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mongolian gold THE
lure for explorer
While most of its peers are jostling for position in the goldfields of Western Australia,
Perth-based Voyager Resources has opted for a much roomier arrangement in Mongolia.
established with designs on
becoming a mid-tier gold
producer in Mongolia.
Such aspirations aren’t unusual,
but for some people, the idea of trying
to achieve them in a country like
However, with a comprehensive
drill program kicking off on its
projects in April this year, Voyager
is set on proving up an initial JORC
resource well before the end of 2010.
“We felt Mongolia has the right
geology to host large-sized gold
deposits,” Voyager Resources
managing director Kell Nielsen
explained to RESOURCESTOCKS.
Well before the global financial
crisis hit, Mongolia had been through
something of an economic downturn,
which had resulted in a significant
decline in exploration.
As far as Voyager is concerned,
Mongolia is now ready for a major
resurgence that would utilise the
wealth of mining services the country
has in terms of drilling, laboratories,
trained local geologists and other
The response the company
received in March at this year’s
Mines and Money Hong Kong
program suggests that Nielsen may
be right, with a strong level of interest
coming from local and Chinese
investors at the two-day event.
“Our timing was perfect. That
Mongolia was going to experience a
new resources boom seemed obvious
to us,” he said.
The Mongolian government has
recently legislated to remove the very
unpopular windfall taxes on copper
and gold and has also signed the
Oyu Tolgoi Investment Agreement
with Rio Tinto and Ivanhoe Mines.
Given these significant events and
the massive resource potential of
Mongolia, Voyager feels the country
is on course for a dramatic rise in
Voyager is no newcomer to
the market and has worked hard
at establishing a presence in the
country, basing its back office in the
Mongolian capital of Ulaanbaatar,
building its exploration team incountry and developing a network
of local contacts. This places the
company at the forefront of the
resurgence in Mongolian resources.
The Voyager board and
management team is a combination
of mining industry identities with
many years of experience across all
aspects of the sector. Importantly,
the company draws on local mining
expertise as part of its non-executive
advisory board as well as in its
management and technical team on
“We have a board that is
experienced in exploring for and
“Our timing was perfect. That Mongolia
was going to experience a new resources
boom seemed obvious to us.”
developing gold deposits around
the globe,” Nielsen said. “The
board brings a wealth of expertise
and capital resources that can be
applied to develop gold mines within
The combination of Voyager’s
local network contacts and board
structure has allowed the company
to move quickly and evaluate a great
deal of gold projects. This has led
to the recent acquisition of three
key projects, namely Daltiin Ovor,
Tsagaan Chuluut and Argalant, which
match Voyager’s investment criteria
of gold, Mongolia and quality.
Voyager has committed to
delivering and proving up an early
resource statement for shareholders.
The company began a comprehensive
drill program on its projects in April
that will entail at least 10,000 metres
of diamond drill core and reverse
circulation drilling with the aim of
identifying initial JORC resources
later in the year.
Voyager’s immediate focus will
be the high-grade Daltiin Ovor gold
project located about 600 kilometres
southwest of Ulaanbaatar.
The company has the right to
acquire 80% of the 792-hectare
property, which is situated within the
Bayankhongor Gold Belt in southern
Daltiin Ovor has an exploration
target of more than 1 million ounces
gold at 4-6 grams per tonne as well as
silver and copper credits.
Previous exploration has been
carried out at Daltiin Ovor in the form
of trenching, rock chip sampling,
soil geochemistry, ground magnetic
and induced polarisation geophysical
Results received from trenching
have been encouraging, including
MAY/JUNE 2010 RESOURCESTOCKS
12 metres at 8.7gpt gold, 24gpt silver
and 0.7% copper and 15m at 5.4gpt
gold, 22gpt silver and 0.5% copper,
with the tenor of the mineralisation
being verified by a large Australian
Further notable trenching results
were 11.4m at 8.8gpt gold, 14gpt silver
and 0.6% copper and 4.3m at 11.7gpt
gold, 11gpt silver and 0.9% copper.
“Daltiin Ovor will be our initial
focus for drilling. The project needs
to be drilled so that we can get a
greater understanding of the geometry
and nature of the mineralisation
underneath these exceptional
trenching results,” Nielsen said.
Voyager’s exploration program
will also entail work on the Tsagaan
Chuluut and Argalant gold projects.
The company is of the opinion
that gold mineralisation identified
at Tsagaan Chuluut bears a strong
resemblance to many of the large
gold deposits found in the world-class
Maricunga Gold Belt of Chile.
Its assumptions are based on the
proximity of structurally controlled
high sulfidation gold deposits to lower
grade bulk tonnage gold and coppergold porphyries.
This style of deposit has a history
of producing large resources, such as
the Caspiche deposit with 20Moz gold
and 2.5 million tonnes of copper, and
Cerro Casale deposit with 26Moz gold
and 3Mt copper.
Previous exploration at Tsagaan
Chuluut has involved trenching and
MAY/JUNE 2010 RESOURCESTOCKS
15 RC and one diamond drillhole.
Trenching has intersected broad
zones of gold mineralisation,
including 47m at 0.71gpt gold and
36m at 0.84gpt gold, and 13m at
1.34gpt gold and 15m at 1.3gpt gold.
Drilling at Tsagaan Chuluut
intersected broad zones of porphyry
gold mineralisation, including
150m at 0.55gpt gold, 124m at
0.41gpt and 198m at 0.44gpt gold, all
Voyager also owns 100% of the
Argalant gold project, located 900km
west of Ulaanbaatar in a geological
setting similar to the nearby
Golden Hills gold-copper project.
Golden Hills has a resource of
1.1Moz gold, 7.4Moz silver and
323,000 tonnes of copper.
At Argalant, three diamond
holes have been completed targeting
identified mineralisation in outcrop.
Drilling was conducted from the
valley floor, where a significant
induced polarisation geophysical
anomaly exists, returning 49.3m at
0.5% copper from 23.7m. Drilling has
clearly not tested the better part of the
Voyager Resources has an
aggressive year of exploration
ahead of it with drilling to be
conducted at three of its projects.
The company is also continuing to
assess additional opportunities in the
underexplored yet highly prospective
gold belts of Mongolia.
– Wally Graham
at a glance
33 Richardson Street
West Perth WA 6005
Ph: +61 8 9200 6264
Fax: +61 8 9200 4469
Matthew Wood, Kell Nielsen,
George Tumur, Nicholas Lindsay,
$A9 million (at press time)
QUOTED SHARES ON ISSUE
Jason Peterson 7.8%
Matthew Wood 5.1%
Timothy Flavel 3.3%
Bannaby Investments Pty Ltd 3.3%