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Erdene Resource Development Corp.
Summary
| Project: | Bayan Khundii | |
|---|---|---|
| Deposit: | Bayan Khundii | |
| Location: | Mongolia | |
| Commodities: | Gold | |
| Date: | 3/26/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 26-3-2018: Erdene Resource Development Corp. announces an Exploration/Drilling Update report for its Bayan Khundii deposit at the Bayan Khundii project. Summary of exploration carried out at project. The Bayan Khundii project is located on Erdene’s 100% o | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Michael MacDonald (Internal) | |
| ABSTRACT: | The Bayan Khundii project is located on Erdene’s 100% owned Khundii exploration license in Bayankhongor Aimag in south-western Mongolia, approximately 980 km southwest of Ulaanbaatar, Mongolia’s capital, and 300 km south of the aimag capital, Bayankhongor City. The license is subject to a 2% Net Smelter Returns royalty in favor of Sandstorm Gold Ltd. Erdene has the option to reduce the royalty to 1% by paying $1.2 million to Sandstorm on or before April 14, 2019. The Khundii exploration license was first acquired in December of 2010 and is currently in its eighth year of a maximum 12-year term. The license can be converted to a mining license at any time prior to the end of the twelfth year by meeting the requirements prescribed under the Minerals Law of Mongolia. Bayan Khundii was discovered in Q2, 2015 when gold-bearing quartz veins were first sampled at what are now known as the Striker and Gold Hill zones. Initial assays returned very high grades, up to 4,380 g/t Au (141 oz./t) in chip samples from exposed veins and indicated that the majority of outcropping veins were highly auriferous. The initial sampling results were followed by geological, geochemical, geophysical, and trenching work and a 15-hole (695 m) maiden drilling program in Q3-Q4 2015. Following this work, a metallurgical testing program and a screen metallic analysis program were completed in Q4/2015 and Q1/2016 on gold mineralized samples from BK. The 2016 drilling program, which included 81 drill holes for a total of 10,645 m, confirmed strike and down-dip extensions of mineralized zones at the Striker and Gold Hill zones, as defined by the initial 2015 exploration program. In addition, drilling beneath the Cretaceous cover rocks in 2016 resulted in the discovery of the Midfield Zone, approximately 170 m northeast of Striker. | |
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