Planet Exploration Gears Up in Mongolia
Thursday February 12, 7:02 am ET
CALGARY, ALBERTA--Planet Exploration Inc. (TSX-VEN:PXI) has begun preparations for exploration on it's 100% owned Ovoot property acquisition located in Zavkhan province, Mongolia.
Previous exploration (see news release dated November 7, 2003) identified three high grade copper/gold prospects on this property. The Ovoot prospect is the most important occurrence uncovered to date, and consists of fractures with malachite-azurite staining in andesite, skarnised gabbro and quartz-sulphide veins with significant values of copper. Assay results from surface samples have ranged from .77 g/ton to 11 g/ton Au and from 1.81% to 10.32% Cu.
Plans are being finalized for a spring program of more advanced exploration on the Ovoot property. The program will consist of geochemistry, geological mapping and a magnetics and IP survey. Efforts will be concentrated on a smaller area in the Ovoot mountains, where earlier reconnaissance has already identified gold and copper mineralization. The objective of the program is to refine targets for a diamond drill program later this year.
Planet holds two other exploration licences in the Gobi region of Mongolia and has established an office presence in Ulan Bator through Mine Info Ltd. to facilitate further exploration activities and acquisitions. Mine Info is an exploration and development company with several of Mongolia's leading geologists under its employ. Dr. Adrian Mann, Planet's VP of Exploration, will work with Mine Info to plan and oversee all impending work programs.
Planet has a diamond drill program currently underway on its Sidace Lake Property under Joint Venture with Goldcorp Inc. (GG: NYSE; G: TSX) and is in the exploration planning phase on its Copalquin, Mexico and Wulanbulang, China gold projects.
Planet is a junior mineral exploration company with active gold projects in Canada (Sidace Lake being funded by Goldcorp Inc.), Mongolia, Mexico and China.
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