Erdene Resource Development Corp aims to raise up to $500,000 in a non-brokered private placement with funds primarily for exploration projects in Mongolia.
Erdene has recently started trenching at the Altan Nar gold-polymetallic project to further define near-surface mineralization and prioritize new areas for the next phase of resource drilling over the 5.5km mineralized trend. In addition, proceeds will be directed to the Khuvyn Khar copper project, Altan Arrow gold-silver project and general exploration and evaluation activities.
During the past two weeks, the surface exploration program at Altan Nar progressed ahead of schedule with 21 trenches completed over a 1390-metre length. The original 1200-metre program has been expanded to 2000 metres with an additional six trenches planned for Altan Nar while a series of test pits and trenches will be completed on the Oyuut Khundii porphyry copper prospect and the Altan Arrow gold-silver project.
It is expected these programs will be completed by early November and that approximately 1500 samples will be submitted for analysis.
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.