Asian Battery Metals Discovers High-Grade Copper-Nickel at Oval Project in Mongolia

3 min read | October 29, 2024 05:33 PM AEDT | By Team Kalkine Media

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Asian Battery Metals Discovers High-Grade Copper-Nickel at Oval Project in Mongolia — Image source: Shutterstock

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Highlights

Asian Battery Metals reports high-grade copper-nickel findings at its Oval prospect in Mongolia.

Key intercepts show promising copper, nickel, and cobalt mineralisation, with a focus on further exploration.

Phase 1 drilling completed with future plans to expand high-grade resource potential.

Asian Battery Metals PLC has announced a breakthrough discovery at its Oval copper-nickel-PGE prospect in Mongolia's Gobi-Altai region. The discovery, featuring high-grade copper and nickel deposits, has emerged as a significant development from the company's Phase 1 drilling campaign. Drilling results have highlighted substantial intercepts, adding value to the Oval prospect and contributing to positive market interest.

The company's managing director, Gan-Ochir Zunduisuren, shared details about the successful drill hole OVD021. This specific hole intercepted 8.8 meters at 6.08% copper, 3.19% nickel, 1.63 grams per tonne (g/t) combined precious metals (classified under E3), and 0.11% cobalt, bringing the copper equivalent (CuEq) total to an impressive 12.57% from a depth of 107.2 meters. Additionally, this intercept revealed mineralisation patterns in both disseminated and net-textured sulphides, which serve as a promising indicator of Oval’s high-grade mineral potential.

As part of Phase 1, Asian Battery Metals drilled a total of 2,183.85 meters at the Oval site. The results not only confirmed high-grade mineralisation but also demonstrated that the mineralisation zones remain open in multiple directions, creating new opportunities for exploration. Future exploration will be guided by downhole electromagnetic (DHEM) surveys, which will help the company better understand the deposit’s scale and orientation in preparation for an expanded drilling program.

Zunduisuren emphasized the importance of these findings, noting that the results support the Oval deposit’s potential for notable resource expansion. With this encouraging development, Asian Battery Metals aims to reallocate funds from its 2024 drilling budget to further the Oval project and capitalize on the exploration momentum. The next phase of drilling is expected to encompass 900 to 1,500 meters, with a focus on defining the size and structure of the high-grade mineral zones identified in the latest findings.

Following the news, Asian Battery Metals saw a notable surge in its share price, marking over a 155% increase as investors responded positively to the discovery's implications. The significant growth in share price reflects market confidence in the Oval project’s potential as a substantial resource.

Asian Battery Metals’ reallocation of funds for further drilling underlines its commitment to fully realizing the value of the Oval discovery. With additional exploration on the horizon, the company aims to deepen its understanding of the site’s mineralisation and maximize resource potential in Mongolia’s promising Gobi-Altai region.

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