except as
may be required under applicable securities laws.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE
A map is available at the following link:
http://media3.marketwire.com/docs/949584_DZ_North_Cross-Section.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Erdene Resource Development Corp.
Peter C. Akerley, President and CEO
Ken W. MacDonald, Vice President Business Strategy and CFO
(902) 423-6419
info@erdene.com / www.erdene.com
https://twitter.com/ErdeneRes
Inca Pacific Resources (TSXV:IP)
Historical Stock Chart
From May 2024 to Jun 2024
Inca Pacific Resources (TSXV:IP)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Inca Pacific Resources (TSX Venture Exchange): 0 recent articles
More Inca Pacific Resources News Articles