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Erdene Resource Development moves towards its operational phase in 2016
2016-03-10
Erdene Resource Development Corporation, listed on the Toronto stock exchange (ERD:TSX), is hoping to apply for a mining license for at least one of its two gold exploration projects in the second half of 2016. According to Michael X. Gillis, Director of Operations in Mongolia at Erdene Resource Development Corp, the two exploration projects include the Altan Nar gold-silver-lead-zinc project and the Bayan Khundii gold project.
If Erdene Resource is issued a mining license, the company expects to run both exploration and mining activities. The company is also making a positive projection for its BayanKhundii gold project in 2016. Exploration plans include delineation drilling that would lead to a resource estimation and also metallurgical tests. The company revealed some good news on the project’s metallurgical tests conducted by the Blue Coast Research (BCR), which is based in Parksville, British Columbia, in mid of February. Erdene Resource highlights some results of the BCR Report, which showed 99% recovery of gold from high-grade (24.9 g/t Au) composite using gravity plus cyanide leach methods and 92% recovery of gold from low-grade (0.7 g/t Au) composite using gravity plus cyanide leach methods.
According to Peter Akerley, Erdene’s President and CEO “From the initial drill results received just two months ago, to these very encouraging metallurgical results, Bayan Khundii is proving to be an exceptional gold discovery when you consider the high-grade, large size potential, proximity to surface, and now high gold recoveries. We have a number of studies underway geared towards a quick ramp-up for this project as we move into Q2 2016.”
The Bayan Khundii gold project is located in Shinejist soum of Bayankhongor aimag, 15km south of the company’s Altan Nar project.
Erdene Resource is optimistic about a long-term profitable operation of its projects despite the current gold price that has reached its lowest level in the past six years.
The company also owns exploration projects in Bayankhongor aimag such as Zuun Mod molybdenum-copper project, Khuvyn Khar copper-silver project, and the Altan Arrow gold-silver project.