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HAR flat at 28c, up 40% in last 1 month.
Haranga Resources discovers significant iron ore at Selenge Project in Mongolia
September 19 (Proactive Investors) Haranga Resources (ASX:HAR) has unearthed broad widths of iron mineralisation in all sixteen diamond drill holes completed at the Bayantsogt prospect within its Selenge Project in Mongolia.
The company is aiming to define an initial JORC Resource by the first quarter of 2012. Bayantsogt is the first of the four major targets to be drilled at Selenge.
Drilling at the Bayantsogt prospect has intersected at least five major iron lodes ranging in down hole width from 12 metres to 54 metres. Assay results have been received for seven holes. The mineralisation remains open in all directions.
Highlights from within the banded magnetite skarn formations include:
- 26 metres at 27% iron (Fe) from 32 metres;
- 28 metres at 30% Fe from 3 metres; and
- 29 metres at 24% Fe from 34 metres.
Similar banded magnetite skarn deposits in the Selenge region, such as the nearby Eruu Gol mine, have proven amenable to mining and low cost beneficiation.
The company’s Selenge iron ore project consists of five contiguous exploration licences covering almost 600 square kilometres of ground in the heart of Mongolia’s premier iron ore development region.
Importantly, the Selenge project area has excellent access to the main trans-Mongolian rail line and nearby rail spurs.
The Selenge province includes the 304 million tonne deposit currently being mined at nearby Eruu Gol which produces about 2.5 million tonnes of magnetite concentrate per annum and ships the product via a newly constructed 70 kilometre rail spur connecting the mine to the main trans-Mongolian rail line.
Drilling with two rigs is continuing and the mineralisation is still open in every direction including depth. The company has a third rig now drilling at other Selenge targets and is attempting to secure a further dedicated drill rig at Bayantsogt for the remainder of the drilling season.
Initial drilling has commenced at the Huiten Gol prospect (Target 2). The company plans to commence drilling at the Dund Bulag prospect (Target 3) before the end of this month.
Depending on these results, Haranga Resources may also decide to drill test at the nearby Undur Ukhaa (Target 4) prospect prior to year end.
"Mogi" Munkhdul Badral
Senior Client Manager / Executive Director
CPS International LLC
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