Vancouver, B.C., July 18, 2024 – Entrée Resources Ltd. (TSX:ETG; OTCQB:ERLFF – the “Company” or “Entrée”) is pleased to provide additional diamond drill hole results from the 2022 and 2023 drilling programs over the Hugo North Extension (“HNE”) deposit on the Entrée/Oyu Tolgoi JV Property (the “JV Property”) in Mongolia. All drill results from the 2022 program are now reported. A portion of the analytical results from the 2023 drilling program, and all of the results from the 2024 drilling program are still pending and will be reported as soon as they become available from the Company’s joint venture partner Oyu Tolgoi LLC (“OTLLC”).

The Company is also pleased to report that underground development work on OTLLC’s Oyu Tolgoi mining licence continues to advance and that Shafts 3 and 4 have now reached their final depths of 1,130 metres (“m”) and 1,176 m, respectively, with final commissioning expected in H2 2024. Initial underground development work on the JV Property remains on schedule to start in Q4 2024.

The Company has also received analytical results from diamond drilling at the Railway and Ulaan Khud regional exploration targets, with both targets returning anomalous results.

DRILL HOLE HIGHLIGHTS

HNE Surface Drill Holes

EGD 161: 398 m grading 2.07% copper equivalent* (“CuEq”), including 214 m grading 2.79% CuEq.
EGD 173: 400 m grading 1.41% CuEq, including 80 m grading 2.61% CuEq.

HNE Underground Drill Holes

UGD 579: 124 m grading 3.67% CuEq, including 78 m grading 5.43% CuEq.
UGD 713: 114 m grading 3.67% CuEq, including 86 m grading 4.61% CuEq.
UGD 735: 574.3 m grading 1.89% CuEq, including 234 m grading 3.73% CuEq.
UGD 753: 364.8 m grading 2.50% CuEq, including 222 m grading 3.30% CuEq.

*Copper equivalent is defined below Table 2, where full details on the drill hole assay intervals are also found.

Stephen Scott, Entrée’s President and CEO said, “I am very pleased to see more exceptional drilling results from the HNE deposit including some holes which end in potentially ore grade mineralization below the currently proposed bottom limits of the Oyu Tolgoi Lift 2 Panel 1 block cave. It is also encouraging that most of the geotechnical holes drilled east of, and outside of the Lift 2 cave shape are continually mineralized with copper grades. These results confirm HNE is a world class deposit capable of supporting mining from the JV Property for several future generations. It is truly an exciting time for Entrée with first underground development on the JV Property scheduled to start later this year. Initial work will be on necessary infrastructure outside of the ore footprint with mining expected to commence thereafter.

We are also encouraged by some of the early-stage drill results at the Ulaan Khud and Railway regional targets, where drill holes have intercepted several intervals of anomalous copper and gold values, at relatively shallow depths.”

2022 and 2023 HNE DRILLING RESULTS

The Company has now received all analytical results from the 2022 HNE drilling program on the JV Property and partial drill results from the 2023 program. Both the 2022 and 2023 HNE drilling programs include surface drill holes that were drilled entirely on the JV Property and underground drill holes that were collared on the Oyu Tolgoi mining licence and drilled onto the JV Property.

Recently received drilling results include three holes collared from surface (EGD161, EGD173 and EGD177A), each crossing through more than 1,300 m of barren, sedimentary and volcanic tuff units before intersecting the porphyry deposit and crossing between 175 m and 400 m of significant copper and gold mineralization. The mineralization persists until the end of each drill hole, at depths ranging between 50 m and 190 m below the base of the potential Lift 2 Panel 1 block cave and remains open at depth.

Recently received significant mineralized intervals from the 2022 and 2023 HNE drilling programs are summarized in Tables 1 and 2, and are shown on Figures 1 and 2. OTLLC has informed Entrée that seven of the 2022 underground drill holes (UGD578, UGD585, UGD650, UGD650B, UGD730, UGD731 and UGD731A) that were noted by Entrée on February 28, 2024 as having pending analytical results will not be assayed since they were used purely for geotechnical and metallurgical purposes. In addition, five previously reported underground drill hole intervals have been adjusted by OTLLC due to a data clipping issue at the JV Property boundary. As a result, the drilled lengths of these intercepts on the JV Property have been slightly increased by approximately 8 m to 28 m (Table 2).

Details of the 2023 HNE drilling program are summarized further below and Tables 3 and 4 include the drill hole collar and downhole information. Details for the 2022 HNE drilling were previously provided by the Company on February 28, 2024.

Table 1: Surface Drill Results from 2022/2023 Drilling at HNE Deposit1
2022 Drilling
Drill Hole From
(m) To
(m) Length2
(m) Gold
(ppm) Copper
(%) Silver
(ppm) CuEq3
(%)
EGD161 1,352 1,750 398 0.684 1.67 4.78 2.07
including 1,476 1,690 214 0.924 2.25 6.14 2.79
EGD173 1,400 1,800 400 0.402 1.17 3.27 1.41
including 1,526 1,606 80 1.015 2.03 5.29 2.61
2023 Drilling
EGD177A 1,474.8 1,650.3 175.5 0.324 1.53 3.61 1.73
including 1,500 1,650.3 150.3 0.364 1.71 4.02 1.93

Refer to Notes below Table 2.

Table 2: Underground Drill Results from 2022/2023 Drilling at HNE Deposit1
2022 Drilling
Drill Hole From
(m) To
(m) Length2
(m) Gold
(ppm) Copper
(%) Silver
(ppm) CuEq3
(%)
UGD 456 324

see & read more on
https://www.entreeresourcesltd.com/news/index.php?content_id=399