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Steppe Gold moves to consolidate gold position in Mongolia’s Bayankhongor province with three milestone agreements www.proactiveinvestors.ca
Steppe Gold Limited (TSX:STGO, OTCQX:STPGF) has announced a trio of milestones to consolidate its position in Mongolia’s Bayankhongor province, as part of its ongoing strategy to create a multi-million-ounce exploration potential gold district.
First, Steppe signed a memorandum of understanding (MOU) with state-owned Erdenes Alt Resource LLC in order to develop the highly prospective Khurentsav gold project that adjoins its own Uudam Khundii gold project. Steppe acquired the Uudam Khundii gold project in 2017, in partnership with Bayankhongor province, and has been conducting exploration work ever since.
Steppe believes that combining Khurentsav and Uudam Khundii will drive significant synergies in the delineation and future development of this area, and the partners are working on contracts and community support and will build on exciting preliminary exploration data.
READ: Steppe Gold strikes short-term gold prepay agreement with Triple Flag International worth US$4.6M
“The Uudam Khundii project and the nearby Khurentsav licence together will create a strong combined platform for our growth plans in the region,” CEO Bataa Tumur-Ochir said in a statement. “With our new partner on Khurentsav, Erdenes Alt Resource LLC, we are proposing 10,000 meters of exploration drilling at this exciting project, and we look forward to sharing more updates with the market in the coming months.”
Regarding its joint venture with Bayankhongor province (as well as Corumdum Geo, and Shinejinst Soum of Bayankhongor province), Steppe also signed a new cooperation agreement to support its exploration partnership in the region.
Steppe Gold said it is committed to a strong two-way partnership with all stakeholders in the region, particularly the residents of the local Soum area. The company is working with the local Soum on a program of local procurement, employment opportunities and investment in education, providing scholarships to over 70 students, along with social programs to ensure that local communities are beneficiaries of economic development.
Thirdly, Steppe signed an MOU with the Minister of Mining and Heavy Industry and the Mongolian Mining Association. The MOU is regarding a responsible mining codex to ensure best practices in responsible mining.
“At the core, our strategy has always been to build strong relationships with local partners and create win-win scenarios for all stakeholders,” Tumur-Ochir said. “Bayankhongor has fantastic mining assets and we look forward to building long-term and sustainable projects across our significant land holdings in the area.”
He continued: “We are also delighted to renew and strengthen our partnership with the Bayankhongor province and now the Shinejinst Soum to provide tangible benefits to our communities and a renewed commitment to responsible mine development."
Meanwhile, exploration work at the Uudam Khundii project has continued in 2022, with 3000 meters drilled thus far and assay results pending.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel
Published Date:2022-10-05
