CPSI NewsWire brings you market updates on Mongolia, compiled by CPS International, a Mongolian marketing arm of CPS Securities, a Perth, WA based stockbroking and corporate advisory firm, specialising in capital raising for mining and junior stocks.
HAR rose 10.4% on Friday to 53c, opened at 53.5c today, trading 51c at time of writing
First Mineral Resource for the Selenge Iron Ore Project
March 19, Haranga Resources Limited (ASX:HAR) --
• Maiden Resource and Exploration Target represent major milestones for Haranga Resources Limited.
• An initial JORC Code compliant resource has been defined at Bayantsogt, one of four primary iron ore targets within the Company’s Selenge project area in Mongolia.
• The total inferred resource is 32.8Mt of iron ore at an average grade of 24.4% Fe based on a 15% Fe cutoff grade.
JORC Code (2004) Inferred Resource for Bayantsogt
• This initial resource is based only on the first pass 35 hole drill program at Bayantsogt in 2011.
• Mineralisation remains open in all directions and at depth and the recently discovered high grade zone remains to be properly tested.
• It is expected that further drilling will expand the resource and upgrade the resource classification.
• An Exploration Target* of 120 to 250Mt of iron ore has been estimated for Dund Bulag, another of the Selenge targets.
• A metallurgical test program is underway, feeding into a Preliminary Scoping Study due mid 2012.
• Mining Licence application process to commence shortly.
"Mogi" Munkhdul Badral
Senior Client Manager / Executive Director
CPS International LLC
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