11:33 AM EDT, 09/25/2024 (MT Newswires) -- Erdene Resource Development ( ERDCF ) on Wednesday reported results from shallow drilling within the initial mining areas of the Bayan Khundii gold project in Mongolia.

Results include 9.52 grams per tonne gold over six meters, confirming the high-grade domains in the current block model.

"Results from the first phase of the Bayan Khundii ore control drilling program confirm the high-grade nature of the deposit, consistent with the reserve model in near surface zones," chief executive Peter Akerley said.

The company said it is launching a 13,500-meter reverse circulation drill program in the coming weeks to collect data and finalize the mine plan.

Erdene plans to commence mining in the first quarter of 2025.

The company's shares were last seen up $0.02 to $0.59 on the Toronto Stock Exchange.

Price: 0.59, Change: +0.02, Percent Change: +3.51