Erdene Resource Development Corp. has entered into a strategic alliance with Teck Resources.
Erdene Resource Development Corp. has entered into a strategic alliance with Teck Resources for option and private placement agreements to fund and explore Erdene's mineral tenements in the Trans Altay region of southwest Mongolia. Initially, the program will focus on the company's Khuvyn Khar copper porphyry prospect, as well as exploration of select targets across the Trans Altay region.
The Khuvyn Khar license hosts multiple copper and molybdenum mineralized porphyry centers, with several kilometers of altered intrusive with associated copper geochemical anomalism. Multiple copper mineralized zones have been intersected in wide-spaced drilling, including 34 m of 1.3% copper and 9.24 g/mt silver.
The focus of the initial program will be to further define priority drill targets through a program of drill core re-logging, detailed surface alteration mapping, geologic mapping, and geochemical and geophysical surveys to be carried out in the second and third quarters of 2013. Drilling will be considered by a joint technical committee following completion of the surface work program.
Once Erdene has spent 85% of the proceeds from the Teck financing on the initial program, Teck will have the option to acquire up to a 75% interest in designated projects through a two-stage option process by funding exploration expenditures of up to $10 million on the Khuvyn Khar project and up to $5 million on each of the other existing or acquired projects so designated within the Trans Altay project area. (www.erdene.com)
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|Title Annotation:||Exploration Briefs|
|Publication:||E&MJ - Engineering & Mining Journal|
|Article Type:||Brief article|
|Date:||May 1, 2014|
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