Business
Erdene Commences Khundii Gold Project Drilling Program
HALIFAX, Nova Scotia, April 09, 2019 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) ("Erdene" or the "Company") is pleased to announc
About this update from Erdene Resource Development Corporation
[{"type":"text","content":" HALIFAX, Nova Scotia, April 09, 2019 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) (\"Erdene\" or the \"Company\") is pleased to announce the commencement of the 2019 drill program at its 100%-owned Khundii Gold Project (“Khundii Project”). “Since the grassroots discovery at Bayan Khundii three years ago, the Khundii Project has rapidly moved through exploration, drilling, resource definition and Preliminary Economic Assessment (“PEA”), and has recently entered the prefeasibility and permitting stage. The current drilling program will provide further confidence in continuity within the ultra-high-grade gold zones, test for areas where pit limits could be expanded and explore expansion opportunities outside the current resource perimeter,” said Peter Akerley, Erdene’s President and CEO. “We see the rapid move towards the development of a moderate size, high-grade open pit mine with low processing and capital costs as the best path to enhance shareholders’ value and position the Company for growth in this exciting new gold district.” 2019 Khundii Project Drilling Program The 2019 drilling program is separated into two phases. The first phase will include approximately 1,800 metres and focus on increasing confidence in the resource, confirming ultra-high gold grades and expanding the Bayan Khundii deposit to support the recently launched Prefeasibility study (“PFS”) led by Tetra Tech, Inc., a global engineering firm. A second phase, scheduled for later in the year, will focus on regional targets. Further details on the first phase are as follows: Extend the open pit perimeter: Approximately 25% of total Bayan Khundii gold resources at a 1g/t gold cut-off, representing approximately 55,000 ounces of Indicated and 60,000 ounces of Inferred Resources, averaging greater than 3 g/t gold, are located outside the mineable open pit of the PEA. Drilling will seek to extend the continuity, and potentially increase the grade, of high-grade resources outside, or projected to extend outside, the current pit perimeter at North Midfield and Midfield. Extending the continuity and grade of these zones could lead to an expansion of the pit perimeter defined in the PEA, as part of the PFS pit optimization work. Increase average grades and continuity in the highest grade zones: The highest gold values in the resource...