We have two other highly-potential Mongolian exploration projects, the Mungu Gold and Silver Discovery, and the Uudam Khundii (“UK”) Project.
The Mungu gold and silver discovery is located immediately northeast of the current resource at the ATO Project. It is a structurally controlled epithermal gold-silver system with localized bonanza grades.
The high-grade gold-silver mineralization in the northern part of ATO Pipe #4 has been interpreted by Steppe Gold to have a steeply westward dipping structural control with a similar northeast strike projecting toward and possibly joining the Mungu zone of mineralization. The first drill hole completed by Steppe returned 46.0m grading 14.98 g/t Au and 82.02 g/t Ag.
The UK Project is a really interesting project that we acquired in 2017: Steppe Gold owns 14,400 hectares in a first of its kind, 80/20 JV with the provincial government of Bayankhongor. Our maiden drilling program commenced in July 2022 at 4 discoveries across this project, should yiel high grade results that are consistent with what Erdene Resources has discovered at adjoining licences to ours, as they are forecasting +2M oz AU eq.
At our Milky Way Prospect, we completed 18 trenches for 933 meters, highlighting a mineralized system of at least 700 meters in length and up to 12 meters wide with individual meter sampling results up to 1.49g/t gold, 450g/t silver, 2.98% copper, 3.98% lead and 0.31% Zinc. These are quite exciting results at surface which we can now drill.
Steppe Gold also announced a partnership with the state-owned Erdenes Alt Resource LLC, to develop the highly prospective Khurentsav gold project that adjoins our Uudam Khundii gold project. This consolidates Steppe Gold’s leading land position in this gold district, as we work to create a new, multi-million ounce exploration potential, gold district in Bayankhongor province.
