“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)
- Drilling,
- Mining.
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.