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Erdene Resource Identifies New Targets in the Khundii Gold District – Exploration Update
HALIFAX, Nova Scotia, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Erdene Resource Development Corporation (TSX: ERD | MSE: ERDN) (“Erdene” or the “Company”) is pleased t
About this update from Erdene Resource Development Corporation
[{"type":"text","content":" HALIFAX, Nova Scotia, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Erdene Resource Development Corporation (TSX: ERD | MSE: ERDN) (“Erdene” or the “Company”) is pleased to provide an exploration update for its 100% owned Khundii Gold District (the “District”) in southwest Mongolia, including the identification of several new targets. The ongoing program, focused on southern Ulaan and the greater Dark Horse area, includes diamond and reverse-circulation (“RC”) drilling, prospect level mapping, geochemical sampling and interpretation of geophysical, structural and geologic information in consultation with internationally renowned experts. Follow-up drill testing is currently underway. Quotes from the Company “We continue to progress the Bayan Khundii Gold Project towards development while exploring the District to grow resources,” said Peter Akerley, Erdene’s President and CEO. “Over the past months, the exploration team completed an extensive RC drilling program, detailed mapping and geochemical sampling, and scout diamond drilling. This work generated multiple new targets, several of which are now being tested, alongside expansion drilling at Ulaan and Dark Horse.” “Based on mineralizing style, alteration, structural controls and proximity, we believe the Bayan Khundii, Ulaan Southeast and Dark Horse areas are part of a single epithermal system, overprinting an earlier high-temperature alteration, typical of porphyry systems,” continued Mr. Akerley. “Exploration is focused in this area as a key component in delivering our targeted two-million ounce gold equivalent resource by end of year. Additionally, we see several opportunities to delineate resources beyond this goal across the District in the years ahead.” Exploration Summary (reference release map and descriptions) Reverse Circulation Drill Program In Q2, Erdene completed a systematic RC drill program consisting of 278 holes, averaging eight metres depth. RC drilling was concentrated in areas where recent sediments and regolith material covers bedrock, potentially masking oxide gold mineralization, similar to the high-grade gold mineralization present at the Dark Horse Mane discovery (e.g., 42.8 g/t gold over 15 metres including, 123.5 g/t gold over 5 metres in drillhole AAD-178 (Link to Press Release)). The RC program identified four new zones of strongly anomalous gold m...