CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
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XAM up 5c to 43c in early trading
Drilling begins at Solenker Epithermal Gold-Silver Prospects
August 23, Xanadu Mines Limited (ASX:XAM) --
· EXPLORATION DRILLING COMMENCES AT THE HIGHLY PROSPECTIVE SOLENKER EPITHERMAL GOLD-SILVER PROSPECTS.
· A COMPREHENSIVE GEOPHYSICS PROGRAM IDENTIFIED NUMEROUS HIGH PRIORITY DRILL TARGETS.
Xanadu Mines Ltd (Xanadu) (ASX:XAM) is pleased to announce that exploration drilling has commenced at the highly prospective Elgen-Zost-Suug epithermal gold and silver exploration Joint Venture, known as the Solenker Epithermal Gold Project (“the Project”). A multi-purpose drill has been contracted and is currently onsite.
The Elgen-Zost-Suug licences are located in the Dornogovi Province of southern Mongolia, approximately 750 kilometres south-southeast of Ulaanbaatar and less than 50 kilometres from the Chinese border (Figure 1).
Under the terms of the agreement, Xanadu, which has a 51% interest, can earn up to 80% of the Elgen-Zost-Suug exploration licences by meeting various spending commitments. Xanadu has retained a 100% interest in any other commodities that may be found on the licences.
The five large exploration licenses which make up the Solenker Gold Project, covering more than 400 square kilometres, lie along the southern border with China and host the three low sulphidation epithermal precious metal targets at Suug, Zost Uul and Elgen Uul. All prospects are interpreted to represent the upper levels of a low sulphidation epithermal system enriched in gold. With moderate reliefs of about 50m at Suug, Zost Uul and Elgen Uul the epithermal alteration systems are reasonably well exposed. Structural interpretations based on detailed mapping of the distribution of auriferous quartz-adularia veins and enclosing breccia zones, indicate inflexions and dilational zones, which will be drill tested in this current exploration drill program.
A comprehensive geophysics program of ground magnetics and dipole-dipole induced polarisation has been recently completed at Suug and Zost and numerous additional drill targets have been generated.
Commenting on the Solenker exploration program, Xanadu’s Chairman Brian Thornton said “it represents one of the standout advanced gold exploration opportunities in southern Mongolia where previous explorers had encountered extensive anomalism in shallow drilling but had been discouraged by the windfall profits tax on gold at the time. Xanadu was fortunate to acquire this highly prospective ground and has subsequently defined 3 potentially high grade low sulphidation epithermal targets. The 2,000 metre diamond drilling program planned will run until the onset of winter with results released progressively over the next 3 months.”
BDI up 0.4c to 1.4c in early trading
MONGOLIAN EXPLORATION PROGRAMME TO COMMENCE
August 23, Blina Minerals NL (ASX:BDI) --
Highlights
· 1,400m drilling campaign to commence this week within the Bayanburd Copper Gold licence
· Results expected end of October
· Programme aimed to test existence of a primary source of copper and determine extent and concentration of mineralisation
Blina LLC (Blina), the Mongolian subsidiary company of Blina Minerals NL (Blina Minerals) (ASX: BDI), is pleased to announce that drilling operations will commence this week on the Bayanburd Copper Gold licence in Bayankhongor Province of Central Mongolia. Two drill rigs are on site and the crews are currently moving into the field.
The central portion of the licence area received intense geological inspection in 2008, at which time a Central Zone of strong copper/gold mineralisation was noted. Flanking the Central Zone to the east and to the west are two other areas of diffuse mineralisation which are poorly understood at this time and, as such, the work to date focussed on the three zones of mineralisation identified in 2008.
Following a month and a half of intense rock chip sampling, structural mapping work and a review of the results of an earlier geophysical programme, drill sites have been defined and drilling will commence on these areas first. Once results of these holes are known the company will refine its drilling programme.
The drilling programme has allowed for 1,400m of diamond drilling and will look to identify the geological controls around the mineralisation as part of efforts to identify a primary copper source.
The property is located some 500km to the south east of Ulaanbaatar. Locally the site is located 39km south of the Provincial Capital of Bayankhongor, and 15km south of the County seat. Access and infrastructure are excellent, the national power grid passes through the property, and the local population is pro-mining.
Once the results of the drilling programme are known, the Board of Blina will assess the project’s standing and potential ahead of deciding whether it will exercise its right to own 51% of the project for a sum of US$400,000 and whether to spend more money on further exploration in 2012, to acquire an even greater percentage of ownership in the project.
Posco To Build Coal-Gasification Plant In Mongolia Next Year-Report
August 23, SEOUL -(Dow Jones)- South Korean steel maker POSCO (005490.SE) will build a coal-gasification plant in Mongolia next year in a 50-50 joint venture with a Mongolian company, the Seoul Economic Daily reported Tuesday, without citing sources.
The report comes a day after the Ministry of Knowledge Economy said Posco signed an Memorandum of Understanding with a Mongolian company for cooperation in the commercialization of energy resources.
Despite the MOU being signed, no detailed plans have yet been decided, a Posco spokesman told Dow Jones Newswires.
Newspaper website: http://economy.hankooki.com/
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"Mogi" Munkhdul Badral
Senior Client Manager / Executive Director
CPS International LLC
Telephone/Fax: +976-11-321326
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
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CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
Disclosure/Disclaimer
CPS Securities, its directors and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions mentioned in correspondence from CPS International.
CPS International advise this email contains general information only and does not include advice. In preparing this communication, CPS International did not take into account the investment objectives, financial situation and particular needs of any person. As with any speculative mining company there are significant risks.
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