Entree Resources announces additional drill results over HNE deposit

Entree Resources provided additional diamond drill hole results from the 2022 and 2023 drilling programs over the Hugo North Extension deposit on the Entree/Oyu Tolgoi 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. 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 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, 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. Stephen Scott, Entree’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 Entree 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.”