The 2017 diamond drilling campaign was completed with 6,441 meters of boreholes. The majority of the drilling (4,281 meters) was conducted on Vein Ten. The average depth of the drill holes was nearly 100 meters.

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The ore body appears to extend below at least 250 meters, open at depth, with further extension likely. The ore body is also wider in some locations, with grades higher than previous JICA estimations (all reports available upon request). Further drilling will be needed to properly estimate final depth and structure.

The Naran Mandal project has a JORC compliant estimated resource of 212,500 ounces of gold at 8.7 grams per ton, as a result of the 2017 drilling campaign. This resource was calculated only on Veins One and Ten. Historical surveys suggest considerable upside potential at depth and on other veins.

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JORC Report

 

The report, produced by RPM Global, confirms Mongold’s theory that Naran Mandal is an orogenic deposit, based on the mineral assemblages, with enormous additional potential to extend on both strike and dip from the JORC defined resource. Current drilling has only defined the veins to a depth of approximately 200 meters, and RPM believes a deeper drilling program has the potential to dramatically uplift the defined ounces.

 

On Vein One, RPM believe there is additional ore strike potential of approximately 430 meters on level 1, and 630 meters for Vein One, level 2. Additional resources along this strike are also likely at depths reaching to level 3 and beyond.