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Steppe Gold Development And Drilling Update

12.09.2018  |  GlobeNewswire

TORONTO, Sept. 12, 2018 - Steppe Gold Ltd. (TSX: STGO) (the “Company” or “Steppe Gold”) is extremely pleased to announce the progress that has been made over summer at its Altan Tsagaan Ovoo and Uudam Khundii Gold Projects in Mongolia.

Visible Gold in drill core from ATO299


Pre-Stripping of ATO1 Deposit


Crusher Construction Site


Crusher Construction Site


Crusher Footings Being Installed


Diamond core drilling at the ATO 4 – Mungu Trend


Panoramic view of camp and firebreak


ATO4 - Mungu Trend at completion of the Stage 2 drilling program - Gold & Silver mineralization.


HIGHLIGHTS

  • The ATO development is progressing well with some delays experienced over the summer period. The project CAPEX remains under budget.
  • The ATO crushing circuit is now on site and is under construction with commissioning planned for the coming month.
  • Pre-strip of the ATO1 deposit is nearing completion with material being stockpiled for later crushing.
  • Heap leach pad construction materials delivered to site and ready to commence construction.
  • ADR Plant fabrication completed with delivery to the ATO site scheduled for late September.
  • Consultant appointed and bankable feasibility study commenced on 150,000oz gold per annum operation on fresh rock ores.
  • The Stage 2 drilling program was completed with three diamond core drilling rigs completing a total of 36 drill holes for 9,006 meters.
  • The Stage 2 drilling program was highly successful and focused on the ATO4 end of the ATO4-Mungu mineralized trend.
  • First visible gold seen at ATO with super high grades being returned;

ATO299 1m at 212g/t gold from 104m
ATO317 1m at 183g/t gold from 166m
1m at 382g/t gold from 182m

  • Better drilling results from the Stage 2 program include;

ATO297 63m at 6.28g/t gold & 5.91g/t silver from 54m
ATO299 54m at 6.17g/t gold & 4.48g/t silver from 70m (incl. 1m at 212g/t gold)
ATO300 68.5m at 4.38g/t gold & 6g/t silver from 33.5m
ATO301 13m at 6.07g/t gold & 5.96g/t silver from 89m
ATO304 144m at 1.55g/t gold & 5.08g/t silver from 36m
ATO310 101.7m at 1.53g/t gold & 30.43g/t silver from 0m
ATO314 54m at 2.96g/t gold & 5.32g/t silver from 45.5m
ATO315 88.4m at 1.55g/t gold & 93.46g/t silver from 9m
ATO313 43.35m at 1.75g/t gold & 3.43g/t silver from 83.65m
ATO318 54.8m at 1.77g/t gold & 5.64g/t silver from 29.5m
ATO322 78m at 2.56g/t gold & 13.7g/t silver from 42m
ATO317 22m at 30.15g/t gold & 7g/t silver from 164m (incl. 1m at 183g/t and 1m at 382g/t gold)
ATO326 61.25m at 2.48g/t gold & 5.93g/t silver from 100m.

  • The company has commissioned SRK Consulting to complete a structural review of the ATO - Mungu epithermal system. This is nearing completion and is expected to deliver significant gains to future drilling efforts.
  • The Stage 3 drilling program targeted at the ATO4-Mungu trend will commence towards the end of September.
  • Soil sampling, rock chip sampling and geophysics has highlighted four new discoveries at the Uudam Khundii Project in Bayankhongor gold province
  • The largest of the new discoveries is the Altan Sum Discovery which is a gold anomaly measuring approximately 3km x 0.5km with soil samples up to 289 ppb gold and rock chips up to 1.38g/t gold.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/5d99a732-af86-4155-9bfa-9e797e8991a3


ALTAI TSAGAAN OVOO GOLD PROJECT (ATO)

DEVELOPMENT

The Company is now targeting completion of site construction by the end of 2018 and will be pushing hard to deliver first gold as soon as possible. The Project has experienced some recent delays due to circumstances outside of the Companies control. These issues have now largely been resolved and construction is now full speed ahead.

All materials for the crusher and leach pad have been delivered to site and construction is now underway. Mining camp accommodation and restaurant has also been completed and commissioned.

Initial mining and prestrip was completed on the ATO1 deposit with ores being stockpiled for crushing. Mining will now recommence on completion of the ADR plant and final licensing.

The ADR plant fabrication has been completed and has been inspected by company representatives. The plant will now be mobilized to site for immediate construction and commissioning.

The Company will be pushing hard to achieve all objectives by late 2018, but warns that weather events and the onset of winter could possibly hamper the production of initial gold.

DRA Global has been appointed to manage and undertake a bankable feasibility study on the expansion of the ATO Gold Project to a 150,000oz gold per annum CIL gold silver operation. The study will be based on existing fresh rock ores at ATO1,2,4, in addition to the potential being seen at ATO4 - Mungu.

A selection of photos has been included below demonstrating activities on site

http://www.globenewswire.com/NewsRoom/AttachmentNg/a914f008-5723-41cb-ab19-98fa52e60c70

http://www.globenewswire.com/NewsRoom/AttachmentNg/e265e7bf-4c72-4b3d-ad0a-b88d0cfc58df

http://www.globenewswire.com/NewsRoom/AttachmentNg/c35c7572-4340-4cb0-9ee9-7a9573b6e664

http://www.globenewswire.com/NewsRoom/AttachmentNg/5d5b4f11-ceb5-4bed-83ef-01e6077a7797

ATO DRILLING

The Company has now completed a total of 126 drill holes for 17,892 meters since acquiring the project in late 2017. Exploration results have been excellent and the exploration team led by Enkhtuvshin Khisigsuren is congratulated.

The Stage 2 drilling program was recently completed with three diamond core drilling rigs completing a total of 9,006 meters. Results have now been received and are reported in this release. The program was highly successful and focused on the ATO4 end of the ATO4-Mungu mineralized trend. The Stage 3 drilling program will commence towards the end of the month and will again focus on the ATO4 – Mungu trend. Some additional oxide infill drilling will also be completed at the ATO2 to improve the current resource and mine model on that deposit.

The completion of the Stage 2 drilling program saw the identification of the first ever visible gold seen at ATO project, with super high gold grades being returned in ATO299 and ATO317. This is highly encouraging as the company further develops its understanding of the ATO Mungu epithermal system as more high grade zones are being identified.

The company has commissioned SRK consulting to complete a structural review of the ATO - Mungu epithermal system with a particular view on developing a better understanding of high grade mineralization. This is nearing completion and is expected to deliver significant gains to future drilling efforts.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3fa8251c-a42f-4b78-8bab-c5f0c029dbe7

UUDAM KHUNDII GOLD PROJECT

The Company has had a very busy summer at the exciting Uudam Khundii Gold Project in the Bayankhongor gold province with some outstanding early results being returned. Soil sampling, rock chip sampling and geophysics has highlighted four new discoveries all of which will be further tested in the coming months with trenching and mapping prior to the commencement of initial drilling.

The largest of the new discoveries is the Altan Sum discovery which is a gold anomaly measuring approximately 3km x 0.5km with soil samples up to 289ppb gold and rock chips up to 1.38g/t gold.

Additional discoveries have been made at Golden Steppe discovery with a peak soil anomaly of 34ppb gold and rock chips up to 5.39g/t gold, the Blue Hills discovery with a peak soil anomaly of 38ppb gold and rock chips up to 1.37g/t gold and the Milky Way discovery with a peak soil anomaly of 82ppb gold and rock chips up to 2.04g/t gold

In total the Company has now completed 2,400km of ground magnetic surveys, 90.8km of IP Dipole-Dipole surveys, 8,427 soil samples and 346 rock chip samples.

ABOUT STEPPE GOLD

Steppe Gold is a precious metals exploration and development company with an aggressive growth strategy to build Steppe into the premier precious metals company in Mongolia. The Company owns 100% of the advanced staged Altan Tsaagan Ovoo Gold Project where resource expansion drilling and a heap leach development is currently underway. The Company also owns 80% of the exciting Uudam Khundii Gold Project where an active exploration program is underway and making new discoveries.

Matthew Wood, Executive Chairman said “Over the summer months the Company has experienced some delays too its development schedule from elements outside of the company’s control. These elements are now largely resolved and the Company is full speed ahead with the ATO mine development. Steppe Gold continues to receive very strong support for the development of the ATO Gold Project from federal, state and local stakeholders in Mongolia with the ATO mine already adding significantly to the local Soum and Dornod economy.

Steppe Gold is based in Mongolia with our head office in Ulaanbaatar. We are almost entirely staffed by Mongolians and are purely focused on developing precious metals in Mongolia. Mongolia is our home. We are extremely proud of the efforts our employees, contractors and consultants are making for shareholders and stakeholders in their efforts to sustainably develop and expand the gold sector in Mongolia. This is already creating increased employment and business opportunities as Steppe grows into the premier precious metals company in the country. Mongolia is open for business, pro mining development and one of the last great frontiers where giant mineral deposits can be found and developed.”

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/fe240b99-8bd3-4cdd-94ec-aa35a81ac62e


/s/ Oyungerel Bayanjargal

Oyungerel Bayanjargal
Independent Qualified Person
MAusIMM (CP)

Ms. Oyungerel (Gerlee) Bayanjargal has 25 years of experience in the Mongolian geology and mining environment and has also worked as a resource consultant at Snowden in Australia. Gerlee has specialized on gold and polymetallic deposits both hard rock and placer and estimated several gold deposits resources and reserves in Mongolia. Most recently she was the Chief Mine Geologist at Boroo Gold Mine where she had worked since 2004 for Centerra Gold Inc., a Canadian company. Gerlee has been involved with project reviews, exploration and mining for hard rock and alluvial gold deposits in Mongolia, Kirgizstan and Kazakhstan.

The exploration activities and their related results included in this announcement were reviewed by Gerlee. According to Gerlee, all exploration and drilling work carried out to date on the Company’s projects mentioned in this release follow clear mining industry standards.

Gerlee is a Principal Consultant for GSTATS Consulting LL. She is Deputy Chair of the MRC for the Mongolian Professional Institute of Geosciences and Mining. Gerlee is a Member of the Australian Institute Mining and Metallurgy and accredited as a Chartered Professional under the Discipline of Geology. She is also a Professional Engineer of Mongolia in discipline of Geology. Gerlee holds a Master of Science degree in Mineral Resource Exploration from The Netherlands and the Bachelor of Science degrees in Geology and Mathematics both from Mongolia.

RESOURCE DEFINITION DRILLING

Location Drill Hole Depth, m From (m) To (m) Core
Length (m)		 Au (g/t) Ag (g/t)
Pipe-4 ATO-297 254 4.80 13.90 9.10 0.73 3.14
21.00 25.00 4.00 0.78 1.98
30.50 50.00 19.50 1.58 5.82
54.00 117.00 63.00 6.28 5.91
including 71.00 86.00 15.00 17.48 10.94
including 78.00 79.00 1.00 161.5 52.8
including 94.30 107.00 12.70 7.67 6.52
Pipe-4 ATO-298 167 20.00 39.75 19.75 0.71 6.57
Pipe-4 ATO-299 392 35.20 65.00 29.80 1.28 45.87
70.00 124.00 54.00 6.17 4.48
130.00 167.70 37.70 1.25 5.48
233.00 249.00 16.00 1.51 9.42
including 102.00 106.00 4.00 57.48 14.85
including 104.00 105.00 1.00 212 49.3
Pipe-4 ATO-300 199 10.50 30.00 19.50 1.24 6.08
33.50 102.00 68.50 4.38 6
including 46.65 50.00 3.35 11.91 11.73
including 67.00 71.00 4.00 52.92 24.4
including 70.00 71.00 1.00 140 52.6
Pipe-4 ATO-301 302 59.40 80.00 20.60 1.28 4.16
89.00 102.00 13.00 6.07 5.96
108.00 150.00 42.00 1.68 3.77
216.55 230.00 13.45 2.61 8.62
including 95.00 97.00 2.00 35.15 20
including 115.00 125.00 10.00 3.36 2.39
Pipe-4 ATO-302 161 8.25 33.80 25.55 1.33 4.48
including 8.25 9.50 1.25 9.17 5.5
Pipe-4 ATO-303 169 3.75 48.00 44.25 1.3 7.16
including 40.00 41.00 1.00 16.6 10.7
Pipe-4 ATO-304 271 6.00 10.00 4.00 0.6 62.8
20.00 29.00 9.00 1.36 11.05
36.00 180.00 144.00 1.55 5.08
including 61.00 67.00 6.00 6.18 12.65
including 89.00 96.00 7.00 9.56 17.1
Pipe-4 ATO-305 158 6.60 25.15 18.55 0.79 16.43
Pipe-4 ATO-306 443 48.85 59.00 10.15 0.67 4.26
89.00 127.00 38.00 0.45 3.28
141.00 146.00 5.00 0.81 1.18
253.00 254.00 1.00 6.49 17


Location Drill Hole Depth, m From (m) To (m) Core
Length (m)		 Au (g/t) Ag (g/t)
Pipe-4 ATO-307 452 75.00 112.00 37.00 1.29 3.44
120.00 158.00 38.00 1.34 2.73
171.00 174.65 3.65 0.89 0.88
179.95 195.00 15.05 2.78 6.6
258.40 262.50 4.10 2.7 31.9
including 90.00 98.00 8.00 4.04 7.15
including 149.00 154.00 5.00 3.33 3.32
including 179.95 187.00 7.05 5.51 9.54
including 259.50 261.50 2.00 4.65 36.75
Pipe-4 ATO-308 407 97.00 103.00 6.00 0.52 2.78
166.25 179.00 12.75 1.09 2.41
including 177.00 179.00 2.00 4.58 1.75
Pipe-4 ATO-309 278 4.00 93.00 89.00 0.55 8.7
including 52.00 53.00 1.00 10.7 11.7
Pipe-4 ATO-310 209 0.00 101.70 101.70 1.53 30.43
including 37.50 52.00 14.50 6.71 138
including 79.00 80.00 1.00 10.65 183
197.00 198.00 1.00 0.56 17.3
Pipe-4 ATO-311 272 31.50 199.40 167.90 0.36 4.06
including 59.00 70.00 11.00 1.94 11.7
209.00 210.00 1.00 0.31 7.9
Pipe-4 ATO-312 182 5.00 101.00 96.00 1.32 35.13
including 5.00 8.00 3.00 4.66 15.03
including 18.50 21.50 3.00 4.7 10
including 25.30 26.30 1.00 4.09 29.5
including 34.00 43.00 9.00 4.19 13.54
including 86.50 87.55 1.05 2.22 81.27
Pipe-4 ATO-313 200 83.65 127.00 43.35 1.75 3.43
including 84.65 93.00 8.35 4.46 6.81
including 105.80 107.80 2.00 3.82 2.75
including 111.80 113.80 2.00 3.9 3.25
including 117.00 118.00 1.00 3.22 6.1
138.00 157.00 19.00 1.17 5.6
including 139.00 141.00 2.00 3.64 2.85
including 152.00 154.00 2.00 4.36 10.6
Pipe-4 ATO-314 269 45.50 99.50 54.00 2.96 5.32
including 47.50 49.50 2.00 5.56 8.45
including 51.50 52.50 1.00 3.55 4
including 69.50 73.50 4.00 17 14.25
including 83.50 92.60 9.10 5.75 7.01
157.00 163.00 6.00 0.97 4.96
including 159.00 160.00 1.00 2.02 10.9
186.00 194.00 8.00 2.7 67.66


Location Drill Hole Depth, m From (m) To (m) Core
Length (m)		 Au (g/t) Ag (g/t)
including 191.00 194.00 3.00 6 113
243.00 245.00 2.00 1.57 12
Pipe-4 ATO-315 137 9.00 97.40 88.40 1.55 93.46
including 14.00 25.30 11.30 6.25 224.23
including 38.00 39.00 1.00 2.07 94.9
including 45.00 49.00 4.00 2.32 304
including 77.00 78.00 1.00 2.1 72.3
including 87.00 89.00 2.00 3.12 57.9
Pipe-4 ATO-316 110 20.40 33.00 12.60 0.16 123.4
49.00 58.00 9.00 0.42 137.64
Pipe-4 ATO-317 506 0.00 2.20 2.20 0.67 2.08
76.45 82.00 5.55 0.35 4.77
91.00 97.20 6.20 1.06 11.04
including 92.00 93.00 1.00 3.26 11.9
104.00 106.00 2.00 0.39 2.75
115.00 116.00 1.00 0.8 1.6
122.00 124.00 2.00 0.39 1.1
126.00 131.20 5.20 0.37 0.6
140.00 155.00 15.00 0.65 3.48
164.00 186.00 22.00 30.15 7
including 166.00 167.00 1.00 183 33.9
including 182.00 183.00 1.00 382 67.2
204.00 215.00 11.00 1.43 2.39
including 204.00 205.00 1.00 2.6 7.7
including 212.00 213.00 1.00 10.35 8.5
307.00 310.00 3.00 0.98 43.23
312.20 313.45 1.25 0.77 8.12
Pipe-4 ATO-318 188 29.50 84.30 54.80 1.77 5.64
including 45.00 50.00 5.00 3.72 6.3
including 55.00 59.00 4.00 12.95 12.97
96.40 97.40 1.00 0.3 7.4
113.40 119.65 6.25 0.41 10.62
Pipe-4 ATO-319 179 75.00 76.00 1.00 0.67 8.3
88.00 108.00 20.00 1.17 1.79
including 89.00 90.00 1.00 3.06 3.6
including 94.90 96.00 1.10 2.25 3.85
including 97.00 98.95 1.95 5.64 4.04
Pipe-5 ATO-320 242 no significant intercepts
Pipe-4 ATO-321 176 45.00 46.00 1.00 0.72 122
71.65 76.50 4.85 0.36 5.11
82.20 84.00 1.80 0.6 22.81
87.00 93.00 6.00 0.6 11.65
100.00 102.00 2.00 0.4 34.75


Location Drill Hole Depth, m From (m) To (m) Core
Length (m)		 Au (g/t) Ag (g/t)
106.00 123.00 17.00 0.59 21.2
126.00 127.20 1.20 0.33 6.5
128.55 143.00 14.45 0.68 34.52
Pipe-4 ATO-322 170 24.30 31.00 6.70 0.54 11.23
42.00 120.00 78.00 2.56 13.7
including 56.00 71.00 15.00 10.67 28.73
Pipe-5 ATO-323 206 no significant intercepts
Pipe-4 ATO-324 173 34.00 35.00 1.00 0.34 24.2
37.20 38.40 1.20 0.48 78
64.00 65.00 1.00 0.39 102
103.00 104.00 1.00 0.43 35.5
108.00 116.00 8.00 0.96 41.01
Pipe-4 ATO-325 149 18.00 20.15 2.15 0.5 19.93
49.50 113.00 63.50 0.97 77.95
including 64.00 66.00 2.00 2.44 339.5
including 75.00 76.00 1.00 2.2 206
including 81.00 82.00 1.00 2.05 20.4
Pipe-4 ATO-326 341 100.00 160.25 60.25 2.5 5.38
including 104.00 108.00 4.00 4.33 13.7
including 121.00 128.00 7.00 3.74 4.1
including 138.00 140.00 2.00 12.08 8.7
including 145.00 152.00 7.00 7.14 14.37
171.50 194.00 22.50 0.43 2.35
200.00 201.00 1.00 0.45 17.5
Pipe-2 ATO-327 251 0.00 7.00 7.00 0.86 3.45
including 2.00 3.00 1.00 2.03 4.4
12.00 14.20 2.20 0.69 6.23
23.95 36.00 12.05 0.61 4.67
40.00 42.00 2.00 2.04 4.65
including 40.00 41.00 1.00 3.77 6.8
44.00 48.00 4.00 0.9 9.4
55.00 56.00 1.00 0.59 9.8
59.85 61.80 1.95 0.35 7.05
68.90 72.00 3.10 0.77 19.84
75.00 76.00 1.00 2.41 3
79.40 84.80 5.40 1.79 29.75
including 80.40 81.50 1.10 2.23 40.5
including 83.70 84.80 1.10 4.87 52.7
Pipe-4 ATO-328 479 0.00 0.40 0.40 0.35 1.2
4.50 5.50 1.00 1.37 6.7
74.00 75.00 1.00 0.55 5.2
210.00 211.00 1.00 3.78 3.8
219.00 220.00 1.00 1.79 5.1


Location Drill Hole Depth, m From (m) To (m) Core
Length (m)		 Au (g/t) Ag (g/t)
236.95 238.00 1.05 2.64 9.2
429.90 431.80 1.90 0.98 38.64
Pipe-4 ATO-329 308 143.00 144.00 1.00 0.32 1.3
159.00 160.00 1.00 0.34 1.5
Pipe-2 ATO-330 197 0.00 5.00 5.00 0.44 2.46
14.00 15.00 1.00 0.44 3.7
41.00 42.00 1.00 0.57 3.2
65.00 66.00 1.00 1.33 1.6
114.00 115.00 1.00 0.3 14.1
Pipe-2 ATO-331 200 2.15 4.00 1.85 0.73 2.27
45.00 46.00 1.00 0.33 1.7
54.00 56.00 2.00 0.74 8
58.00 60.00 2.00 1.38 4.4
84.00 86.00 2.00 2.83 15.95
120.50 121.65 1.15 0.44 1.4
126.60 127.60 1.00 0.41 2.35
Pipe-2 ATO-332 209 2.00 10.00 8.00 1.18 4.24
14.00 16.00 2.00 0.45 10.5
27.00 28.00 1.00 0.55 6.4
33.00 35.00 2.00 0.37 1.45
42.00 44.00 2.00 0.88 7.15
45.00 46.00 1.00 0.63 7.1
49.00 51.00 2.00 0.57 2.75
53.00 55.00 2.00 0.37 1.25
102.00 103.00 1.00 0.47 2.3

Notes:

  1. Mineralized intervals are greater than 0.30 g/t Au.
  2. Higher grade sub-intervals are greater than 2.00 g/t Au.
  3. From-To intervals are measured from the drill collar.
  4. All intervals are reported as core length.
  5. Information provided is not a true thickness (or width).

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/26e886f7-0588-438a-8819-3544e1558ab4

CONTACT INFORMATION

THE COMPANY’S HEAD OFFICE:

Shangri-La office, Suite 1201, Olympic street 19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914

TORONTO OFFICE:

90 Adelaide Street. W, Suite 400 Toronto, ON M5H 3V9,
Canada
Tel: +1 647 697 0577

TRANSFER AGENT:

Lori Winchester
Senior Relationship Manager, Client Management

Phone: +1 416 607-7898
Cell: +1 416 671-4558
Email: lori.winchester@tmx.com


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Steppe Gold Ltd.

Steppe Gold Ltd.
Bergbau
Kanada
A2JMMP
CA85913R2063
www.steppegold.com
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