Mongolia's discovered mineral wealth is greater than USD 1.5 trillion with less than 20% of the country explored. Mongolia's potential for future discoveries and its close proximity to China makes it one of the most attractive exploration frontiers in the world. The exploration market is currently red hot with many significant discoveries being made in the last month. The following are examples of some of the most recent discoveries:
The Mongolian Resource Corporation explores for gold at its Blue Eyes and Sujigtei sites in Northern Mongolia. Proactive Investors reports that the MRC discovered high-grade gold in its first nine holes drilled at the Sujigtei gold mine. This mine first opened in 1980 and had mined 180 meters before shutting down abruptly in 1991 after the Russians left the Mongolia. After reopening the mine, MRC discovered 5.6 grams of gold per ton. This winter a second underground drill rig capable of 500 meters of diamond drilling will be used, while surface contact drilling will be suspended due to weather conditions and water constraints.
Proactive investors also reports this month that Modun Resources has established a coal resource of 489 million tons at its Nuurst Project site. The quantity exceeds initial expectations and offers the potential for a large scale thermal mine. Modun is the sole owner of the Nuurst Project and now has one of the largest supplies of coal resources at the Australian-Securities-Exchange (ASX) of listed companies operating in Mongolia. The company plans to implement a scoping study and apply for a mining license as soon as possible. Its 2012 exploration program will target more coal resources, with 84 percent of its license still left unexplored. Nuurst is is a 34.5 square-kilometer license area located 120 kilometers south of Ulaanbaatar and only 6 kilometers from an existing railway line. Modun reports a significant coal seam thickness and a low stripping ratio for the project, which suggests a well positioned large scale, low cost operation.
Xanadu Mines reported a 51% increase in its JORC coal resource, bringing its total coal resource inventory to 497 million tons. They also made a discovery of over 327 million tons of sub-bituminous coal resources at their Khar Tarvaga site. They have identified three coal streams there that are well situated for supply to the domestic coal market.
Haranga Resources recently reported a high grade iron discovery, finding high grade iron mineralization in 29 of its 33 drill holes at the Bayantsogt site. They have identified five major iron lodes in the Bayantsogt hill and are now beginning metallurgical tests. Haranga has also made a new discovery near Dun Bulag, uncovering magnetite iron mineralization. Haranga is an Australian-listed company focused on developing high quality iron ore projects in Mongolia.
(information gathered from BCM Newswire 197)
Mongolia's two largest mining sites, Tavan Tolgoi and Oyu Tolgoi, are expected to make IPOs next year on the Mongolian Stock Exchange (MSE), which will be the largest offerings in MSE history. Currently Mongolian mining companies Ivanhoe, Mongolian Mining and Hannu Coal are listed on the US, Hong Kong and Australian stock exchanges respectively. Investments in these companies can offer investors access to Mongolia as it emerges on the world market.
The Mongolian Resource Corporation explores for gold at its Blue Eyes and Sujigtei sites in Northern Mongolia. Proactive Investors reports that the MRC discovered high-grade gold in its first nine holes drilled at the Sujigtei gold mine. This mine first opened in 1980 and had mined 180 meters before shutting down abruptly in 1991 after the Russians left the Mongolia. After reopening the mine, MRC discovered 5.6 grams of gold per ton. This winter a second underground drill rig capable of 500 meters of diamond drilling will be used, while surface contact drilling will be suspended due to weather conditions and water constraints.
Proactive investors also reports this month that Modun Resources has established a coal resource of 489 million tons at its Nuurst Project site. The quantity exceeds initial expectations and offers the potential for a large scale thermal mine. Modun is the sole owner of the Nuurst Project and now has one of the largest supplies of coal resources at the Australian-Securities-Exchange (ASX) of listed companies operating in Mongolia. The company plans to implement a scoping study and apply for a mining license as soon as possible. Its 2012 exploration program will target more coal resources, with 84 percent of its license still left unexplored. Nuurst is is a 34.5 square-kilometer license area located 120 kilometers south of Ulaanbaatar and only 6 kilometers from an existing railway line. Modun reports a significant coal seam thickness and a low stripping ratio for the project, which suggests a well positioned large scale, low cost operation.
Xanadu Mines reported a 51% increase in its JORC coal resource, bringing its total coal resource inventory to 497 million tons. They also made a discovery of over 327 million tons of sub-bituminous coal resources at their Khar Tarvaga site. They have identified three coal streams there that are well situated for supply to the domestic coal market.
Haranga Resources recently reported a high grade iron discovery, finding high grade iron mineralization in 29 of its 33 drill holes at the Bayantsogt site. They have identified five major iron lodes in the Bayantsogt hill and are now beginning metallurgical tests. Haranga has also made a new discovery near Dun Bulag, uncovering magnetite iron mineralization. Haranga is an Australian-listed company focused on developing high quality iron ore projects in Mongolia.
(information gathered from BCM Newswire 197)
Mongolia's two largest mining sites, Tavan Tolgoi and Oyu Tolgoi, are expected to make IPOs next year on the Mongolian Stock Exchange (MSE), which will be the largest offerings in MSE history. Currently Mongolian mining companies Ivanhoe, Mongolian Mining and Hannu Coal are listed on the US, Hong Kong and Australian stock exchanges respectively. Investments in these companies can offer investors access to Mongolia as it emerges on the world market.
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