Following a review of historical data, Mongolia Gold Resources (MGR-V) plans to explore a newly acquired silver project in the Camsell River district of the Northwest Territories.
The Vancouver-based junior recently acquired a 50% interest in a private company that had previously staked past-producing silver mines situated 400 km north of Yellowknife.
The land package include the Silver Bear, North and Smallwood mines, previously operated by Terra Silver Mines, which collectively turned out 15.5 million oz. silver until production ceased in 1985. The bulk of these ounces came from the Silver Bear mine, where grades are reported to have averaged 29.42 oz. per ton.
Mongolia Gold believes the property is prospective for additional high-grade veins, as well as larger, lower-grade areas of copper-cobalt-silver-gold mineralization associated with iron oxides.
The company also operates the 49%-owned Bumbat gold project in Mongolia.
Efforts are under way to improve the efficiency of the mill in order to increase production and lower costs.
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