ULAANBAATAR, MONGOLIA, Jan 30, 2012 (MARKETWIRE via COMTEX) -- Undur Tolgoi Minerals Inc. ("UTM" or the "Company") (cnsx:UTM) is pleased to announce that its Board of Directors has reviewed and unanimously approved an exploration Program (the "Work Program") for the Company's Mongolian property.
The Company's wholly owned license ("Undur Tolgoi") consists of approximately 9,260 hectares of land located approximately 100 kilometers east north east from the world-class copper gold porphyry Oyu Tolgoi.
As the geological setting of Undur Tolgoi appears to be similar to that of Oyu Tolgoi, the aim of the Work Program is to identify any base metals and/or gold anomalies.
The Work Program
A soil sampling program over the entire tenement of approximately 1,540 samples, taken on a 250 meter x 250 meter grid has been designed to identify any anomalous areas within the tenement. Previous work has identified two interesting zones of anomalous copper, gold and silver.
From the results of the soil sampling, a hydrothermal system will hopefully be identified using indicator elements (As, Bi, Li, W, S and Au) and a tighter soil Program may be required to further define the anomalous zones.
A geophysical program will be undertaken over the entire tenement which will include the following:
1. Induced Polarization ("IP") survey to identify zones of silicification
and veining and to assist in identifying areas of disseminated sulphides
at depth;
2. Magnetic survey to understand the nature of the stratigraphy under the
areas of colluviums that are concealed; and
3. Gravity survey to identify contrasting lithologies beneath the colluvial
cover.
Magnetic and Gravity surveys will be initially run to gather a baseline of the tenement. After analyzing the results from the Magnetic and Gravity surveys an IP survey will be run over the tenement as IP will be used to tie into the Magnetic and Gravity survey.
The commencement of the Work Program is expected to take place mid to late February 2012 with 1500+ soil samples expected to be delivered to an accredited laboratory located in Ulaanbaatar, the capital of Mongolia, for further analysis. UTM further expects to have the results from the laboratory by mid May 2012.
These results would then be used as the basis from which to determine the appropriate size and placement of the Magnetic, Gravity and IP surveys.
UTM's Chairman, Mr. James Passin, stated, "I am delighted with UTM's progress since completing its financing in November 2011. The entire UTM team is looking forward to the commencement next month of our Work Program over Undur Tolgoi. I thank our shareholders and our employees for their continued support of UTM"
Disclaimer for Forward-Looking Information
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Contacts:
Don Padgett
President and CEO
ext 104
Source:marketwatch.com
0 comments:
Post a Comment