VANCOUVER, July 10, 2012 /CNW/ - Altan Rio Minerals Limited, (TSXV: AMO) ("Altan Rio" or the "Company") announces today that a contract has been signed for drilling to
commence shortly at the Chandman-Yol copper-gold porphyry project in
western Mongolia. Additionally, the Company announces that the earn-in
for 90% ownership of one of the Onon epithermal gold tenements in
northeastern Mongolia will be completed shortly.
Drilling to begin in mid-July with approximately 3000 m (some 6-8 holes)
of diamond core planned
Two high-priority, never-before-drilled targets identified through field
work completed in 2011 to be drill-tested
Ovoot target - copper-gold porphyry intrusion with high amplitude IP
chargeability anomaly (35+ msec) and copper staining visible on surface
Takhilt target - outcropping copper-gold porphyry intrusion with rock
chip values as high as 30 g/t gold and 1+% copper
New Targets to Be Drill-Tested
The 2010 and 2011 exploration seasons at the Chandman-Yol project
produced several new and highly promising targets from a combination of
geological mapping, large geochemical survey grids and reconnaissance
IP profiles. The two most advanced targets that are ready for drilling
are Ovoot and Takhilt.
Ovoot - Discovered by reconnaissance profiling, this high amplitude IP
chargeability anomaly (35+ msec), the strongest anomaly identified on
the Chandman Project to date, is at/near surface and of substantial
size, with dimensions of 2+ km long, 1 km wide, and possibly 500 to 800
m thick. Copper staining is visible in vertical fractures at surface
directly above the IP feature, which provides strong evidence of
geochemical leakage from depth.
Not previously drilled, Ovoot represents a compelling target for
potentially large tonnage resources. Two to three first-pass moderately
deep (500 to 700 m) drill holes are planned.
Takhilt - An outcropping copper-gold porphyry intrusion with disseminated copper
oxide staining named Takhilt was discovered in 2011 by geological
mapping in the northern Yol licenses of the project. Follow-up soil
geochemical sampling delineated a robust copper soil anomaly about 600
m in diameter. Rock chip sampling locally assayed up to 30 g/t gold and
+1% copper. Targeted IP profiles imaged moderate to strong (30+ msec)
chargeability responses that extend to about 2 km along strike, and
remain open to the east.
Not previously drilled, Takhilt also represents a compelling target for
shallow, but potentially large-scale, resources. Up to five 300 to 600
m deep holes are planned this season.
Further information and drill results from the Company's 2011 drill
campaign at the Chandman-Yol project can be found on the Altan Rio
website at www.altanrio.com.
The Company is also pleased to announce that the earn-in, representing
90% ownership of one of the three tenements that comprises the Onon
epithermal gold project, will be finalized shortly. Altan Rio will
complete the final stage of the earn-in by issuing Erdenyn Erel LLC, a
private Mongolian company, 240,000 common shares in the capital of
Altan Rio (subject to TSX approval). The remaining two Onon tenements
are already 100%-owned by the Company.
The Onon project, located in northeastern Mongolia, is an early stage
gold exploration project where previous work has identified numerous
gold and arsenic anomalies associated with epithermal-style
mineralization. The three tenements comprise in aggregate an area of
About Altan Rio
Altan Rio, founded in 2007, is based in Vancouver BC, Canada. Using
innovative exploration targeting techniques and leveraging long-term
in-country experience, the company explores large-scale gold and copper
projects in Mongolia, one of the world's most prospective mineral
regions. The Company's license holdings in Mongolia, which total more
than 153,310 hectares (378,873 acres), contain significant zones of
newly identified primary gold and copper mineralization across a very
large area of unexplored ground.
Competent Person Statement
J. Kelly Cluer, Altan Rio's Exploration Director, and a Qualified Person
as defined by National Instrument 43-101, has reviewed the preparation
of the scientific and technical information in this press release in
respect to the Chandman-Yol and Onon projects.
On behalf of Altan Rio Minerals Limited,
President & CEO
This press release may contain forward looking statements including
those describing Altan Rio's future plans and the expectations of
management that a stated result or condition will occur. Any statement
addressing future events or conditions necessarily involves inherent
risk and uncertainty. Actual results can differ materially from those
anticipated by management at the time of writing due to many factors,
the majority of which are beyond the control of Altan Rio and its
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Image with caption: "Figure 1. DEM image of Chandman-Yol project showing 57 km of strike length. Takhilt and Ovoot IP chargeability anomaly drill targets shown in cross-section. (CNW Group/Altan Rio Minerals Limited)". Image available at: http://photos.newswire.ca/images/download/20120710_C7173_PHOTO_EN_16135.jpg
SOURCE Altan Rio Minerals Limited
For further information:
Corporate Communications Manager
Altan Rio Minerals Limited
Tel: +1 604 639 5899 ext. 220