Canadian exploration company Entrée Gold has completed its 2011 exploration program on the Shivee Tolgoi mining licence in Mongolia.
Partial results have been received from the 2470 metre reverse circulation drill program at the property’s Zone 3, with significant gold extending for more than 300 metres from the previously known zone of mineralization. This zone was identified from surface trenching and limited drilling conducted between 2004 and 2007. Results from four holes of the recent 23 hole program have returned values of up to 1.82 grams/tonne gold over 14 metres.
Entrée’s president Greg Crowe, says, “The initial drill results are very encouraging and our plans for continued exploration there will be determined after all drill results have been assessed.
“Previously we had sporadic but encouraging gold results from surface trenching and drilling. From 2007 to 2010, rapid developments at the nearby Oyu Tolgoi project on porphyry copper-gold mineralization shifted our focus towards exploring for similar potential on the Shivee West property. In 2011 we decided to re-evaluate the gold potential at Zone III, in light of the rapid rise in gold prices since 2008 and especially the more significant rise in 2011.”
Trench sampling during the year returned results including 0.69 grams/tonne gold over 6 metres and a separate interval of 1.44 grams/tonne gold over 6 metres. This compares with 2002 trench sampling which returned gold values up to 0.51 grams/tonne over 22 metres and 1.39 grams/tonne over 18 metres. The drill and camp have now been demobilized for the winter.
Exploration and development drilling is continuing on the adjacent Entree-Oyu Tolgoi LLC joint venture with two drill rigs now testing targets on the Javhlant property.
Meantime, Entrée has sold its 14,031 hectare Togoot coal mining licence to a private Mongolian company after identifying the property’s targets had limited potential. The Can$1.6 million sale will allow Entrée to focus all of its Mongolian resources on exploration at Shivee West.