ID :
97079
Mon, 12/28/2009 - 14:20
Auther :
Shortlink :
http://m.oananews.org//node/97079
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ENTREE GOLD 2009 EXPLORATION
Ulaanbaatar, /MONTSAME/ Entree Gold Inc reached a number of milestones in 2009 according to its 2009 exploration news update.
The Entree Gold says that some exploration and corporate highlights of 2009 include signing of the long-awaited Oyu Tolgoi Investment Agreement between Mongolia's government and Entree's joint venture partner, Ivanhoe Mines Ltd. largest shareholder, Rio Tinto; the conversion of Entree's Shivee Tolgoi and Javhlant exploration licences into mining licences; and continued exploration of Togoot coal deposits through additional drilling and the preparation of a Mongolian resource report in advance of a mining licence application.
It reports that the successful conclusion to negotiations that culminated in the signing of the Oyu Tolgoi Investment Agreement in October 2009 provides stability to Entree's Lookout Hill portion of the Oyu Tolgoi project and sets the stage for future project development. Entree's Hugo North Extension and Heruga deposits are key elements for consideration as the Oyu Tolgoi project advances towards production. Ivanhoe Mines is preparing an updated Integrated Development Plan that is expected to provide a projected timeline and work program related to the construction and completion of the massive Oyu Tolgoi mining complex. Abolition of the 68% windfall tax, to take effect in January 2011, was also announced in August 2009. This move by the Mongolian government signaled an awareness that the mining industry has an important role to play as Mongolia recovers from the economic crisis. The Mongolian mining industry welcomed this decision by the government leaders, as the tax was perceived to be a deterrent to future mine exploration and development by both domestic and foreign investors. Further studies along the Oyu Tolgoi mineralized trend indicate several target areas could be drill tested in order to expand known resources. Geophysical data, including the deep penetrating ZEUS induced polarization (IP) survey, gathered over the areas surrounding the Heruga and Hugo North Extension deposits indicate promising trends suggesting the continuation of mineralization associated with each deposit. A possible southern extension of the Heruga deposit is suggested by IP anomalies southwest of Heruga. The rich Hugo North Extension deposit is interpreted to continue along strike to the north, towards drill hole EGD081B which encountered Hugo North style mineralization 1,300 metres from the property boundary. Approximately 8 kilometres of relatively untested ground lies to north of the Hugo North Extension on the Shivee Tolgoi mining licence, between the Hugo North Extension deposit and the near surface Ulaan Khud copper showing.
Exploration programs are being prepared for 2010 to seek new mineralization on Entree's 100%-owned western portion of the Shivee Tolgoi mining licence ("Shivee West"). Exploration was temporarily suspended in 2009 to accommodate the protracted mining licence conversion process. Mining licences carry an initial term of 30 years with two possible extensions of 20 years. Entree may now continue investigating the potential of this prospective region of Lookout Hill without facing imminent licence expiry. Shivee West is geologically similar to the Devonian-aged setting of the Oyu Tolgoi deposits. It is common in very large porphyry copper-gold systems, such as those found in South America, for mineralization to occur along parallel structural trends and be comprised of numerous separate ore bodies. Strong geophysical signatures, in combination with copper-gold-molybdenum geochemical evidence, make Shivee West highly prospective. An exploration program involving drilling of geophysical and soil geochemical targets within prospective Devonian rocks is expected to be finalized in preparation for budget approvals in January 2010.
On Entree's 100%-owned Togoot exploration licence, in-fill drilling continued at the Nomkhon Bohr coal deposit in 2009. Drill testing of other coal targets in the northwest corner of the Togoot exploration licence was also conducted. The Permian rocks hosting Nomkhon Bohr are similar to those at the giant Tavan Tolgoi coal deposit, 70 kilometres to the northwest. Multiple thin seams of bituminous to anthracite coal up to several metres thick, are present over a strike length of 1200 metres. A resource report is being prepared by Mongolian consultants in collaboration with Entree's technical team in preparation for submission of an application to convert all or part of Togoot to a mining licence.
S.Batbayar
14.30
The Entree Gold says that some exploration and corporate highlights of 2009 include signing of the long-awaited Oyu Tolgoi Investment Agreement between Mongolia's government and Entree's joint venture partner, Ivanhoe Mines Ltd. largest shareholder, Rio Tinto; the conversion of Entree's Shivee Tolgoi and Javhlant exploration licences into mining licences; and continued exploration of Togoot coal deposits through additional drilling and the preparation of a Mongolian resource report in advance of a mining licence application.
It reports that the successful conclusion to negotiations that culminated in the signing of the Oyu Tolgoi Investment Agreement in October 2009 provides stability to Entree's Lookout Hill portion of the Oyu Tolgoi project and sets the stage for future project development. Entree's Hugo North Extension and Heruga deposits are key elements for consideration as the Oyu Tolgoi project advances towards production. Ivanhoe Mines is preparing an updated Integrated Development Plan that is expected to provide a projected timeline and work program related to the construction and completion of the massive Oyu Tolgoi mining complex. Abolition of the 68% windfall tax, to take effect in January 2011, was also announced in August 2009. This move by the Mongolian government signaled an awareness that the mining industry has an important role to play as Mongolia recovers from the economic crisis. The Mongolian mining industry welcomed this decision by the government leaders, as the tax was perceived to be a deterrent to future mine exploration and development by both domestic and foreign investors. Further studies along the Oyu Tolgoi mineralized trend indicate several target areas could be drill tested in order to expand known resources. Geophysical data, including the deep penetrating ZEUS induced polarization (IP) survey, gathered over the areas surrounding the Heruga and Hugo North Extension deposits indicate promising trends suggesting the continuation of mineralization associated with each deposit. A possible southern extension of the Heruga deposit is suggested by IP anomalies southwest of Heruga. The rich Hugo North Extension deposit is interpreted to continue along strike to the north, towards drill hole EGD081B which encountered Hugo North style mineralization 1,300 metres from the property boundary. Approximately 8 kilometres of relatively untested ground lies to north of the Hugo North Extension on the Shivee Tolgoi mining licence, between the Hugo North Extension deposit and the near surface Ulaan Khud copper showing.
Exploration programs are being prepared for 2010 to seek new mineralization on Entree's 100%-owned western portion of the Shivee Tolgoi mining licence ("Shivee West"). Exploration was temporarily suspended in 2009 to accommodate the protracted mining licence conversion process. Mining licences carry an initial term of 30 years with two possible extensions of 20 years. Entree may now continue investigating the potential of this prospective region of Lookout Hill without facing imminent licence expiry. Shivee West is geologically similar to the Devonian-aged setting of the Oyu Tolgoi deposits. It is common in very large porphyry copper-gold systems, such as those found in South America, for mineralization to occur along parallel structural trends and be comprised of numerous separate ore bodies. Strong geophysical signatures, in combination with copper-gold-molybdenum geochemical evidence, make Shivee West highly prospective. An exploration program involving drilling of geophysical and soil geochemical targets within prospective Devonian rocks is expected to be finalized in preparation for budget approvals in January 2010.
On Entree's 100%-owned Togoot exploration licence, in-fill drilling continued at the Nomkhon Bohr coal deposit in 2009. Drill testing of other coal targets in the northwest corner of the Togoot exploration licence was also conducted. The Permian rocks hosting Nomkhon Bohr are similar to those at the giant Tavan Tolgoi coal deposit, 70 kilometres to the northwest. Multiple thin seams of bituminous to anthracite coal up to several metres thick, are present over a strike length of 1200 metres. A resource report is being prepared by Mongolian consultants in collaboration with Entree's technical team in preparation for submission of an application to convert all or part of Togoot to a mining licence.
S.Batbayar
14.30
