Erdene finds new high-grade zone at Khundii gold project
Erdene Resource Development (TSX: ERD) has released drill results from the Midfield Southeast zone of the company’s 100%-owned Bayan Khundii gold project in southeast Mongolia.
“Drill results from the new Midfield southeast zone, including one metre
of 582 g/t gold within an intersection of 5.5 metres grading 126 g/t gold, in a near-surface region of the Bayan Khundii deposit,” said Peter Akerley, Erdene’s president and CEO in a media release.
“A second intersection, 40 metres north of 15 metres of 26 g/t gold, including one metre grading 338 g/t gold, confirms the existence of a new high-grade zone in an area that is currently classified as waste or low-grade material that could add meaningfully to resources during the early stages of the project.”
Akerley said that Erdene is rapidly advancing the Bayan Khundii development, with results of the project’s bankable feasibility study anticipated in the coming weeks.
The past six months have demonstrated the potential of the Khundii Gold District, with high-grade intersections at Bayan Khundii and Altan Nar, and the discovery of the Dark Horse prospect.
“Further results are forthcoming from recent work at Striker and Dark Horse, where multiple instances of visible gold were encountered. We are developing follow-up drilling campaigns for these exciting targets, prioritizing near-mine expansion opportunities at Bayan Khundii,” Akerley added.
Midday Wednesday, Erdene’s stock was down 4% on the TSX. The company has a C$93.2 million market capitalization.