As far as I know, there have been no results announced.
Here's the original PR.
September 28, 2005
FALCON(TM) AIRBORNE EXPLORATION SURVEY BEGINS
ON 28,000 SQUARE KILOMETRES IN MONGOLIA'S SOUTH GOBI REGION
ivanhoe-mines.com
ULAANBAATAR, MONGOLIA — Ivanhoe Mines’ Deputy Chairman Edward Flood announced today that BHP Billiton, the world’s largest diversified mining company, has commenced its Falcon(TM)
airborne gravity gradiometer survey to explore the Falcon Gobi Project, an exploration joint-venture covering approximately 28,000 square kilometres of Ivanhoe's non-core exploration ground in southern Mongolia.
BHP Billiton’s Falcon gravity gradiometer survey is a proprietary airborne system that can cover large, remote areas rapidly and cost effectively. It provides a new dimension in exploration for copper and gold deposits in Mongolia with its ability to “see through” the surface cover to identify gravity
anomalies, which then can be explored in detail with ground geophysics, sampling and drilling.
The airborne survey of the Ivanhoe ground is expected to take approximately three months. Ivanhoe and BHP Billiton entered into the Falcon Gobi Project in May, 2005. The project covers approximately 22% of Ivanhoe's land holdings in this region. Ivanhoe's advanced exploration and development-stage projects — Oyu Tolgoi, Kharmagtai, Nariin Sukhait and Bronze Fox — are not included in the Falcon Gobi Project.
Under the terms of the agreement, BHP Billiton has the right to earn up to 50% of all minerals found on the project, other than coal, by spending US$8 million in exploration costs. BHP Billiton will use itsproprietary Falcon system and solely fund a major geophysical survey of a minimum of 30,000 line
kilometres over the whole or selected parts of the Falcon Gobi Project. BHP Billiton will fund all aspects of the survey, inclusive of mobilization, as well as processing and interpretation, using the most advanced and proprietary techniques.
Following BHP Billiton's vesting in the project, a 50/50
joint venture will be established between BHP Billiton and Ivanhoe, and the parties will contribute all further exploration and development costs on a pro-rata basis. |
