ERD provides results from Khundii gold exploration
2 долоо хоног өмнө
Erdene Resource Development (ERD) Corp. provided results from the second phase of the 2019 gold exploration program and announced the commencement of the Q4 2019 drill program at its 100 percent owned Khundii Gold Project.“Our exploration results, including the successful stepout drilling at the Bayan Khundii (BK) deposit and the new Khar Mori (Dark Horse) discovery on the Khundii Mining Licence continue to demonstrate the potential of the Khundii Gold District,” said Peter Akerley, ERD’s President and CEO. “First identified in 2015 by Erdene, the pace of discoveries is a testament to the virgin nature of this fertile district. These new prospects provide significant opportunities to grow resources at our high grade, openpit development.”“The final 2019 exploration program, focused on following up on the Khar Mori discovery, drilling on the Ulaan license and completing geotechnical and metallurgical drilling will kickoff this week. Erdene is targeting first gold production in 2021 as the first step in its journey to becoming a major regional gold producer. The Khundii Gold District provides the potential for significant growth through continued exploration and acquisition.” continued Mr. Akerley. According to the report, Erdene’s deposits are located in the Edren Terrane, within the Central Asian Orogenic Belt, host to some of the world’s largest gold and coppergold 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 highgrade gold and gold/base metal prospects, two of which are being considered for development: the Bayan Khundii and Altan Nar projects. Together, these deposits comprise the Khundii Gold Project.In October of 2019, Erdene announced the results of an independent Technical Report for the Khundii Gold Project, which included a Prefeasibility Study (PFS) for the BK deposit and an updated Preliminary Economic Assessment (PEA) for the Altan Nar deposit. The PFS and the updated PEA results include an aftertax Net Present Value at a five percent discount rate and a USD 1,300/oz gold price of USD 97 million and USD 24 million, Internal Rate of Return (IRR) of 42 percent and 90 percent for Bayan Khundii and Altan Nar deposits, respectively.