Ulaanbaatar -
The Company has acquired the Project through the purchase of all of the issued and outstanding equity interests in the Mongolian company that is the 100% owner of the
As consideration for the acquisition, the Company paid a total of
As previously announced, the cash portion of the purchase price was financed through a
About the
The project is characterized by Metasedimentary Proterozoic rock composed of two distinct metamorphic rock suites: (i) dominant Riphean (Mesoproterozoic) formations of metasedimentary and metavolcanics rocks exposed on 80% of the project area developed in Island arc (the Lake zone) environment (ii) subordinate lower Proterozoic siliceous marble, gneiss and amphibolites of the cratonal (Zavkhan craton) terrain observed in northern part of the license area. Two terrains have tectonic boundary welded by Khantaishir ophiolitic formation. Mesoproterozoic rocks are overlain by various younger formations from Devonian to Jurassic age. Mesoproterozoic (below described as Riphean formations) classified into several formations. Mesoproterozoic rocks consists epidote-chlorite-quartzite orthoschist (formed from andesite-basalt), quartz-chlorite-sericite and chlorite-sericite orthoschist (formed from dacite, andesite-dacite and andesite), chlorite-quartz-plagioclase, quartz-chlorite and epidote-chlorite orthoschists (formed from felsic lava-breccia), and variety of schistose volcanic rocks such as rhyolite, dacite, rhyodacite, andesite-dacite and andesite-basalt. Paleozoic formations represented by middle Devonian Tsagaanshoroot formation's red, brownish, pinkish, white colored argillite, aleuvrolite, sandstone, limestone, conglomerate, basalt and andesite and Jurassic Jargalant formation's grey, yellowish, brownish colored conglomerate, gravelite, sandstone, aleuvrolite, carbonaceous shale, coal layers. Intrusive rocks of lower Devonian Numrug complex consist two phases and in project area seen rocks only from second phase - biotite, biotite-hornblende granites.
Main alteration and sulphide assemblages in the project indicate possible deposition of volcanic hosted massive sulphide (VMS) type of Cu-Zn (Au, Ag) mineralization of Kuroko VMS type in the Maikhan Ulaan Uul deposit and West, East and North Sharga prospects.
Exploration work conducted in 2019 by a prior owner of the Sharga licence,
Contact:
Tel: +976 7732 1914
(C) 2021 Electronic News Publishing, source