Entrée Gold Inc.
ENTRÉE GOLD BEGINS EXPLORATION AT SOL DOS, ARIZONA; COPPER AND MOLYBDENUM INTERSECTED AT MANLAI, MONGOLIA
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Vancouver, B.C., September 15, 2006 – Entrée Gold Inc. (TSX: ETG; AMEX:
EGI; Frankfurt: EKA) reports on its exploration activity.
Sol Dos Prospect, Arizona
Entrée has commenced exploration of the Sol Dos copper prospect, in the
Safford area of south-eastern Arizona. A geophysical crew has been
mobilized onto the property to commence a 20 line kilometre program of deep
probing induced polarization (“IP”) and magnetic surveys. Entrée has an
option to earn a 100% interest in Sol Dos, subject to a 2% NSR royalty,
half of which can be purchased by Entrée.
The Company plans to drill targets outlined by the IP and magnetometer
surveys, later this fall. The prospect is modeled as a large porphyry
copper target, similar to the San Juan and Dos Pobres deposits, being
developed by Phelps Dodge, approximately 8 kilometres (5 miles) to the
northwest, and to the deep, high-grade Resolution porphyry copper deposit,
being evaluated by Rio Tinto and BHP Billiton, approximately 100 kilometres
(60 miles) to the northwest.
Lookout Hill Project, Mongolia
Two diamond drill holes, totalling 2,221 metres, have now been completed by
Entrée immediately west of Ivanhoe Mines Ltd.’s (IVN:NYSE, TSX, NASDAQ –
“Ivanhoe”) Oyu Tolgoi concession. The holes targeted coincident IP and
copper-in-soil anomalies, in or close to assumed Devonian rocks in Entrée’s
West Grid area. Drilling and exploration were hampered by technical
problems and unusually heavy rainfall.
Hole EG06-040 intersected a 31 metre zone (250 – 281 metres) of sheared and
altered Devonian (?) basalt averaging 370 parts per million (“ppm”) copper,
including a 3.68 metre (250.0 – 253.68 metres) interval averaging 0.17%
copper. Another shear zone, separating Carboniferous basaltic tuffs from
Devonian volcanosedimentary rocks, was intersected at a down-hole depth of
435 metres. However, the strong IP anomaly in this area remains
unexplained and is being tested at a greater depth in a third hole,
EG06-041, which is in progress.
Approximately 5,500 metres of budgeted diamond drilling remain to be
completed this season. Two additional deep diamond rigs from Major
Drilling are mobilizing to the Lookout Hill property within the next two
weeks.
A total of 3,290 metres, in 18 holes, of shallow reverse circulation
drilling was completed in the areas of the Zone III epithermal gold target
and the Zone I and Ring Dyke epithermal/porphyry- style targets. Results
from this drill program are pending.
Entrée – Ivanhoe Earn-in Agreement Area
Ivanhoe continues condemnation drilling on the Earn-In Agreement portion of
Entrée’s Lookout Hill project. The drilling is designed to verify the
absence of significant mineralization in areas of proposed infrastructure
development.
Ivanhoe is continuing with its development plans for Oyu Tolgoi and is
advancing its mine plan. Studies include the continued evaluation and
development of Entrée’s Copper Flats area, where an inferred resource,
traced over a strike length of 625 metres north of the Entrée-Ivanhoe
property boundary, is estimated to contain over 6.5 billion pounds of
copper and 3.2 million ounces of gold.
The mineralized system that defines the northward continuation of Ivanhoe’s
Hugo Dummett ore body onto Entrée’s Copper Flats ground remains open
along-strike to the north. Mineralized drill intercepts occur 600+ metres
north of the currently defined inferred resource, and the structural system
hosting the Hugo Dummett mineralization extends for an additional eight
kilometres north on Entrée’s Lookout Hill property.
Manlai Project, Mongolia
Since the beginning of the current exploration season, a total of 3,108
metres of diamond drilling, in six holes, has been completed. Drilling
this year (holes EGU06-005 to EGU06-010) has been concentrated in the area
of a large (1.5 kilometre x 1.5 kilometre) IP chargeability – magnetometer
anomaly, with associated porphyry-style alteration and mineralization.
This anomaly was not tested in the 2005 exploration season.
Hole EGU06-009 intersected a broad zone (215 metres down-hole length) of
variable quartz stockwork with visible copper and molybdenum sulphides in
association with numerous porphyritic dykes. A similar quartz stockwork
with copper and trace molybdenum sulphides was encountered in hole
EGU06-010. The hole is located approximately 250 metres southeast of hole
009 and lies midway between holes 009 and 005 (see map on Entrée’s website
at www.entreegold.com).
In hole EGU06-005, a zone of moderate to strong pervasive potassic
(K-feldspar+/-magnetite) alteration was encountered from 130 to 650 metres
(end of hole). Elevated copper values (>250 ppm) occur throughout this
zone of potassic alteration with narrower intervals hosting strongly
anomalous copper values (see table below). Results from holes 008, 009 and
010 are pending.
Table 1 – Summary of Results for Hole EGU06-005
Intervalfrom – to (metres) Thickness(me- Average copper
tres) value (ppm)
401.5 – 419.9 18.4 423
438.8 – 537.2 98.5 642
Includes
474.0 – 484.0 10.0 1447
547.0 – 584.0 37.0 637
Includes
547.9 – 556.0 8.1 1266
Holes EGU06-006 and EGU06-007 were collared approximately 500 metres to the
east of hole EGU06-005 and hole EGU06-008 was collared approximately 750
metres north-northeast of hole EGU05-005. These holes are now interpreted
to be too far north and east of the trend of mineralization outlined in
holes 005, 009 and 010.
Entrée’s President and CEO, Greg Crowe, commented: “The results of the 2006
drilling on the Manlai project have been encouraging. With only 10 holes to
date, the intersection of copper- and molybdenum-bearing quartz stockwork
associated with potassic alteration suggests potential for the property to
host a porphyry-related mineralized system. The values and alteration
encountered so far could represent the margin of a richer system. Every
one of the holes put into this zone has encountered a favourable
porphyry-style geological environment.”
Mongolian Government Update
The Company is awaiting the official text of recently completed changes to
the Mongolian mining legislation. Separately, recent announcements by
Ivanhoe indicate a resumption of dialogue between the Mongolian government
and Ivanhoe through the establishment of a working group, with the goal of
finalizing a comprehensive investment agreement for Oyu Tolgoi (see Ivanhoe
news release of Sept. 6, 2006).
ABOUT ENTREE GOLD INC.
Entrée Gold Inc. (www.entreegold.com) is a Canadian mineral exploration
company focused on gold and copper prospects. The Company is a large
landholder in Mongolia and has recently acquired an early stage copper
porphyry project in Arizona, USA.
Entrée holds a 100% interest in mineral concessions comprising the 179,590
hectare Lookout Hill (Shivee Tolgoi) property which completely surrounds
the 8,500 hectare, Turquoise Hill (Oyu Tolgoi) project of Ivanhoe Mines
Ltd. (“Ivanhoe”).
Under an “Earn-In Agreement” announced in October 2004, Ivanhoe has the
right to earn an interest in approximately 40,000 hectares of Entrée’s
Lookout Hill property. Details of the Earn-In Agreement are available on
Entrée’s website at www.entreegold.com and on SEDAR at www.sedar.com.
Drilling conducted by Ivanhoe as part of the Earn-In Agreement has
confirmed the extension of the Hugo North Deposit onto Lookout Hill. An
initial inferred resource was estimated at 190,160,000 tonnes (calculated
using a 0.6% copper equivalent cut-off), averaging 1.91% copper equivalent,
containing over 6.5 billion pounds of copper and 3.2 million ounces of gold
(see Entrée’s news release of February 1, 2006).
Significant investments by Rio Tinto plc and Ivanhoe have contributed to
Entrée’s treasury, which currently exceeds CDN$20 million. Entrée plans to
use these funds to explore its wholly-owned projects in Mongolia and
Arizona, and acquire and explore new projects globally.
Please find more informations on Entrée Gold Inc. on www.entreegold.com or
per E-Mail: EKA@vrir.de
Contact:
Value Relations GmbH
Tel: (069) 95 92 46 – 13;
Sternstr. 15
D-60318 Frankfurt
(c)DGAP 15.09.2006
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