Preliminary drilling by
Known as Kharmagtai, the system was first outlined by Mongolian, Russian and Japanese geologists and then drill-confirmed by a private Ontario company in the mid-1990s, before funds ran out. A Mongolian interest then picked up the 67-sq.-km licence, only to sell it to Ivanhoe last December. Ivanhoe then returned a 10% interest to the Ontario company in exchange for its exploration data.
So far, Ivanhoe has drilled two holes at the prospect and is nearing completion of a third. The first hole intersected porphyry-style mineralization but failed to return significant results. The second was more successful, having cut 64 metres averaging 2.49 grams gold per tonne and 1.21% copper between 76 and 140 metres, including 12 metres of 4.41 grams gold and 1.62% copper.
Currently, Hole KH003 is targeting the possible extension of the mineralization intersected in hole 2. Altered and mineralized monzodiorite are noted, beginning 7.5 metres down-hole.
Mineralization is characterized by chalcopyrite, pyrite and rare native copper in quartz-veining. The sulphides are associated with strong magnetite, secondary biotite and tourmaline alteration.
Ivanhoe also reports the emergence of a gold-bearing, sediment-hosted system, about 15 km west of the Kharmagtai prospect. Dubbed OV3, the area is characterized by a coincident geochemical alteration and induced-polarization anomaly.
Visible gold in altered sediments and jasperoid alteration are noted in trenching.
About 120 km to the south, Ivanhoe is expanding an ongoing drill program at the Turquoise Hill property, where an internal inferred resource was tabled three months ago. Twelve rigs are en route to join the six currently turning.
Ivanhoe has mineral rights to 51,600 sq. km in Mongolia, mostly in the South Gobi region. Turquoise Hill is the most advanced project, but several are known to host similar porphyry systems. Many of these will be drill-tested by year-end.
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