Vancouver – The initial round of assays from Kaieteur Resource’s (KTR-V) wholly owned Altan Uul (Gold Mountain) project, in the south Gobi region of Mongolia, failed to show pervasive gold mineralization.
Results from just over half of the 650 samples taken have been received with just 15 returning gold values over one gram per tonne. Most of the samples averaged less than 0.08 gram gold.
The company believes the results are indicative of a thin, gold-enriched supergene horizon, thus limiting any depth potential for mineralization.
Kaieteur plans to review other identified targets on the property.
Investors reacted negatively to the results pushing down the issue 31% (15) at presstime to close at 33 per share on volume of 95,338. The company has 18.2 million shares outstanding.
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