Monday, 31st March 2008 (636 views)

Reconnaissance drilling at the Golden Hills property in Mongolia has intersected gold mineralisation and identified two massive sulphide bodies, the company carrying out the work has announced.

QGX says the drilling, which was carried out 40 kilometres north-west of Golden Hills' Central Valley zone, returned "significant" gold values.

These included 0.06 g/t gold over 7.15 metres, 0.07 g/t hold over 1.57 metres and 0.15 g/t gold over 2.50 metres.

An electromagnetic airborne anomaly encountered in drill hole 67DH001 also returned gold values of 1.03 g/t gold over 0.45 metres, the company said.

According to QGX, these results support the theory of Dr Jim Franklin, that the Golden Hills area may represent a new mining district containing multiple massive sulphide deposits over many kilometres.

The company's president and chief executive Paul Zweng said the results "merit follow up drilling" to test the thickness of the massive sulphides encountered so far.

QGX was the first foreign company to acquire a gold exploration license in Mongolia, which has been moving to a market-based economy since 1991.

 

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