• Montag, 21 September 2020
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Steppe Gold Provides Drilling and Exploration Update

15.09.2020  |  Newsfile

Ulaanbaatar, September 15, 2020 - Steppe Gold Ltd. (TSX: STGO) ("Steppe Gold" or the "Company") is pleased to provide an update on the exploration drilling and trenching programs at the ATO Gold Mine and Uudam Khundii ("UK") Gold Project.

ATO GOLD MINE

Steppe Gold currently has three diamond core drilling rigs operating at the ATO Gold project on a 24hr basis. The drilling rigs are undertaking a program of infill and extensional drilling at the ATO1, ATO4 Deposits and the Mungu Discovery. The aim of the drilling program is to deliver resource upgrades on the existing ATO Deposits and to deliver a maiden resource on the Mungu Discovery before the end of 2020.

To date in 2020 Steppe Gold has drilled 23 diamond drill holes for a total of over 9,482 metres. The Company has now received results for infill drilling completed in 2019 and 9 holes from the 2020 drilling program.

Highlighted results for the 2019 drilling program include:

ATO4 Deposit

  • ATO-357 22m at 2.4g/t gold from 85 metres
  • ATO-367 10m at 4.59g/t gold from 219 metres

Mungu Discovery

  • MG-122 34.3m at 7.6g/t gold, 24.11g/t silver from 259.7 metres
  • MG-130 33.5m at 2.07g/t gold, 181g/t silver from 286 metres

A new, very high-grade base metal zone has also been discovered underneath the ATO1 Deposit which is now subject to additional drilling in the 2020 drilling program.

ATO-364 6.48m at 0.46g/t gold, 40.69g/t silver, 1.39% copper, 4.66% lead and 20.88% zinc.

Better results from the 2020 drilling program received to date at the Mungu Discovery include:

  • MG-139 19.3m at 6.77g/t gold, 28.6g/t silver from 219.2 metres
  • MG-140 22.9m at 4.73g/t gold, 87.10g/t silver from 205.1 metres
  • MG-141 11m at 4.83g/t gold, 249.03g/t silver from 168 metres
  • MG-142 21m at 3.77g/t gold, 8.7g/t silver from 269 metres
  • MG-143 38m at 1.32g/t gold, 78.44g/t silver from 257 metres
  • MG-144 32m at 1.59g/t gold, 115.8g/t silver from 238 metres
    19.3m at 6.26g/t gold, 15.01g/t silver from 300 metres
    15m at 7.81g/t gold, 6.07g/t silver from 331 metres

Drilling programs at the ATO Gold Project will be ongoing for the remainder of 2020 and a substantial amount of results are pending that will be reported in the next 30 days.



Figure 1

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Figure 2

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The Company is also actively progressing its bankable feasibility study ("BFS") in the Expansion of the ATO Gold Mine into fresh rock ores. The Company plans to provide regular updates on the BFS progress as data becomes available. External project finance advisers have been retained and discussions have already commenced with lending groups to enable the financing to progress in tandem with the BFS. Supported by a strong working capital position and regular cash flow from ATO operations, the Company is optimistic in concluding project finance for the construction of the CIL facility and remaining infrastructure, to allow for commencement of construction by mid 2021.

UUDAM KHUNDII PROJECT



Figure 3

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The Company has also commenced exploration programs at its Uudam Khundii Gold Project located in the exciting Bayankhongor Gold Belt of Southern Mongolia. To date Steppe Gold has completed 18 trenches for 933 metres in 2020 at the Milky Way Prospect and the Altan Sum Prospect. This work is ongoing with more trenching planned across all four prospects discovered.

At the Milky Way Prospect initial trenching results have highlighted a mineralised system of at least 700 metres in length and up to 12 metres wide with individual meter sampling results up to 1.49g/t gold, 450g/t silver, 2.98% copper, 3.98% lead and 0.31% Zinc. These are exciting early results and the Company is expanding its exploration efforts with a geophysical crew and drilling rig planned to be mobilized to site in the coming month.

Bataa Tumur-Ochir, President and Chief Executive Officer of Steppe Gold, stated, "The ATO Gold Project continues to delivery exciting and high-grade drilling results that demonstrate the robust nature of the ATO Gold Mine fresh rock deposits, which underpin the long-life nature of this exciting project. Early showings at the UK project are also positive and we look forward to updating all our stakeholders and shareholders on our progress."

Qualified Person
The technical content of this news release has been reviewed and approved by Enkhtuvshin Khishigsuren as the Qualified Person.

Steppe Gold Ltd.

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact:

Bataa Tumur-Ochir, CEO and President

Shangri-La office, Suite 1201, Olympic Street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914

Cautionary Note Regarding Forward-Looking Statements:

The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding the trading of the Common Shares and business, economic, and political conditions in Mongolia. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable laws.

Table 1. 2019 drilling program results

ID Location Drill Hole Depth (m) From (m) To (m) Core Length (m) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%)
1 ATO-1 ATO-356 332.00 292.00 294.00 2.0 0.51 34.15 0.45 2.19 7.77
2 ATO-4 ATO-357 311.00 85.00 107.00 22.0 2.41 3.40 0.03 0.11 0.21
including 98.00 102.00 4.0 7.00 2.75 0.02 0.04 0.04
including 100.00 101.00 1.0 18.45 4.50 0.04 0.03 0.06
3 ATO-4 ATO-358 119.00 70.00 85.00 15.0 0.82 76.64 0.01 0.03 0.06
including 80.00 81.00 1.0 2.73 140.00 0.01 0.03 0.08
87.00 92.00 5.0 0.44 131.22 0.00 0.02 0.05
4 ATO-4 ATO-359 326.00 161.00 166.40 5.4 0.58 10.10 0.00 0.01 0.01
268.00 272.00 4.0 0.60 7.98 0.03 0.58 1.28
5 ATO-4 ATO-360 128.00 79.55 84.00 4.5 0.98 444.34 0.01 0.03 0.10
104.70 114.00 9.3 0.75 50.83 0.01 0.02 0.05
including 107.00 108.00 1.0 2.26 114.00 0.01 0.06 0.17
6 ATO-4 ATO-361 221.50 65.00 67.00 2.0 0.43 82.70 0.02 0.07 0.15
7 ATO-4 ATO-362 321.90 129.00 135.00 6.0 0.65 116.98 0.01 0.08 0.24
273.00 289.00 16.0 1.20 2.97 0.10 0.39 0.74
including 285.00 287.00 2.0 4.62 10.00 0.58 1.22 3.10
8 ATO-4 ATO-363 275.00 0.00 27.00 27.0 0.92 5.28 0.08 0.37 0.06
82.00 90.00 8.0 0.49 1.55 0.00 0.00 0.01
9 ATO-1 ATO-364 386.00 348.88 352.00 3.1 1.94 45.95 1.35 3.60 12.25
including 350.00 352.00 2.0 2.80 57.80 1.67 3.97 15.85
353.00 359.48 6.5 0.46 40.69 1.39 4.66 20.88
10 ATO-4 ATO-365 350.00 no significant intercepts
11 ATO-4 ATO-366 92.00 no significant intercepts
12 ATO-4 ATO-367 293.00 219.00 229.00 10.0 4.59 9.22 0.06 1.79 2.94
including 222.00 223.00 1.0 5.80 19.40 0.16 6.20 11.75
including 225.00 226.00 1.0 35.70 48.10 0.22 6.79 8.31
13 ATO-4 ATO-368 197.00 120.00 128.00 8.0 1.53 15.51 0.01 0.07 0.12
150.00 171.00 21.0 0.68 29.01 0.01 0.02 0.05
14 ATO-1 ATO-369 440.00 125.00 125.70 0.7 0.39 9.40 0.17 2.73 8.34
418.00 422.00 4.0 0.10 8.25 0.13 1.39 3.23
15 ATO-4 ATO-371 305.00 80.22 87.65 7.4 0.95 265.24 0.01 0.11 0.35
93.00 97.00 4.0 0.42 2.95 0.00 0.00 0.00
16 ATO-4 ATO-372 281.00 193.00 195.00 2.0 1.63 18.35 0.35 2.73 6.34
239.00 241.00 2.0 0.34 11.50 0.01 0.02 0.02
17 ATO-4 ATO-373 263.00 179.00 180.00 1.0 0.33 8.10 0.00 0.00 0.01
187.00 196.75 9.7 0.81 7.59 0.01 0.03 0.05
18 ATO-4 ATO-374 221.00 92.00 95.90 3.9 0.42 381.97 0.05 0.05 0.08
123.95 130.00 6.0 3.01 809.17 0.05 0.17 0.45
153.32 157.30 3.98 1.67 335.72 0.02 0.05 0.12
19 ATO-4 ATO-375 296.00 230.75 239.00 8.25 0.34 1.55 0.01 0.06 0.09
271.00 273.00 2.0 0.43 7.15 0.13 1.62 2.72
20 ATO-4 ATO-376 305.00 247.00 257.00 10.0 0.62 11.72 0.01 0.10 0.23
278.00 285.00 7.0 1.28 15.27 0.02 0.11 0.24
21 ATO-4 ATO-377 212.00 104.00 112.00 8.0 1.27 4.03 0.05 0.41 0.90
158.57 172.00 13.43 0.82 12.14 0.01 0.06 0.10
22 ATO-4 ATO-378 278.00 208.00 214.00 6.0 1.06 42.83 0.00 0.08 0.46
216.00 228.00 12.0 0.61 17.43 0.00 0.02 0.05
243.00 250.00 7.0 1.00 49.81 0.00 0.02 0.03
23 Mungu MG-120 356.00 128.40 152.50 24.1 0.90 43.65 0.00 0.01 0.02
236.50 242.50 6.0 1.00 26.88 0.00 0.00 0.03
24 Mungu MG-121 329.00 224.00 225.00 1.0 0.40 0.60 0.00 0.01 0.02
25 Mungu MG-122 401.00 190.00 205.00 15.0 0.74 235.73 0.01 0.04 0.09
212.00 230.00 18.0 0.64 110.61 0.00 0.01 0.03
244.00 257.50 13.5 0.78 85.22 0.00 0.01 0.03
259.70 294.00 34.3 7.60 24.11 0.03 0.15 0.25
including 279.00 285.00 6.0 38.57 37.17 0.16 0.84 1.28
including 279.00 283.00 4.0 55.90 53.05 0.19 1.20 1.76
including 280.00 281.00 1.0 98.50 64.70 0.19 1.28 3.24
295.00 302.00 7.0 1.10 5.70 0.00 0.00 0.00
303.00 311.00 8.0 1.30 6.61 0.00 0.01 0.01
343.00 353.00 10.0 0.76 8.84 0.00 0.01 0.01
26 Mungu MG-123 380.00 no significant intercepts
27 Mungu MG-124 146.00 1.80 57.00 55.2 1.21 61.45 0.00 0.01 0.01
28 Mungu MG-125 290.00 91.05 116.50 25.45 0.84 36.11 0.00 0.00 0.01
29 Mungu MG-126 404.00 173.00 181.75 8.75 1.50 82.86 0.01 0.02 0.03
206.00 221.00 15.0 0.74 155.71 0.00 0.02 0.04
223.00 230.00 7.0 0.51 86.19 0.00 0.01 0.02
231.00 255.00 24.0 1.33 41.12 0.00 0.01 0.01
30 Mungu MG-127 386.00 no significant intercepts
31 Mungu MG-128 408.00 347.00 352.00 5.0 0.76 7.08 0.00 0.01 0.02
32 Mungu MG-129 335.00 242.00 246.00 4.0 0.53 84.45 0.00 0.01 0.05
247.00 265.80 18.8 0.99 109.08 0.00 0.02 0.04
33 Mungu MG-130 348.00 286.00 319.50 33.5 2.04 181.87 0.01 0.03 0.07
including 295.00 296.00 1.0 6.30 383.00 0.01 0.03 0.07
including 299.00 303.00 4.0 6.66 704.75 0.02 0.12 0.28
including 309.00 311.00 2.0 2.89 411.50 0.01 0.06 0.14
34 Mungu MG-131 296.00 83.00 96.00 13.0 0.73 45.03 0.00 0.00 0.01
98.00 103.00 5.0 0.43 29.67 0.00 0.00 0.01
104.00 109.16 5.16 0.53 41.66 0.00 0.00 0.02
35 Mungu MG-132 335.00 1.00 5.00 4.0 0.52 41.92 0.00 0.01 0.00
141.00 147.00 6.0 0.89 31.05 0.00 0.00 0.01
36 Mungu MG-133 287.00 no significant intercepts
37 Mungu MG-134 300.00 no significant intercepts
38 Mungu MG-135 305.00 272.00 275.00 3.0 1.43 63.60 0.00 0.01 0.02
39 Mungu MG-136 332.00 309.60 310.60 1.0 0.54 14.10 0.00 0.00 0.02

Table 2. 2020 drilling program results

ID Location Drill Hole Depth (m) From (m) To (m) Core Length (m) Au (g/t) Ag (g/t) Cu (%) Pb (%) Zn (%)
1 Mungu MG-137 410.00 313.00 318.00 5.0 0.59 6.26 0.00 0.00 0.01
330.00 334.00 4.0 0.49 8.18 0.00 0.00 0.01
2 Mungu MG-138 453.00 166.00 177.20 11.2 1.19 52.88 0.00 0.01 0.03
221.00 258.30 37.3 1.40 10.49 0.00 0.01 0.01
270.60 281.00 10.4 3.34 47.21 0.01 0.03 0.07
3 Mungu MG-139 452.00 219.20 238.50 19.3 6.77 28.60 0.02 0.04 0.07
including 224.65 226.50 1.85 8.13 39.89 0.02 0.05 0.14
including 227.50 237.50 10.0 11.03 34.21 0.03 0.06 0.10
4 Mungu MG-140 305.00 205.10 228.00 22.9 4.73 87.10 0.01 0.02 0.04
including 205.10 224.00 18.9 5.26 101.11 0.01 0.02 0.05
5 Mungu MG-141 375.60 153.00 164.00 11.0 2.40 33.48 0.00 0.01 0.01
including 159.00 162.00 3.0 6.18 37.53 0.00 0.01 0.01
168.00 209.00 41.0 1.94 103.21 0.00 0.01 0.03
including 168.00 179.00 11.0 4.83 249.03 0.01 0.03 0.07
272.00 288.00 16.0 1.78 357.81 0.01 0.05 0.08
6 Mungu MG-142 392.00 217.00 248.00 31.0 0.72 72.86 0.00 0.01 0.03
269.00 290.00 21.0 3.77 8.70 0.01 0.02 0.04
including 272.00 280.00 8.0 8.01 13.83 0.01 0.04 0.06
7 Mungu MG-143 431.00 257.00 295.00 38.0 1.32 78.44 0.01 0.01 0.03
including 281.00 284.00 3.0 2.76 171.67 0.01 0.02 0.06
297.00 306.00 9.0 4.60 6.50 0.00 0.02 0.03
including 303.00 304.00 1.0 32.30 13.10 0.00 0.06 0.07
389.00 404.00 15.0 2.14 12.77 0.00 0.01 0.06
8 Mungu MG-144 443.00 238.00 270.00 32.0 1.59 115.80 0.01 0.02 0.05
272.00 285.00 13.0 1.07 247.52 0.01 0.04 0.10
300.00 319.30 19.3 6.26 15.01 0.01 0.04 0.05
including 305.00 307.00 2.0 22.35 29.55 0.02 0.19 0.13
331.00 346.00 15.0 7.81 6.07 0.01 0.09 0.16
including 344.00 346.00 2.0 32.95 17.00 0.03 0.34 0.73
368.00 375.00 7.0 1.98 3.36 0.00 0.01 0.01
9 Mungu MG-145 314.00 results pending
10 MG-146 470.00 results pending
11 MG-147 287.00 results pending
12 MG-148 452.00 results pending
13 MG-149 389.00 results pending
14 MG-150 381.00 results pending
15 MG-151 446.00 results pending
16 MG-152 473.00 results pending
17 MG-153 560.00 results pending
18 MG-154 470.00 results pending
19 MG-155 207.00 results pending
20 MG-156 491.00 results pending
21 MG-157 419.00 results pending
22 ATO-1 ATO-379 401.00 296.00 302.00 6.0 0.80 7.68 0.43 0.51 3.26
307.00 312.00 5.0 0.35 1.26 0.02 0.05 0.18
23 ATO-1 ATO-380 461.00 results pending

*Mineralization occurring at the mines, deposits, and discoveries listed above owned by third parties is not necessarily representative of mineralization that may be found on projects held by Steppe Gold described within.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63843


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