- The Sharga Project is comprised of one exploration license over an area of approximately 9,000 hectares.
- The Sharga Project is located in the Sharga Soum of Gobi Altai Province and 80 km from the Altai city. The project is situated only 20 km away from key roads linking Altai to China.
- Prior exploration at the Project has defined three high grade copper targets and extensive electromagnetic anomalies typical ofmassive copper sulphides . Prior work has included 74 rock chip samples, two diamond core drill holes totaling 222.5 metres, 77 drill core samples , 921 line kilometres of ground magnetics and 40 line kilometres of ground based electromagnetic geophysics.
- The accessibility to the Project area is well developed including paved road and/or airline to nearest town from Ulaanbaatar.
SHARGA COPPER PROJECT ACQUISITION
- Aranjin has acquired the project through the purchase of all of the issued and outstanding equity interests in a Mongolian LLC company, which is the 100% owner of the Sharga Project.
- As consideration for the acquisition, the Company will pay a total of US$1.5 million in cash in instalments and issue 30 million common shares in instalments, provided the issuance would not result in the vendor owning over 9.9% of the issued and outstanding common shares of the Company.
- In order to fund the cash portion of the acquisition, the Company has entered into a term sheet for the issuance of a $1,814,400 (approximately US$1.5 million) unsecured convertible debenture. The debenture will have a term of 12 months and bear interest at a rate of 15% per annum to be accrued and paid at maturity in cash or, at the option of the debenture holder, in common shares.
- In addition, the Company has agreed to grant the debenture holder a 1% net smelter returns royalty over the Sharga Project.
- Ulaanbaatar – Altai city – 875km paved road, 130km dirt road
- Altai city – Sharga – 40km paved road, 20km dirt ro
- Sharga – Bulgan port – 550km paved road
Exceptional early drilling results.
- East Sharga Discovery (one drill hole to 172.5 metres depth)
- SHD001 – 37.8m at 0.95% copper, 1.37g/t gold and 6.8g/t silver from 132.6 metres
- West Sharga Discovery (one drill hole to 50 metres depth)
- SHD002 – 11m at 0.15% copper and 0.12g/t gold from 28 metres.