from Sandstorm update this am Underground Development Commences at Hugo North Extension; Additional High-Grade Intercepts Released
Entre Resources Ltd. ("Entre") announced the commencement of underground development work at Oyu Tolgoi Lift 1 Panel 1 on the Entre/Oyu Tolgoi joint venture property in November. This initial phase involves up to 212 metres of lateral development in the southwest corner of the Hugo North Extension ("HNE"), as outlined in the 2024 Oyu Tolgoi Mine Plan, intended to support the development of mine infrastructure. Entre continues to advance discussions with Rio Tinto and Oyu Tolgoi LLC ("OTLLC") to finalize either (i) the execution and delivery of the existing JV agreement between the parties or, (ii) conversion to an alternative agreement of equivalent economic value to govern their relationship during the development and mining stages of the Entre/Oyu Tolgoi joint venture property. Entre, Rio Tinto and OTLLC have identified a potential pathway forward, with corresponding definitive agreements subject to the approval of the entire OTLLC board.
Entre also released additional results from the 2023 drilling program at HNE, which includes both infill and extension holes from surface and underground. In addition to confirming long, high-grade intervals within the existing Hugo North Lift 2 block cave footprint, drill hole EGD 174 was terminated in mineralization at a depth of 1,800 metres, highlighting that the deposit remains open at depth with continuity for deeper potential lifts at Oyu Tolgoi. At depths, the Hugo North deposit dips to the northwest with an increasing proportion located on the Entre/Oyu Tolgoi joint venture ground. Underground geotechnical holes UGD 807A, UGD 807B , and UGD 808 confirmed continuity of mineralization outside the potential Hugo North Lift 2 footprint.
Highlights from the surface drill results include:
- EGD 174: 448 metres grading 1.31% copper, including:
- 172 metres grading 1.58% copper.
- EGD 177 1 : 143 metres grading 1.09% copper, including:
- 51 metres grading 1.75% copper.
Highlights from the underground drill results include:
- UGD 805B : 177.3 metres grading 1.79% copper.
- UGD 808: 613.6 metres grading 0.69% copper, including:
- 214 metres grading 1.04% copper.
- UGD 813: 56 metres grading 1.45% copper.
- UGD 814: 138 metres grading 1.92% copper.
During 2024, drilling has continued at HNE with all holes targeting the potential Lift 2 mineralized footprint. As of October 31, 2024 , OTLLC had advised Entre that approximately 5,287 metres of underground drilling in 23 diamond drill holes and 2,476 metres of surface drilling in four diamond drill holes had been completed. Entre will report on the drill results once they have been received and reviewed.
For more information, including full details of the drill results, visit www.entreeresourcesltd.com and refer to the press releases dated October 29 and November 4, 2024 . Sandstorm has a copper and precious metal stream with Entre on the HNE whereby the Company has the right to purchase 0.42% of the copper, 5.62% of gold, and 4.26% of silver produced for ongoing cash payments of $0.50 per pound of copper, $220 per ounce of gold, and $5 per ounce of silver.