Sentosa Mining acquires Darvii Naruu copper-gold project in Mongolia
Sentosa Mining (ASX: SEO) has exercised an option to acquire a copper-gold project located within Mongolia’s South Gobi Arc which hosts Rio Tinto’s (ASX: RIO) world class Oyu Tolgoi porphyry copper gold deposits.
Work carried out by the company over the Darvii Naruu Copper Gold Project in Gobi-Altai Province, western Mongolia, has confirmed its potential for large scale copper-gold, gold or nickel-copper-PGE mineralised systems.
To complete the purchase, Sentosa will issue 5.5 million shares and a 0.5% Net Smelter Return Royalty as consideration for 100% ownership of Australia’s St Nicolas Mines Pty Ltd, which owns the seven mineral permits that make up the 62,735.8 hectare project.
The company signed a letter of intent in April 2013 to acquire the project and has since commissioned 1620 line kilometres of aeromagnetic-radiometric data and two independent technical reviews.
Local surface sampling had returned ore grade mineralisation peaking at 5.8% copper and 34.4 grams per tonne gold.
This and historic regional geological mapping has allowed the company to identify 37 exploration targets including several high priority drill ready magnetic and potasic targets.
Sentosa plans to conduct up to 3,000 metres of reverse circulation drilling at the project before the end of November.