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Highlights
- Asian Battery Metals' drilling success shows high-grade copper-nickel potential in Mongolia.
- Hole OVD021 reveals 8.8 meters at 6.08% copper, 3.19% nickel.
- Drilling to recommence soon, focusing on extension of high-grade zones.
Asian Battery Metals PLC has witnessed a significant increase in stock activity following remarkable drilling results at its Oval Copper-Nickel-Platinum Group Element (PGE) Project in Mongolia. The company’s stock surged over 156% in early trading, reaching AUD 0.11, marking its highest point in two years, with more than 67 million shares traded within the initial two hours on the ASX. The surge reflects market enthusiasm over the discovery of substantial copper-nickel sulphide mineralisation, particularly in drill hole OVD021, which recorded notable grades of copper, nickel, cobalt, and precious metals.
Breakthrough Drill Results at Oval Prospect
The core of Asian Battery Metals' recent success stems from drill hole OVD021, which intersected 8.8 meters of mineralisation containing 6.08% copper, 3.19% nickel, 0.11% cobalt, and 1.63 grams per tonne of combined gold, platinum, and palladium. The mineralised zone lies at a depth of 107.2 meters and introduces a new style of copper-nickel sulphide deposit for southwestern Mongolia. This significant find highlights an impressive mineralisation zone with an estimated strike length of 800 meters, offering promising exploration potential to the southeast, southwest, northeast, and northwest.
Extended Mineralisation and Further Exploration Potential
Beyond the main massive sulphide zone, OVD021 revealed additional intersections, enhancing the deposit's attractiveness. Noteworthy results include:
- 7.85 meters of dense disseminated sulphides grading 0.75% copper, 0.78% nickel, 0.04% cobalt, and 0.15 g/t combined gold, platinum, and palladium from a depth of 99.35 meters.
- 15.8 meters at 1.36% copper, 1% nickel, 0.04% cobalt, and 0.44 g/t combined precious metals from a depth of 116 meters.
This mineralised zone, identified after four years of systematic exploration and enhanced by the BHP Xplor program, signifies potential for an extensive copper-nickel sulphide deposit. Asian Battery Metals aims to continue examining the depth, orientation, and scale of this high-grade zone.
Strategic Next Steps for Asian Battery Metals
Asian Battery Metals plans to initiate further drilling at the Oval prospect in the coming weeks, with an emphasis on mapping the high-grade zone’s extension and defining its true dip and structure. Additionally, the company awaits results from a downhole electromagnetic survey that will help target future drilling efforts more precisely. This survey is expected to provide crucial data for understanding the distribution of sulphides in the deposit, further informing the company's approach to exploring the area’s potential.
According to Gan-Ochir Zunduisuren, managing director of Asian Battery Metals, this discovery marks a crucial milestone in the company’s journey, offering evidence of a system capable of hosting a significant copper-nickel deposit with high-grade concentrations. Zunduisuren expressed optimism about the potential for continued exploration success at the Oval prospect, as the company advances in its exploration strategy.
