Haranga Resources has recorded positive results at three prospects within the flagship Selenge iron ore project in northern Mongolia, after completing a 35,000 metre diamond core drill program.
Assays from the latest drill holes at the Bayantsogt prospect include wide zones and higher grade mineralization than previously encountered. One intersection measured 200 metres @ 22% iron from 93 metres including 4 metres @ 40% iron from 209 metres and 20 metres @ 30% iron from 269 metres.
Assays from Dund Bulag include 50 metres @ 22% iron from 8 metres and 74 metres @ 21% iron from 261 metres while 11 of the 12 drill holes at Undur Ukhaa appear to have intersected significant apparent widths of magnetite mineralization.
Haranga’s managing director Robert Wrixon says the 2012 drill program was completed almost one month ahead of schedule. “Based on the results and geological observations to date, the cumulative exploration target for Selenge has been estimated at 250-400 million tonnes of iron ore, based on the four priority targets within the project area. There are a number of other promising magnetic anomalies that have yet to be drill tested.”
To date the magnetite mineralization is consistent with last year’s drill program results, as the mineralized samples from 2011 achieved a consistent 65-66% iron concentrate after beneficiation in recent metallurgical testing.
Selenge is within Mongolia’s premier iron ore development region, about 200km north of the capital Ulaanbaatar. It is 12km southwest of the country’s largest iron ore export mine, Eruu Gol. This mine annually produces about 2.5 million tonnes of magnetite concentrate and ships the product via a newly constructed 75km rail spur connecting the mine to the Trans-Mongolian rail line, which the Selenge project also has access to.