(MENAFN- ProactiveInvestors)
() is currently carrying out exploration drilling to increase the initial resource at its Kharmagtai copper-gold project in Mongolia one of the most advanced porphyry projects in Asia.
Kharmagtai currently has contained contained metal content of 1500 Mlb copper and 2.2 Moz gold.
It includes a high grade core of 56Mt at 0.47% copper and 0.59g/t gold or 580 million pounds of copper and 1.1 million ounces of gold.
There is considerable upside potential as these resources occupy only a small portion of the much larger mineralised Kharmagtai Intrusive Complex which was first identified from surface outcrops and already partly extended under shallow cover using geophysics and drill testing.
Exploration drilling will test numerous near-surface strike extensions and several high priority targets lying under shallow cover that have the same geophysical response and geometry as existing resources within the Kharmagtai district.
The multi-rig program is fully funded and will comprise approximately 10000m of diamond core drilling.
Drilling will seek to target an increase in the maiden resource estimate.
Chief executive officer Dr. Andrew Stewart will present at Proactive's Sydney Melbourne Investor Luncheons in June.
REGISTER TODAY by clicking on the links below:
Proactive's Sydney Investor Luncheon Tuesday 2nd June.
Proactive's Melbourne Investor Luncheon Wednesday 3rd June.
Kharmagtai
Kharmagtai is located in the under-explored South Gobi porphyry copper province which hosts the world-class Oyu Tolgoi copper-gold operation the Tsagaan Suvarga porphyry copper-molybdenum development and Xanadu’s Oyut Ulaan copper-gold exploration project.
Xanadu and partner Mongol Metals acquired a 90% stake in the project in February 2014.
Xanadu has the right to earn an 85% interest in the joint venture – equivalent to a 76.5% effective interest in the project – by funding acquisition and exploration costs.
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