In a recent update on corporate and project activities, Canada-listed Erdene Resource Development Corp. says it had an active and successful second quarter, where it reported some of the highest grade drill results to date from its flagship gold project Bayan Khundii, announced an updated resource estimate at the neighbouring Altan Nar project that nearly doubled the total ounces, became the first foreign-listed company to cross-list its shares on the Mongolian Stock Exchange, and closed two oversubscribed financings.
Peter Akerley, Erdene’s President and CEO feels the “solid progress” has increased the fundamental value of the company and expects further value enhancement in the months ahead.
Erdene has engaged several consulting firms to help in the preparation of anticipated resource estimates, preliminary economic studies, mining licence applications, and geological modelling and targeting for the Bayan Khundii and Altan Nar projects. Erdene also continues to update the baseline surveys at both projects to fulfil Mongolian regulatory requirements for registering mineral resources, including conducting geotechnical work and mine hydrogeology studies.
A preliminary water resource was recently identified approximately 15 kilometres from Altan Nar, which is believed to be sufficient to meet the processing needs of both projects. Additional work will be required in 2019 prior to the completion of a feasibility study to better define the water resource.