The Australian General Mining Corporation Ltd. (GMM) announced in August that “deep potash exploratory drilling has commenced as planned at its Uvs Basin Project in Mongolia and this program is expected to take about 4 months. The Company commissioned a reputable international drilling contractor for 3,000 to 5,000 line metres of potash exploratory drilling to an average depth of 1,000 metres per hole targeting bedded potash as a primary exploration target. Drill hole locations and drilling parameters have been identified in consultation with one of the leading international experts on potash geology and mining German firm ERCOSPLAN, who remain the Company’s major technical advisor on this project. The Uvs project comprises 5 granted exploration licences covering more than 2,000 km2 within the Uvs Nuur Basin in the north-west Mongolia that is considered prospective for bedded and domal (salt diapir) potash deposits as well as for lithium and potassium brines.
The project is located near the Russian border in northwest Mongolia and is near a planned railway to be completed by 2015.