Haranga Resources, an Australian company focused on developing high quality iron ore projects in Mongolia, announced on September 19 that it has recovered iron mineralisation in all 16 diamond drill holes completed at the Bayantsogt prospect within its Selenge project in Mongolia.
According to an Haranga Resources statement, the company is aiming to define an initial JORC resource by the first quarter of 2012. Bayantsogt is the first of the four major targets to be drilled at Selenge. Drilling at the Bayantsogt prospect has intersected at least five major iron lodes ranging in down hole width from 12 metres to 54 metres.
The company's Selenge iron ore project consists of five contiguous exploration licences covering almost 600 square kilometres of ground in the heart of Mongolia's premier iron ore development region. Importantly, the Selenge project area has excellent access to the main trans-Mongolian rail line and nearby rail spurs.
The Selenge province includes the 304 million mt deposit currently being mined at nearby Eruu Gol which produces about 2.5 million mt of magnetite concentrate per year and ships the product via a newly constructed 70 kilometre rail spur connecting the mine to the main trans-Mongolian rail line.
Haranga currently manages and holds majority ownership in five Mongolian iron ore projects including Selenge, Shavdal, Khundlun, Tumurtei Khudag, and Sumber