Vancouver A delay in receiving title for key mineral properties in the south Gobi region has prompted Newport Exploration (NWX-V) to withdraw from Mongolia.
In April, the Ian Rozier-led junior inked a series of joint venture agreements with Bell Coast Capital (BCP-V) covering nine properties in the country. The new partners then dealt an interest in six of the projects to fellow junior EXP Resources (EXP-V).
Four of the claims are close to Ivanhoe Mines’ (IVN-T) Turquoise Hill copper-gold porphyry discovery and are believed to host similar rock types. Dubbed Shine Usny Khudag, Zuun Bogd, Khanbogd-1 and Khanbogd-2, the properties have been subjected to only limited exploration, and although no significant showings are documented, several regional magnetic anomalies have been identified. Newport failed to receive official translation and confirmation of title documents for two of these properties and therefore elected to withdraw from the venture.
The company recently completed a $600,000 financing and is currently evaluating other projects.
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