1.5% gross revenue royalty on a lithium brine, copper and nickel early-stage exploration project in Mongolia
Ion Energy Ltd.
Lithium (Brine), Copper, Nickel
1.5% Gross Revenue Royalty
- In August 2022, Aranjin Resources Ltd. announced the “Victory Copper Nickel Discovery” at the project site, following an 814-auger geochemical drill hole program.
- Auger results include up to 1,252 ppm copper and 494 ppm nickel in weathered gabbroic clays.
- 25 additional copper-nickel anomalies were highlighted through auger geochemistry and ground magnetics across the Baavhai Uul Project.
- The copper-nickel anomaly at Victory remains open at depth and will be subject to extensional auger geochemical drilling.
- In addition, the first-ever core drilling program was successfully completed on a lithium salar project in Mongolia, with 21 core drill holes completed across 823.2 m.
- Basin targets remain open and brines intersected are shallow, with additional drilling and sampling being planned.
- The Baavhai Uul project represents one of Mongolia’s largest exploration licenses (over 80,000 hectares) with reciprocal exploration agreements by Aranjin Resources Ltd. and Ion Energy Ltd. The project is one of the most prospective targets for lithium brine (average grade results of 426 ppm lithium with maximum grade results of 811 ppm lithium) as well as recently-discovered copper-nickel anomalies under shallow alluvial cover.
- The project is located 30 km by paved road to the Chinese border, where five Gigafactories are either planned or under construction.
- The copper-nickel geochemical anomalies, confirmed by ground magnetic geophysics across the project, remain open and further auger drilling will soon commence to assist in outlining extensions. The Victory Discovery is one of approximately 25 copper-nickel discoveries associated with ultramafic and mafic intrusives and is only the first to be followed up by 50 x 50 m auger geochemical drill hole spacing. It is interpreted to be hosted in the upper, highly weathered zone of a differentiated gabbroic sill, approximately 2.5 x 1.5 km in size.
- Favourable lithium geochemistry (low potassium and magnesium ratios for large crystal formation) and production characteristics (high evaporation and low precipitation endorheic basin).