Drilling will commence at the Chandman-Yol copper-gold porphyry project in western Mongolia after Altan Rio Minerals secured a contractor for the work. The 3000 metre diamond drill program will target two high-priority targets which were identified during the company’s field work in 2011 and have not been drilled before.
The Ovoot target was discovered by reconnaissance profiling and is the strongest anomaly identified at the Chandman project. It is near surface and of substantial size, with dimensions of more than 2km-long, 1km-wide, and up to 800 metres thick. Copper staining is visible in vertical fractures at surface directly above the IP feature, which provides strong evidence of geochemical leakage from depth. Ovoot represents a compelling target for potentially large tonnage resources.
The Takhilt target hosts outcropping copper-gold porphyry intrusion with disseminated copper oxide staining. Follow-up soil geochemical sampling has delineated a robust copper soil anomaly about 600 metres in diameter. Rock chip sampling locally assayed up to 30 grams/tonne gold and +1% copper. Takhilt also represents a compelling target for shallow, but potentially large-scale, resources.
Altan Rio has also announced that its earn-in for 90% of one of the Onon epithermal gold tenements in northeast Mongolia will be completed soon.
“The company will complete the final stage of the earn-in by issuing private Mongolian company Erdenyn Erel LLC 240,000 common shares in the capital of Altan Rio. The remaining two Onon tenements are already 100%-owned by the company,” says Altan Rio’s president Evan Jones.
Onon is an early stage gold exploration project where previous work has identified numerous gold and arsenic anomalies associated with epithermal-style mineralization. The three tenements cover an area of 137sqkm.
Altan Rio’s Mongolian licence holdings total more than 153,310 hectares and contain significant zones of newly identified primary gold and copper mineralization.