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Erdene Resource Development Corp.
Summary
| Project: | Bayan Khundii | |
|---|---|---|
| Deposit: | Bayan Khundii | |
| Location: | Mongolia | |
| Commodities: | Gold | |
| Date: | 10/18/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 18-10-2016: Erdene Resource Development Corp. announces an Exploration/Drilling Update report for its Bayan Khundii deposit at the Bayan Khundii project. Drilling results incl. 90m @ 2.51g/t Au from 36m. Halifax, Nova Scotia – October 18, 2016 – Erdene Re | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Michael MacDonald (Internal) | |
| ABSTRACT: | Halifax, Nova Scotia – October 18, 2016 – Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company") is pleased to announce the second set of results from on-going drilling at its 100%-owned, high-grade Bayan Khundii gold project (“Bayan Khundii”) in southwest Mongolia. Today’s results confirm a significant new discovery under shallow cover, 170 metres north of the Striker Zone. In addition, drilling continues to support continuity of the high-grade mineralization within the Striker Zone. Results are pending for 12 holes. The Q3-Q4 drilling program includes 28 holes drilled since September 5, 2016, totaling 3,518 metres. A total of 73 holes have been completed, totaling 8,097 metres, since the initial holes were drilled in October 2015. Today’s release includes results for holes BKD-53 to BKD-61 and follows the first batch of results (see October 4, 2016 press release here) for holes BKD-46 to BKD-52. Results are pending for holes BKD-62 to BKD-73 which have been completed within, north, and east of the Striker Zone, and within the Northeast Zone, approximately 1 kilometre northeast of the Striker Zone. Step-out drilling was completed 170 metres north of the Striker Zone where hole BKD-60 has returned a very wide intersection of gold mineralization. Starting immediately below the 20 metres of younger Cretaceous cover, BKD-60 averaged 1.3 g/t gold over 123 metres and included 30 metres of 3.0 g/t gold near the top of the hole. Visible gold was observed in multiple locations, particularly between 29 and 59 metres, but continued locally to a depth of 117 metres. This hole confirms that significant gold mineralization continues beyond the Striker Zone under the younger Cretaceous units that lie between the main exposed area of mineralization in southwest Bayan Khundii (includes Striker Zone) and the Northeast Zone, located 750 metres to the northeast, demonstrating the strong potential for expansion of the mineralized zones. | |
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