Altan Rio to Commence Drilling at Chandman-Yol Copper-Gold Project and Completes Onon Project Earn-In
July 10 2012 - 9:10AM
PR Newswire (Canada)
VANCOUVER, July 10, 2012 /CNW/ - Altan Rio Minerals Limited,
("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. CHANDMAN-YOL HIGHLIGHTS -- 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.
ONON EARN-IN 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 137 km(2.) 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, "Evan Jones" Evan Jones, 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 management. 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. SOURCE Altan Rio Minerals
Limited 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
Altan Rio Minerals Limited CONTACT: Kelly EarleCorporate
Communications ManagerAltan Rio Minerals LimitedTel: +1 604 639
5899 ext. 220Email: info@altanrio.comWeb: www.altanrio.com
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