Entrée Resources Updates on Joint Venture Licenses, Drill Results, and Regional Exploration

Entrée Resources Ltd. has provided an update on its joint venture (JV) licenses, drill results, and regional exploration activities. The company holds a 20% interest in the Entrée/Oyu Tolgoi JV Property, which surrounds the Oyu Tolgoi mining complex in Mongolia. The JV property contains significant copper-gold deposits, including the Hugo North Extension and Heruga deposits, which are part of the Oyu Tolgoi mine plan. Entrée's primary focus is on maximizing the value of its interest in these deposits, which are being developed and operated by Oyu Tolgoi LLC (OTLLC), a partnership between Turquoise Hill Resources (66%) and the Government of Mongolia (34%).

The company's update includes details on the progress of the Oyu Tolgoi underground mine development, which is crucial for accessing the Hugo North Extension and Heruga deposits. The underground mine is designed to extract ore from these deep-seated deposits, and Entrée's economic interest is tied to the production from these specific areas. The development involves extensive infrastructure, including shafts and tunnels, to support large-scale block caving operations. The update also touches upon the ongoing discussions and agreements between the various stakeholders to ensure the smooth progression of the project, highlighting the complex nature of large-scale mining ventures involving multiple parties and government interests.

In addition to the JV property, Entrée Resources is also engaged in regional exploration activities on its wholly-owned Shivee Tolgoi and Javkhlant properties, which are adjacent to the Oyu Tolgoi complex. These exploration efforts aim to identify new mineralized zones and expand the company's resource base beyond the established JV deposits. The update provides information on the geological targets, drilling programs, and preliminary results from these regional activities, indicating the company's strategy to explore for additional copper-gold porphyry systems in the highly prospective South Gobi region of Mongolia.

The drill results reported pertain to both infill drilling within the known deposits to improve resource definition and exploration drilling in new target areas. These results are critical for updating mineral resource estimates and informing future mine planning. The company emphasizes the potential for further discoveries within its land package, leveraging the geological understanding gained from the Oyu Tolgoi deposits. The update also reiterates the company's commitment to responsible exploration and development practices, aligning with international standards and local regulations.