Erdene Resource Development drill results shows new potential for Mongolian molybdenum project
New York
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July 12, 2023 05:05 PM Eastern Daylight Time
Erdene Resource Development CEO Peter Akerley joins Natalie Stoberman from the Proactive studios to share the latest drill results from its 100 percent owned Zuun Mod molybdenum-copper porphyry project in southwestern Mongolia, located within the Khundii Minerals District, 35 kilometres east of the Bayan Khundii gold project.
Akerley says the project aimed to expand the existing molybdenum deposit and explore peripheral opportunities within the large Porphyry complex. The drill program successfully achieved its two main objectives, along with discovering molybdenum mineralization around the perimeter of the existing deposit, with some holes showing mineralization grades of up to 200 meters. Additionally, Akerley says a hole located 1.7 kilometers north of the deposit also intersected high-grade mineralization which indicate the potential for the project to become even larger.
Akerley explains the market for molybdenum is growing due to its use in lightweight, high-strength steel alloys and its suitability for super alloys and high-strength steels. The mineral is increasingly being used in green energy applications such as solar and wind power equipment and hydrogen pipelines. He says he expects the market is expected to expand, potentially reaching an increase of 184 million pounds per year in the next decade.
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