Massive Sulphide Discovery Expands Potential at Mongolia’s Oval Project

November 22, 2024 01:48 PM AEDT | By Team Kalkine Media

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Massive Sulphide Discovery Expands Potential at Mongolia’s Oval Project — Image source: shutterstock

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Highlights

Asian Battery Metals reports a second significant sulphide mineralisation at Oval project.

North Oval drill intercept reveals shallow, high-grade copper-nickel findings.

Exploration to continue in 2025 to assess deeper mineralisation potential.

Asian Battery Metals has made another significant breakthrough at its Oval copper-nickel-platinum group elements (PGE) project in Mongolia. The Phase 2 diamond drilling program uncovered additional massive sulphide mineralisation, further emphasizing the potential of this promising resource.

At the North Oval area, a single drill hole intersected 3.6 metres of massive sulphide mineralisation starting at a depth of 48.2 metres, embedded within 12.4 metres of broader disseminated or net-textured mineralisation. The shallow intercept lies approximately 500 metres northwest of a previously reported high-grade discovery, which included an 8.8-metre intersection grading 6.08% copper, 3.19% nickel, and 1.63 grams per tonne of PGE.

This follow-up discovery strengthens the view that Oval’s Cu-Ni-PGE mineral system has the potential to host additional high-grade deposits. Located in Mongolia’s Gobi-Altai region, the Oval project has been a focal point for the company’s exploration activities.

Gan-Ochir Zunduisuren, Managing Director of Asian Battery Metals, emphasized the importance of this finding. He highlighted the potential for the mineralisation system at Oval to form multiple high-grade deposits, including deeper magmatic sources. Drilling programs planned for the upcoming year aim to further explore and delineate these deeper targets, marking a significant step in unlocking the full resource potential.

According to the company, these new results align with the geological model of the Oval gabbroic intrusion, indicating that high-grade sulphide accumulations could exist across various parts of the system. This latest discovery not only underscores the Oval project's strategic importance but also bolsters optimism for future exploration outcomes.

The news has had an immediate positive impact on the market, with shares of Asian Battery Metals climbing to 6.6 cents—a rise of over 11%. This surge reflects growing investor confidence in the company's progress and the prospects of its Mongolian exploration assets.

Asian Battery Metals' ongoing commitment to resource discovery and development at the Oval project is paving the way for further advancements. With drilling work planned for the coming years, the project remains a key point of interest within Mongolia’s mining sector.

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