Mongold’s initial exploration strategy is to exploit known deposits and with an initial $3.1 million committed to be spent between 2022 and 2026.
Phase 1: Work completed in 2022
- Exploration work: Surface prospecting & basic exploration on all assets – the most prospective assets will take the bulk of the spend.
- Exploration details: Detailed mapping, infill sampling, synthesis of geological aero geophysical, ground magnetic survey, IPDD survey, remotely sensed information data interpretation, creation of data base for further study and intensive reconnaissance that includes pitting, trenching & scout drilling is proposed.
Phase 2: 2023/24
- Exploration work: Exploration evaluation, extended exploration stage in 2023/2024.
- Renewal of 4-5 high priority licenses
- Exploration details: Extended geological works, infill geochemical sampling and geophysical IPDD method, pitting, trenching & sinking of wide spaced diamond drilling is proposed.
Phase 3: 2025/26
- Exploration work: Detailed exploration and drilling in order to convert at least 1exploration license (potentially 2) into a mining license during 2025/26.
- Exploration details: Systematic diamond drilling with boreholes designed to intersect ore bodies at least in bed level, mineralogical / petrological study, chemical characteristics of the ore body zone shall also studied. An inaugural JORC-compliant resource estimation is planned to be completed based on a successful drilling campaign. All indications are currently positive.