Explorer Mongolia Gold Resources (VSE) is negotiating to acquire a second property in the central Asian country.
Previous work outlined a potentially open-pit resource of 27.5 million tons grading 0.046 oz. gold per ton, based on a 0.015-oz. cutoff. The property also hosts several unevaluated gold showings.
If completed, the acquisition will represent Mongolia Gold’s second project in the country.
The company expects its 49%-owned Bumbat project to reach production next year. Plans call for a 200-tonne-per-day bulk sample plant for processing of material from three veins.
The capital cost of the project is estimated at US$5.9 million.
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