“Khyargas Lake” is a copper deposit, located in the north-western part of Mongolia on the territory of Naranbulag soum, Uvs Province /1100 km away from the capital city of Mongolia, at an altitude of 1200-1400m above sea level/. The total area of the deposit covers 24184.96 ha. “Mongolrostvetmet” LLC acquired a license for geological exploration work in 2003. The following exploration works are carried out on the licensed area:
- Exploratory geological routes with geochemical sampling,
- Geological survey scale of 1: 25 000 for the entire area, and 1: 10 000 - by promising areas, in conjunction with geochemical shooting,
- Geophysical work ( magnetic and electromagnetic exploratory work)
In 2007, the results of the search and grading rules of work in the square, probable reserves are estimated at 15 tons of gold. In 2011-2012, exploration drillings were conducted on 120 hectares, or 0,5% of the total license area. According to the results of drilling, copper reserves have been approved for category B + C at 1.9 mln.tn ore with an average grade of 0.77%, while category P 260.1 thousand tons of ore with an average grade of 0.03% copper.
“Mongolrostsvetmet” LLC has obtained an operational license on prospective area of 7260.73 hectares, based on its proven and probable reserves (15 tons of gold) on June 08th, 2015.
As a result of geological exploration work, on some prospective areas copper, iron, gold and other metals have been detected.