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Gold/Mining/Energy : Mongolia Gold Resources

MGR 21.45

-0.2%

3:47 PM EST

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To: d:oug who wrote (3736)	7/28/1999 9:49:00 PM
From: Dave R. Webb	Read Replies (1) of 4066

Geoterrex-Dighem will get the survey done this week, and the field sheets will be ready the day they fly the ground. The 1961 aeromagnetic survey picked-up the VMS deposit, but the 1940 vintage government geology maps, completed using wide-spaced traverses had demarked this area as granite. Consequently, not much attention was given to the anomaly. The Russell Lake volcanic belt comprises one of the thickest sequence of felsic volcanics in the Slave Structural Province. Felsic volcanics are the rocks one likes to see when looking for VMS deposits. VMS deposits aren't rare. There are hundreds of them in Canada. They are generally either copper zinc or zinc lead-rich deposits, dominated by iron sulphides (conductive and/or magnetic). What is appealing is that they are multi-commodity, often precious-metal rich (Kidd Creek, a VMS in Timmins was Canada's largest silver producer until Eskay Creek (also a VMS) although neither is a silver mine. Silver is just a byproduct of either the copper-zinc or gold mining operation). The geophysical signature is well known, and the stratabound nature enables rapid development of tonnage. This survey will give an indication of size, as well as some hints on its subsurface geometry. The Company hopes to follow-up on these results quickly. Dave

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