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Stage 2: Discovery drillingIllustrative example

Project Altai-07

This is an invented example. It is not a real project and not an offer.

Summary

An invented example of a porphyry target at the discovery-drilling stage. A first drill programme intersected copper and gold in most holes, but the spacing is too wide to estimate a resource.

The owner is looking for a partner to fund a second programme. This listing is illustrative and does not describe a real project.

  • 12 drill holes, 3,400 m
  • Copper-gold mineralisation intersected in 9 holes
  • Open along strike to the north
  • Road access to within 15 km

Stage classification

Stage 2: Discovery drilling, first holes hit, no resource yet

In short: A first drill programme intersected copper and gold in most holes, so this is a discovery. The holes are too widely spaced to estimate a resource, which keeps it in stage 2.

What puts it at this stage

  • 12 drill holes for 3,400 m
  • Copper-gold mineralisation intersected in 9 of the 12 holes
  • Modern drilling data, reported by the owner

What keeps it from stage 3

  • Hole spacing too wide to estimate tonnes and grade
  • No resource under any reporting code

What would move it up

  • A second drill programme to close the spacing and test the open extension to the north, leading to a first resource estimate (stage 2 to 3)

What could move it back

  • If follow-up holes show the intersections do not join up, the discovery may prove too small or discontinuous to estimate

Read about stage 2 or see the full stage guide.

  1. Stage 1: GrassrootsMapping and surface sampling, up to the first drill holes.Prospectors, junior explorers
  2. Stage 2: Discovery drillingDrilling has intersected mineralization; no resource estimate yet.Junior explorersPlatform focus
  3. Stage 3: Maiden resourceFrom the first resource estimate up to a published PEA.Few natural funders (the gap)
  4. Stage 4: Resource upgradeFrom the PEA to the PFS: infill drilling upgrades Inferred to Indicated.Few natural funders (the gap)
  5. Stage 5: Pre-developmentFrom the PFS to the build decision: Measured drilling, the feasibility study, permits and financing.Mid-tier miners, strategic partners
  6. Stage 6: Development and productionFrom the build decision through construction and ramp-up to an operating mine.Majors, banks, streaming and royalty companies

Location and access

Western Mongolia, Mongolia

The shaded circle is deliberately imprecise. Exact locations and licence numbers are not published.

The full listing is for registered investors

Create a free account and sign this project's NDA to see the rest of the listing and its data room.

  • Screening: ownership, title and encumbrances
  • Geology, drilling and resources
  • Engineering, studies and reserves
  • Permitting
  • Deal terms and use of funds
  • Verification
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Lode Exchange publishes educational material only. Nothing on this site is an offer, solicitation or investment advice. Mineral exploration is high risk and most projects fail; investors could lose all of their capital. Project listings are teasers, not offers, and examples and figures marked illustrative do not describe real projects.

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