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Erdene Secures Mining License for Altan Nar Project, Khundii Gold District
HALIFAX, Nova Scotia, March 10, 2020 (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, March 10, 2020 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) (\"Erdene\" or the \"Company\") is pleased to announce that the Mineral Resource and Petroleum Authority of Mongolia (“MRPAM”) issued mining license MV-021547 for the Altan Nar project. The mining license is valid for 30 years, with an option to extend for up to a total of 70 years. The Altan Nar mining license is the second mining license recently granted to the Company following the issuance of the Bayan Khundii mining license in August 2019. Quotes from the Company: “Securing the Altan Nar mining license is another major accomplishment in the evolution of the Khundii Gold District,” said Peter Akerley, Erdene’s President and CEO. “The Altan Nar license hosts high-grade resources, that is recoverable through the Bayan Khundii gold processing facility. As outlined in the recent Khundii Gold Project Technical Report, the Altan Nar Resource extends the life of the Bayan Khundii Gold Project, which is currently the subject of a Bankable Feasibility Study.” “Furthermore, the Altan Nar license shows exceptional exploration potential, as demonstrated by recent drilling results including multiple high grade, shallow intersections of up to 45 g/t gold over 7 metres,” continued Mr. Akerley. “Planning is underway to prepare for 2020 exploration programs expected to commence in Q2.” Mining License The Altan Nar mining license, MV-021547, located approximately 16 kilometres north of the Bayan Khundii Gold Deposit, was received on March 5, 2020. (see Area Map attached). The license covers 4,668.64 hectares and contains a NI 43-101 reported Indicated gold-only resource of 317,700 ounces at a grade of 2 g/t gold and an Inferred gold-only resource of 185,700 ounces at a grade of 1.7 g/t gold (see table 1 below). Background on Altan Nar Project Altan Nar is an intermediate sulphidation, carbonate-base metal gold (“CBMG”) deposit, that remains open at depth and along the known 5.6-kilometre trend of the system. This deposit type includes prolific gold deposits such as Barrick Gold’s Porgera mine (Papua New Guinea), Rio Tinto’s formerly producing Kelian mine (Indonesia), Lundin’s Fruta Del Norte deposit, and Continental Gold’s Buritica project (Colombia). CBMG deposits generally occur above porphyry intrusions in arc settings and ...