Erdene Drills 22 m of 2.1 g/t and 12 m of 4 g/t Gold at Altan Nar
Provides Results of Geochemical, Geophysical and Geological
Work
HALIFAX, NOVA SCOTIA--(Marketwired - May 22, 2014) - Erdene
Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is
pleased to provide an update on 2014 exploration activities at its
wholly-owned Altan Nar gold-polymetallic project in southwest
Mongolia.
Highlights
- Multiple gold-silver-base metal zones intersected in drilling
at Union North Zone
- Continuity of Union North established at depth and along
strike
- 11 drill holes completed over four high-priority targets;
results pending for eight holes
- Geophysical surveys identified intense chargeability anomalies
below main target zones
- Detailed soil survey outlined geochemical anomalies coincident
with chargeability anomalies and related zones of alteration
- Expanded surface exploration reaffirms prospectivity of
high-priority targets that remain relatively untested by
drilling
- Exploration to date at Altan Nar has defined 12 target zones
over a 5.6 km by 1.5 km area
Table of Results -
Union North Zone
Drill Hole |
From (m) |
To (m) |
Interval |
Au g/t |
Ag g/t |
Pb % |
Zn % |
TND-59 |
62 |
71 |
9 |
1.3 |
8.2 |
0.96 |
1.06 |
incl. |
69 |
71 |
2 |
5.0 |
25.0 |
3.32 |
3.42 |
And |
88 |
93 |
5 |
0.5 |
2.5 |
0.16 |
0.32 |
And |
102 |
109 |
7 |
2.2 |
5.7 |
0.67 |
1.01 |
TND-60 * |
22 |
44 |
22 |
2.1 |
5.8 |
0.58 |
0.77 |
incl.* |
26 |
40 |
14 |
3.0 |
7.1 |
0.72 |
0.98 |
and |
69 |
73 |
4 |
2.7 |
7.0 |
0.80 |
0.79 |
TND-61 |
45 |
69 |
24 |
2.1 |
5.8 |
0.59 |
0.84 |
incl. |
45 |
57 |
12 |
4.0 |
10.1 |
1.05 |
1.42 |
* includes 5 m of post-mineralization dyke
"These early results are very encouraging, particularly given
that Union North represents only the second target where multiple
drill holes have been completed." said Peter Akerley, Erdene's
President and CEO. "Altan Nar remains in the early stages of
discovery with multiple, highly prospective targets requiring
detailed exploration and drilling. We believe these results,
coupled with our surface exploration results, continue to support
the potential for discovering and developing near-surface,
gold-polymetallic deposits suitable for open-pit mining."
Altan Nar Drill Program Update
Seven drill holes and four drill hole extensions (totaling 834
m) were recently completed at Altan Nar. Prospects tested include
the Discovery Zone, Union North, Union South, and Maggie. The
objective of the program was to test continuity, both along strike
and at depth, of these high-priority targets, all of which returned
significant trenching results reported earlier this year (click
here for January 22, 2014 press release).
Results reported in this release are for three holes from Union
North, one of 12 targets now identified at Altan Nar. Drill hole
TND-59 was drilled approximately 50 m below previously drilled
TND-46 (click here for November 27, 2012 press release; 47 m of 1.3
g/t gold) and TND-60 and TND-61 were drilled along strike,
approximately 40 m north (see map and sections attached). Previous
trenching at Union North identified mineralization along a strike
length of 150 m and drilling has now confirmed mineralization
extends to a depth of 75 m. Union North is open along strike and at
depth. Final assays from the remaining drill holes are anticipated
in June.
Altan Nar Surface Exploration Update
The 2014 exploration program at Altan Nar commenced in early
April and included an induced polarization ("IP") geophysical
survey, close-spaced infill geochemical soil sampling, rock chip
sampling, detailed geological mapping, and drilling as described
above.
Geophysical
Survey
The aerial extent of ground geophysical surveys at Altan Nar was
expanded, with 20 line kilometres of IP surveys completed along 100
m spaced lines over an area covering the Northbow, Southbow,
Riverside, Union North, Union South and Maggie prospect areas. To
date, high chargeability anomalism has been an important guide for
successful targeting of the gold mineralized zones. The results
show the presence of multiple, locally intense, chargeability high
anomalies, extending from near-surface to depth, often continuing
below the IP survey detection limit of approximately 150 m.
Anomalies beneath the Northbow/Southbow and Union North/Union South
target areas are particularly intense. The majority of these
geophysical targets have yet to be drill tested. Zonge
International Inc., a geophysical consulting firm based in Reno
Nevada, is currently reviewing the data and completing an
interpretation and compilation that is expected to further define
existing targets and generate additional targets.
Geochemical Soil
Survey
A total of 858 soil samples were collected at 12.5 m intervals
along 50 m spaced infill lines over a 1.0 square km area at Altan
Nar. The objective of the soil program was to provide greater
definition of gold, base-metal and associated alteration-element
soil anomalies, which have proven to be very effective in
identifying mineralized trends. Approximately 15% of the samples
collected (128 samples) returned values greater than 10 ppb gold
and are considered to be anomalous based on a regional average of
2.3 ppb gold. One soil sample collected over the Maggie prospect
returned a highly anomalous value of 1.04 g/t (1,040 ppb) gold. The
new soil data is currently being compiled and integrated with other
geochemical data as well as geophysical and geological data
sets.
Geologic Mapping and
Prospecting
Based on a better understanding of the surface expression of the
mineralized zones, (low relief with thin cover and very limited
quartz or iron-oxide rubble) the geotechnical team has refined its
mapping techniques, resulting in the discovery of new zones and
expansion of the known zones of mineralization. Sampling of quartz
rubble material has confirmed these mineralized trends in several
new locations. To date, numerous rock chip samples have returned
gold values between 1.0 g/t and 41.3 g/t across the 5.6 km by 1.5
km target area.
Surface Exploration
Results
The successful identification of high-grade gold-polymetallic
mineralization in drill holes and trenches has resulted in a much
better understanding of the controls of mineralization at Altan
Nar. Higher-grade zones are typically associated with broad zones
of intense phyllic alteration (quartz-sericite-pyrite±arsenopyrite)
that result in IP chargeability highs and magnetic lows. These
zones of alteration are mostly preferentially weathered, resulting
in little or no surface expression. Even the remnants of highly
resistive quartz breccia zones may be reduced to rubble. The
combination of detailed surface mapping, geochemical analysis of
soil and rock samples, along with IP and magnetic geophysical
surveys has resulted in the identification of 12 highly prospective
targets. With the exception of the Discovery Zone, and now Union
North, these targets remain relatively un-tested by trenching and
drilling. These zones have the potential to significantly expand
the areas of known gold-polymetallic mineralization at Altan
Nar.
Qualified Person
J.C. (Chris) Cowan, P.Eng. (Ontario), VP Asia for Erdene, is a
Qualified Person as that term is defined in National Instrument
43-101 and has reviewed and approved the technical information
contained in this news release. All samples have been assayed at
SGS Laboratory in Ulaanbaatar, Mongolia. In addition to internal
checks by SGS Laboratory, the Company incorporates a QA/QC sample
protocol utilizing prepared standards, blanks and duplicates.
About Erdene
Erdene Resource Development Corp. is a Canada-based resource
company focused on the acquisition, exploration, and development of
base and precious metals in underexplored and highly prospective
Mongolia. For further information on the Company, please visit
http://www.erdene.com/. Erdene has 74,956,612 issued and
outstanding common shares and a fully diluted position of
88,538,051 common shares.
Forward-Looking Statements
Certain information regarding Erdene 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 Erdene 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. Erdene
cautions that actual performance will be affected by a number of
factors, most of which are beyond its control, and that future
events and results may vary substantially from what Erdene
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 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 is subject to change after that date. Erdene does not assume
the obligation to revise or update these forward-looking
statements, except as may be required under applicable securities
laws.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS
OF THIS RELEASE
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Erdene Resource Development Corp.Peter C. Akerley, President and
CEOErdene Resource Development Corp.Ken W. MacDonald, Vice
President Business Strategy and CFOPhone: (902) 423-6419E-mail:
info@erdene.comWebsite: www.erdene.comTwitter:
https://twitter.com/ErdeneRes
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