Mongolian Metals Corporation ("MMC" or the "Company") is pleased to announce that the Mineral Resource and Petroleum Authority of Mongolia ("MRPAM") issued Mining License MV022148 for MMC's Khongor Resource in the southwest Gobi Region of Mongolia on 21/07/22.
LONDON, Aug. 17, 2022 /PRNewswire-PRWeb/ -- Mongolian Metals Corporation ("MMC" or the "Company") is pleased to announce that the Mineral Resource and Petroleum Authority of Mongolia ("MRPAM") issued Mining License MV022148 for MMC's Khongor Resource in the southwest Gobi Region of Mongolia on 21/07/22.
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Quotes from the Company:
"This mining license is the result of twelve years of hard work by our team alongside expert third party consultants," said Lee Cashell, CEO. "With exceptional results to date, we are confident our next stage exploration program will position MMC as one of the pre-eminent, untapped resources in the South Gobi."
"The licensing process in Mongolia has become increasingly competitive and demanding, and we are thrilled the relevant authorities have vindicated our efforts," continued Mr Cashell. "The license enables MMC to take longer term stewardship of the asset and focus activity during a time of heightened global demand."
Mining Licence
The 37,000 hectare Khongor license area is located in the Middle Devonian Edren island arc terrane, the site of some of the world's most prospective gold and copper discoveries. Several of Mongolia's most important porphyry gold-copper and copper-molybdenum deposits were discovered in these Middle Devonian island arc terranes, including Oyu Tolgoi, Kharmagtai, Tsagaan and Suvarga. Currently there are two main gold-copper porphyry and molybdenum-copper prospects (Zuun Mod and Khul Morit) located just 20-35km from the Khongor license area both of which are the subject of intensive exploration activity by Canadian and Mongolian companies, including trenching and drilling. The license area has been the focus of extensive geological mapping, geochemical and geophysical surveys, as well as selected drilling. The results of the exploration program to date have been highly prospective, indicating significant occurrences of gold and copper rock chip and trenching samples:
- 107 g/t (AU) in Ulaan Tolgoi
- 3.35 % Copper (Cu) in Khar Ovoo
- 3.68% Copper (Cu) in Del Khad
- 83.7 g/t Gold (Au) in Del Khad
- 728 g/t Silver (Ag) in Del Khad
To date, the Company has invested a total of approximately US$4m in exploration of the property over its 12 year exploration cycle. SRK (a leading international natural resources consultancy) is contracted as an exploration consultant and is assisting MMC with the overall exploration of the site during the 2022 exploration season. The Khongor prospect is adjacent to and forms part of the same geological system as the Bayan Khundii license area in Southwest Mongolia, which is currently being developed by Erdene Resource Development Corporation (TSX: ERD).
About MMC
MMC is a privately held Mongolian mining company with a portfolio of exploration and mining licenses representing significant deposits of copper, gold, molybdenum, coal and quartz across four aimags of Mongolia. The company also benefits from strong ongoing access to further license acquisition opportunities. MMC was founded in April 2008 and has to date acquired four mining licenses in Mongolia. Further information is available at http://www.mining-mongolia.com. Important information may be distributed directly from the website and investors should regularly consult this directly.
Forward Looking Statements
Certain information regarding MMC contained herein may constitute forward looking statements within the meaning of applicable securities laws. Forward-looking statements may include, amongst other things, statements regarding grades, targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grade, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although MMC believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. MMC cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what MMC currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein. The information contained herein is stated as of the current date and is subject to change after that date. The Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE
MMC Contact Information
Lee Cashell, CEO
[email protected]
+44 (0) 7557 234995
Media Contact
Lee Cashell, Mongolian Metals Corporation, 44 7557234995, [email protected]
SOURCE Mongolian Metals Corporation
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