Erdene Resource Development Corporation (TSX: ERD | MSE: ERDN)
(“Erdene” or the “Company”) is pleased to announce final results
from the Q2 2022 drill program at Ulaan Southeast (“Ulaan SE”),
located 300 metres west of the construction ready Bayan Khundii
Gold Project in southwest Mongolia. This program expanded known
mineralization at the Ulaan SE discovery to the west and at depth,
and intersected an interpreted high-grade, gold bearing “feeder”
structure. Follow-up exploration at Ulaan SE is currently underway.
Highlights
- UDH-53 returned
high-grade mineralization within a projected feeder zone, including
2 metres of 24.9 g/t gold within 27 metres of 3.47 g/t gold
- UDH-52, 60
metres SSE of UDH-53, intersected a wide zone of mineralization –
189 metres averaging 0.8 g/t gold
- Mineralization
at Ulaan SE has been traced over a 200 metre strike, to a depth of
450 metres, that remains open to the west and at depth; highlights
of Q2 drilling include:
- UDH-35 included
the highest average grade intersection to date at Ulaan SE
- Intersected 23
metres of 13.7 g/t gold within 41 metres of 8.1 g/t gold, beginning
187 metres downhole
- UDH-21,
including the hole extension, returned one of the thickest gold
zones in the Khundii District
- Intersected 335
metres of 1.1 g/t gold, beginning 115 metres downhole, ending in
mineralization
- Includes 27
metres of 8.7 g/t gold, within 77 metres of 3.2 g/t gold
- UDH-36
intersected 179 metres of 1.2 g/t gold, beginning 72 metres
downhole
- Includes several
one-metre, high-grade intersections, ranging from 10-33 g/t gold,
and ending in mineralization at 350 metres
Quotes from the Company
“Ulaan drilling has returned very high grade
zones in the feeder structure as well as exceptionally thick zones
of mineralization, exceeding 300 metres, which remain open, in the
core of the discovery,” said Peter Akerley, Erdene’s President and
CEO. “This newest Khundii District discovery is interpreted as the
western extension of the Bayan Khundii deposit, demonstrating the
resource expansion potential from deeper exploration in the
District.”
“In the past week, we launched a follow-up
exploration program. The outcome of this program, as well as the
results from the recently completed regional reverse-circulation
(“RC”) program, will focus our exploration work for the balance of
2022,” continued Mr. Akerley. “We are confident that we are well on
our way to achieving our two million ounce gold equivalent resource
target by the end of the year.”
Summary of Drill Results
The primary objectives of the Q2 2022 Ulaan SE
drilling program were to test interpreted high-grade feeder zones
along bounding or intersecting structures in the northern portion
of the Ulaan SE discovery, and to test mineralization at depth.
Six new holes, as well as five hole-extensions,
totaling 2,463.7 metres, were completed as part of the Q2 2022
Ulaan SE drilling program. Results are summarized below in Table 1.
Results for the final two holes in the program, UDH-52 and UDH-53,
are newly reported; all other results were reported on June 6,
2022.
The Q2 2022 program at Ulaan SE confirmed a zone
of high-grade mineralization interpreted to be associated with
intersecting or bounding structures and possibly a feeder zone.
Drill hole UDH-35 returned the highest average grade interval
intersection to date at Ulaan SE, with 41 metres of 8.1 g/t gold
starting 187 metres downhole. Drill hole UDH-36 extended high-grade
mineralization further west from the discovery area, intersecting
one of the broadest zones of mineralization to date in Erdene’s
Khundii Gold District. Hole UDH-53 was drilled to confirm extension
of the feeder zone at depth and intersected 27 metres of 3.47 g/t
gold, including three one-metre intervals greater than 10 g/t gold
(up to 35.5 g/t gold), and ended in mineralization.
Step-out drill holes and hole extensions
continue to expand the area of known mineralization, which remains
open to the west and at depth. Drillhole UDH-37 intersected the
targeted gold mineralized tuffaceous host lithology, broadening the
potential for gold mineralization as exploration progresses
westward further into the core of the Ulaan license area. UDH-38
complimented the results of UDH-37, extending gold mineralization
westward; however, this drillhole also indicates shallower gold
mineralization, with gold mineralization beginning 42 metres down
hole.
Hole extensions (an additional 100 to 200
metres, to total depths of 350 to 450 metres) demonstrated that
gold mineralization extends over 400 metres vertically.
Mineralization remains open at depth with two of the holes extended
to 450 metres ending in mineralization.
Table 1: Ulaan Q2 2022 Drilling
Highlights
(Intervals averaging over 0.30 g/t gold)
Hole ID |
From |
To |
Interval (1) |
Au g/t |
Newly Reported Drill Holes |
|
|
|
UDH-52 |
86 |
275(2) |
189 |
0.80 |
UDH-53 |
248 |
337(2) |
89 |
1.40 |
Incl |
248 |
275 |
27 |
3.47 |
Incl |
248 |
250 |
2 |
24.90(5) |
Incl |
295 |
296 |
1 |
11.88 |
Previously Reported Q2 – 2022 Drill Holes |
|
UDH-35 |
107 |
116 |
9 |
0.49 |
And |
176 |
178 |
2 |
0.46 |
And |
187 |
228 |
41 |
8.10 |
Incl |
188 |
211 |
23 |
13.73 |
Incl |
188 |
189 |
1 |
10.87 |
Incl |
197 |
198 |
1 |
44.40 |
Incl |
208 |
211 |
3 |
68.32 |
Incl |
208 |
209 |
1 |
108.12 |
And |
235 |
238 |
3 |
0.36 |
And |
246 |
251(2) |
5 |
0.34 |
UDH-36 |
2 |
4 |
2 |
0.51 |
And |
72 |
251(2) |
179 |
1.23 |
Incl |
106 |
107 |
1 |
15.52 |
Incl |
142 |
143 |
1 |
14.36 |
Incl |
146 |
147 |
1 |
10.84 |
Incl |
227 |
228 |
1 |
33.43 |
UDH-37 |
64 |
68 |
4 |
0.44 |
And |
168 |
272 |
104 |
0.31 |
Incl |
202 |
246 |
44 |
0.51 |
UDH-38 |
42 |
68 |
26 |
0.30 |
And |
193 |
262 |
69 |
0.48 |
And |
346 |
348 |
2 |
0.56 |
Hole Extensions |
|
|
|
UDH-08 |
20 |
22 |
2 |
0.44(3) |
And |
202 |
206 |
4 |
0.37 |
UDH-12 |
310 |
314 |
4 |
0.36 |
And |
324 |
328 |
4 |
0.46 |
And |
338 |
340 |
2 |
0.58 |
UDH-17 |
287 |
289 |
2 |
1.71(3) |
And |
314 |
368 |
54 |
1.55(4) |
Incl |
348 |
350.3 |
2.3 |
21.57(3) |
And |
412 |
422 |
10 |
0.33 |
And |
425 |
426 |
1 |
0.39 |
And |
432 |
434 |
2 |
0.30 |
UDH-21 |
115 |
450.3(2) |
335.3 |
1.10(4) |
Incl |
115 |
192 |
77 |
3.19(3) |
Incl |
131 |
158 |
27 |
8.74(3) |
Incl |
139 |
140 |
1 |
156.54(3) |
Incl |
155 |
156 |
1 |
20.98(3) |
Incl |
209 |
280 |
71 |
0.81(3) |
Incl |
222 |
230 |
8 |
1.92(3) |
Incl |
257 |
271 |
14 |
2.79(3) |
Incl |
304 |
318 |
14 |
0.34(3) |
Incl |
342 |
450.3(2) |
108.3 |
0.53(4) |
Incl |
417 |
450.3(2) |
33.3 |
0.91 |
UDH-28 |
282 |
291 |
9 |
0.47(3) |
And |
306 |
356 |
50 |
0.47(4) |
And |
370 |
384 |
14 |
0.37 |
And |
394 |
450(2) |
56 |
0.34 |
- Reported intervals
in this release are downhole apparent widths. Continued exploration
is required to confirm anisotropy of mineralization and true
thicknesses
- End of hole
- Previously reported interval
(2021)
- Extended interval
- Included two, one-metre intervals,
both greater than 10 g/t gold (14.3 and 35.5 g/t gold)
Next Steps
The results to date demonstrate a broad and
thick zone of mineralization over a vertical depth in excess of 400
metres, that remains open at depth and to the west. Analysis of
multi-element geochemical data, complimented by downhole magnetic
susceptibility readings, are introducing correlations previously
unrecognized at Ulaan SE. These datasets indicate that increased
potassium concentrations (after pervasive adularia-Kspar
alteration) in conjunction with low magnetic susceptibility
readings, are strongly correlated with the targeted gold bearing
tuffaceous host package. 3D modelling of these combined variables
will serve as important target vectoring tools for future drilling
at Ulaan SE. A follow-up drilling program has been designed to
further test continuation of mineralization to the west and at
depth, including further tracing of the high-grade mineralization
identified to date which has been interpreted as a potential
structurally controlled feeder zone.
Ulaan SE Overview
The Ulaan SE gold target is a blind-top
discovery identified in Q3 2021. The prospect is characterized by
hundreds of metres of gold mineralization (up to 354 metres
continuously in a single drill hole) over an area 200 metres by 250
metres. Gold mineralization begins approximately 80 metres from
surface and remains open along strike to the west/northwest and at
depth. Intervals include 152 metres of 1.7 g/t gold in UDH-22 (from
85 metres) and 77 metres of 3.2 g/t gold in UDH-21 (from 115
metres), as well as the more recent results noted in this release.
Similar to the Bayan Khundii gold deposit, approximately 300 metres
east, the mineralizing event is characterized by exceptionally
high-grade quartz ± hematite and adularia veins and stockwork zones
enveloped by the same gold bearing, silicified, white-mica altered
lapilli tuff sequence.
The southern portion of the Ulaan license has
areas of anomalous gold-in-soil over an area 3.5 kilometres by 1
kilometre. The underlying geology and alteration appears to be
analogous to the gold mineralization at Ulaan Southeast and Bayan
Khundii, namely tuffaceous units with white mica and silica
alteration. A series of holes have been drilled to test high
priority targets, for which the results are pending and expected in
early Q3 2022.
Khundii Minerals District
Erdene’s deposits are in the Trans Altai
Terrane, within the Central Asian Orogenic Belt, host to some of
the world’s largest gold and copper-gold deposits. The Company has
been the leader in exploration in southwest Mongolia over the past
decade and is responsible for the discovery of the Khundii Gold
District comprised of multiple high-grade gold and base metal
prospects, one of which is currently being developed, the
100%-owned Bayan Khundii Gold Project, and another which is being
considered for development, the 100%-owned Altan Nar Project. In
2021, the Company identified two new significant gold prospects,
Dark Horse and Ulaan Southeast.
The Bayan Khundii Gold Resource1 includes
585,100 ounces of 2.19 g/t gold Measured and Indicated (“M&I”)2
and 35,900 ounces of Inferred resources at 2.18 g/t gold. Within
the M&I resource, a Proven and Probable open-pit reserve totals
409,000 ounces at 3.7 g/t gold3 (press release here), providing
significant potential for reserves growth with the development of
the remaining M&I and Inferred resources1.
In July 2020, Erdene announced the results of an
independent Feasibility Study for the Bayan Khundii Gold Project
(press release here). The Feasibility Study results include an
after-tax Net Present Value at a 5% discount rate and a US$1,400/oz
gold price of US$100 million and Internal Rate of Return (“IRR”) of
42%. The Feasibility Study envisions an open pit mine at Bayan
Khundii, producing an average of 63,500 oz gold per year, for seven
years, at a head grade of 3.71 g/t gold, utilizing a conventional
carbon in pulp processing plant. Production is expected to commence
in 2023 based on the current project schedule.
____________________________1 For details of the
Mineral Resources see Erdene’s Q2/2021 results press release, dated
August 16, 2021, and the Company’s Q2 2021 MD&A, available on
the Company’s website or SEDAR.2 M&I: 232,700 ounces of 2.39
g/t gold Measured and 352,400 ounces of 2.08 g/t gold Indicated3
P&P: 165,000 ounces of 4.4 g/t gold Proven and 256,000 ounces
of 3.4 g/t gold Probable; For details of the Mineral Reserves see
Khundii Gold Project NI 43-101 Technical Report, Tetra Tech
December 4, 2019 available on the Company’s website or SEDAR
About Erdene
Erdene Resource Development Corp. is a
Canada-based resource company focused on the acquisition,
exploration, and development of precious and base metals in
underexplored and highly prospective Mongolia. The Company has
interests in three mining licenses and an exploration license in
Southwest Mongolia, where exploration success has led to the
discovery and definition of the Khundii Gold District. Erdene
Resource Development Corp. is listed on the Toronto and the
Mongolian stock exchanges. Further information is available at
www.erdene.com. Important information may be disseminated
exclusively via the website; investors should consult the site to
access this information.
Qualified Person and Sample
Protocol
Peter Dalton, P.Geo. (Nova Scotia), Senior
Geologist for Erdene, is the 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 and blanks. All samples undergo standard fire assay
analysis for gold and ICP-OES (Inductively Coupled Plasma Optical
Emission Spectroscopy) analysis for 33 additional elements. For
samples that initially return a grade greater than 5 g/t gold,
additional screen-metallic gold analysis is carried out which
provides a weighted average gold grade from fire assay analysis of
the entire +75 micron fraction and three 30-gram samples of the -75
micron fraction from a 500 gram sample.
Erdene’s drill core sampling protocol consisted
of collection of samples over 1 or 2 metre intervals (depending on
the lithology and style of mineralization) over the entire length
of the drill hole, excluding minor post-mineral lithologies and
un-mineralized granitoids. Sample intervals were based on meterage,
not geological controls, or mineralization. All drill core was cut
in half with a diamond saw, with half of the core placed in sample
bags and the remaining half securely retained in core boxes at
Erdene’s Bayan Khundii exploration camp. All samples were organized
into batches of 30 including a commercially prepared standard,
blank and either a field duplicate, consisting of two quarter-core
intervals, or a laboratory duplicate. Sample batches were
periodically shipped directly to SGS in Ulaanbaatar via Erdene’s
logistical contractor, Monrud Co. Ltd.
Reported intervals are apparent thicknesses,
i.e. downhole widths. The current Ulaan drill holes are all dipping
at 85 degrees and oriented to intersect SW dipping WNW trending
gold bearing veins. Additional study is required to confirm true
widths. Reported grades for intervals are weighted averages based
on length of sampling intervals. No top cut has been applied;
however, all intervals greater than 10 g/t gold and 100 g/t gold
are reported individually for clarity
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
the ability to obtain required third party approvals, 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. The Company 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
Erdene Contact Information
Peter C. Akerley, President and CEO, or |
Robert Jenkins, CFO |
|
|
Phone: |
(902) 423-6419 |
Email: |
info@erdene.com |
Twitter: |
https://twitter.com/ErdeneRes |
Facebook: |
https://www.facebook.com/ErdeneResource |
LinkedIn: |
https://www.linkedin.com/company/erdene-resource-development-corp-/ |
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/43737a39-804f-44ea-b546-f1b3a09cc693https://www.globenewswire.com/NewsRoom/AttachmentNg/5759eb6b-7afc-48b7-a0a3-d90bea03ebadhttps://www.globenewswire.com/NewsRoom/AttachmentNg/ed9726cc-7b15-4918-958d-39ae56a123c7
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