Erdene Resource Development Corp (TSX:ERD, OTC:ERDCF) has reported positive results from its shallow drilling and geophysical exploration program at the Dark Horse prospect at its Bayan Khundii project in southwest Mongolia.
The company said exploration identified multiple areas of near-surface gold and indicator element anomalism, with 12 holes intersecting anomalous gold, greater than 0.1 grams per ton (g/t) and up to 5.8 g/t.
Additionally, 16 holes returned indicator element mineralization locally over wide intervals up to 55 metres.
Erdene said these results suggested that gold-mineralized hydrothermal fluids, carrying gold and other related elements, affect a wide zone within the greater Dark Horse area.
The goal of the exploration program, which included an 18-hole scout drilling campaign and a gradient array induced polarization (IP) geophysical survey covering nine-square kilometres across the Dark Horse prospect, was to test for near-surface oxide-related gold mineralization like the Dark Horse Mane deposit and to identify new targets for follow-up deeper drilling.
“Results from the most recent exploration work open up several new targets for follow-up in the 20 square kilometre greater Dark Horse prospect area that show potential to host high-grade gold mineralization,” Erdene CEO Peter Akerley said.
“Since discovery in early 2021, Erdene has defined a 1.5-kilometre mineralized trend at the Dark Horse Mane, including the very high-grade Dark Horse Mane South Deposit at the Bayan Khundii Gold Project.”
Akerley noted that ore from Dark Horse Mane will be incorporated into the project's feasibility study update, which he said was expected to be announced in the coming weeks.
“Growing resources at Dark Horse will strengthen the already strong economics of the Bayan Khundii gold project,” he said in a statement.
Erdene is a Canada-based resource company focused on the acquisition, exploration, and development of precious and base metals in underexplored and highly prospective Mongolia.
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