The Altan Nar (“Golden Sun”) project was discovered by Erdene in 2011 as part of a systematic, large-scale regional exploration program over southwest Mongolia’s Tian Shan Copper-Gold Belt. Altan Nar is a carbonatebase metal gold deposit and is characterized by multiple, sub-parallel, moderately to steeply dipping epithermal vein and breccia zones.
Exploration programs carried out by Erdene have included mapping, geochemical and geophysical survey programs, and a multistage scout and resource delineation drilling program. The results have greatly expanded the area of known mineralization at Altan Nar with 18 target areas now documented over a 5.6 km long area. Two of the early discoveries, Discovery Zone and Union North, are the most advanced targets and host wide zones of high-grade, near-surface mineralization that remain open at depth and along strike.
A mineral resource estimate was completed at Altan Nar in May 2018 and consists of 5.0 Mt of Indicated material at 2.8 g/t AuEq for 453 kozs of AuEq and an Inferred Resource of 3.4 Mt at 2.5 g/t AuEq for an additional 277 kozs of AuEq (0.7 g/t AuEq cut-off grade).
Erdene is working towards the completion of a Preliminary Economic Assessment of the Khundii Gold District which includes Altan Nar and the nearby Bayan Khundii project.
Erdene completed a private placement for proceeds of C$4.1 million.
An updated resource estimate was announced at Altan Nar. The Indicated AuEq resource increased by 208% and the Inferred AuEq resource increased by 172%.
Twenty-two holes, totaling 3,968 metres, were completed over a 1.8 km by 1.5 km portion of the 5.6 km long Altan Nar trend. The objective of the drill program was to test new targets and to complete step-out drilling in areas adjacent to the Discovery Zone and Union North deposits. High-grade core at Discovery Zone returned 5.0 metres of 29.7 g/t gold within a 20.0 metre interval of 10.3 g/t gold (11.8 g/t AuEq) at 97.0 metres depth.