Erdene Provides Project Exploration Update HALIFAX, Sept. 27 /CNW/ - Erdene Gold Inc. (TSXV:ERD) today announced drilling is underway on three uranium properties in southern Mongolia: Durvuljin Uul, Galshar Uul and Yant. Erdene also provided an overview of activities on various gold, copper, molybdenum, coal and uranium projects underway in Mongolia. IUC-Erdene Uranium Project -------------------------- Drilling has begun on the Durvuljin Uul prospect where three target areas are characterized by highly anomalous radiometrics measuring from 500 to 9800 tcps (total counts per second), spectrometer values of 50 to 350 ppm uranium and rock geochemical assays ranging from 100 ppm (0.01% uranium) to 1300 ppm (0.13% uranium). These targets are hosted by sandstone and siltstone. The drill program will advance to the Galshar Uul and Yant properties following completion at Durvuljin Uul. See the September 6th, 2005 release for further details on these properties held under the International Uranium Corporation and Erdene Joint Venture, under which IUC has the right to earn a 65% interest in Erdene's uranium properties by incurring C$6 million in exploration expenditures. The Erdene-IUC joint venture is exploring for sediment hosted uranium deposits suitable for the in-situ leach (ISL) method of uranium extraction, also known as solution mining. Zuun Mod Molybdenum-Copper Project ---------------------------------- Based on a review of data and field observations, an independent consultant has reported that exploration of the Zuun Mod project area has resulted in the delineation of multiple molybdenum targets. Mr. Andre Talaska (MAusIMM), reports that the Zuun Mod molybdenum-copper exploration project merits a resource definition drilling program to establish the resource potential of previously delineated molybdenum mineralized areas within the Stockwork and Racetrack Zones. Drilling will resume in mid-October, 2005. Temuujin Copper-Gold Project ---------------------------- A three-hole diamond drilling program totaling 1498 metres was recently completed testing a Titan Geophysical anomaly at Temuujin II and an altered quartz monzonite adjacent to Temuujin II. Results are pending. Biger Gold-Copper-Platinum Group Metals Project ----------------------------------------------- The Biger prospect was tested by Erdene with three diamond drill holes in 2005 for a total of 610 metres. Drill targets included surface zones of highly anomalous copper-gold-platinum and palladium rock geochemistry, coincident with circular magnetic anomalies, and zones of potassic alteration. The Altan Khad pediment outlier zone at the Biger property provided the best intersection with 24 metres of 0.5% copper (BGD-03, 94-118 metres). This is an isolated hole 6 kilometres from BGD-01 and located in a gabbrodiorite exposure protruding through relatively thin surface cover. BGD-03 also contained the following anomalous intervals: 14 metres at 0.1% copper (174-188 metres) and elevated gold and palladium, 22 metres at 81ppb gold, and 22 metres at 89ppb palladium (96-118 metres). Copper mineralization in BGD-03 occurs as disseminated and fracture-fill chalcopyrite and copper-oxide, hosted within potassic altered diorite and gabbrodiorite intrusive. The two remaining holes only intersected anomalous copper values. Future exploration plans are being developed. Erdenet Copper-Molybdenum Project --------------------------------- Erdene commenced exploration on its properties adjacent to the Erdenet Mine open pit in May 2005. The following is a review of work to date. Ikh Tal-1 (Erdenet West) ------------------------ Three vertical diamond drill holes were completed in the area west of the Erdenet open pit to test gradient and co-incident high chargeability dipole anomalies. Holes ITDD-01 and ITDD-02, located 700 metres and 2000 metres west of the open pit intersected unaltered and essentially unmineralized granodiorite (2 metre interval maximum 0.16% copper) to depths of 251 metres and 334 respectively. Hole ITDD-03 was collared 2.3 kilometres west of the open pit to test a high chargeability dipole-dipole IP anomaly. The hole intersected minor disseminated pyrite in moderately potassic and propylitic altered granodiorite to the final depth of 260.5 metres. Baglai (Erdenet East) --------------------- Geological mapping in the Baglai area, immediately east of the Erdenet Mine open pit, identified a 1000 metre by 500 metre area of intensely altered Erdenet Complex granite and microgranite. Strong phyllic and argillic alteration with associated pyrite was observed in the granitic and volcanic rocks with minor copper oxides. Magnetic and gradient IP surveys outlined coincident magnetic low and high resistivity and chargeability anomalies over this alteration zone. A dipole-dipole induced polarization survey is planned for early October to identify drill targets. Tsagaan Chuluut (Erdenet North West) ------------------------------------ Reconnaissance mapping and sampling were carried out in July in the Tsagaan Chuluut area located northwest of the Erdenet Mine open pit. Propylitic alteration was noted in a small area of Erdenet Complex granitic rocks. A magnetic and gradient IP survey completed over the Tsagaan Chuluut area outlined a chargeability high and associated resistivity low anomaly over this alteration zone. A dipole-dipole survey is planned in October to outline drill targets in this area. Coal Exploration ---------------- Erdene geologists have identified the potential for a large coal resource hosted in a Cretaceous basin in the Galshar district 300 kilometres southeast of Ulaanbaatar and 125 kilometres east of the Trans-Mongolian rail line. An operating open pit coal mine is located in this area on a small licence within the boundaries of several Erdene licences. The open pit is 300 metres long by 200 metres wide and approximately 60 metres deep. This pit has exposed a thinly covered, 30-metre thick coal seam that extends onto the surrounding Erdene licences. Based on the results of previous drilling, the Mineral Authority of Mongolia has estimated that this seam extends over a 3 kilometre by 1.5 kilometre area, much of which is on Erdene property. Analysis of 6 grab samples from the pit indicates that the quality varies from brown coal to high volatile thermal coal. The character of the coal seam will be tested by reverse-circulation drilling in October. Erdene at 2005 Toronto Resource Investment Conference ----------------------------------------------------- Erdene will be a participant at the 2005 Toronto Resource Investment Conference to be held October 2nd and 3rd at the Metro Toronto Convention Centre. The Erdene Booth (No. 524) will be open from 10:00am to 6:00pm Sunday and 9:00am to 5:30pm Monday. Erdene C.E.O. Peter C. Akerley will be presenting an overview of the company's activities at 3:30pm on Monday, October 3rd. Qualified Person ---------------- This press release has been prepared under the supervision of Michael Corey, P.Geo., who serves as the qualified person under National Instrument 43-101. All samples are assayed at SGS Laboratory in Ulaanbaatar, Mongolia. In addition to SGS Laboratory internal checks, Erdene Gold incorporates a QA/QC sample protocol utilizing prepared standards, sample splits and duplicates. About Erdene Gold Inc. ---------------------- Erdene Gold Inc. is a mineral exploration company focused on Mongolia with over 20 precious and base metal projects that include 47 licences covering in excess of 840,000 hectares, as well as 19 uranium licences and applications covering more than 1.1 million hectares. Erdene is well funded with a working capital position of approximately CDN$6 million as of August 31st, 2005. Erdene has 27,232,135 common shares issued and outstanding and a fully diluted share position of 32,188,910 common shares. Erdene Gold Inc. trades on the TSX Venture Exchange under the symbol ERD. Forward-Looking Statements -------------------------- Certain information regarding the Company 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 the Company 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. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The Company's 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 subject to change after that date. For additional information visit Erdene's website at www.erdene.com or contact the company via email at info(at)erdene.com. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Mogelijk gemaakt door 
Translate
Translate