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Asian Battery Metals Plc (ASX:AZ9) has confirmed the presence of high-grade massive sulphide mineralisation through Phase 2 drilling at the Oval nickel-copper-platinum group elements (PGE) project in Mongolia.
The results build on a copper-nickel discovery – reported in October 2024 – which entailed high-grade massive sulphides in one drilled hole, OVD021.
One of the holes whose assays were reported today – OVD027 – proved the continuation of this mineralisation, with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.93g/t E3, and 0.13% Co from 98.2 metres.
This was encountered between broader high-grade zones of a dense disseminated intercept whose dimensions included 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres, plus a net textured intercept – 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres.
Additionally, hole OVD026 confirmed a high-grade broad intersection in Oval’s central area, including 1.8 metres of 3.21% Cu, 3.32% Ni, 0.69g/t E3, and 0.14% Co from 105.0 metres.
This occurred within a broader mineralisation of 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
This hole is 100 metres northwest of the mineralisation found in OVD021.
Managing director Gan-Ochir Zunduisuren said these results continued AZ9’s positive exploration story in this region.
“The 2024 phase one and two drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion,” he said.
“The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
“The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval.”
AZ9 shares dropped after the news was reported, and at 14:13 AEDT, they were trading at 4.8 cents – a fall of 11.11% since the market opened.
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