Asian Battery Metals Unveils Promising Sulphide Discovery at North Oval
AZ9 (AZ9) Share Update November 2024 Thursday 21st
Asian Battery Metals Confirms New Massive Sulphide Discovery
Asian Battery Metals PLC (ASX: AZ9) has announced a significant discovery of massive sulphide mineralisation at its North Oval project in Mongolia, marking a promising development in its ongoing exploration efforts.
Instant Summary:
- Drillhole OVD025 intercepts 3.6 metres of massive sulphide at North Oval.
- Located 500m NW of previous massive sulphide find at OVD021.
- Potential for additional high-grade zones within the Oval Cu-Ni-PGE system.
- Follow-up drilling and assays expected in the coming weeks.
Discovery Details
Asian Battery Metals PLC has reported a significant intercept of massive sulphide mineralisation in drillhole OVD025 at the North Oval area, located in the Gobi-Altai region of Mongolia. The intercept, measuring 3.6 metres, was found within a broader 12.4-metre zone of disseminated and net-textured sulphide mineralisation, starting from 44.6 metres downhole.
This discovery is situated approximately 500 metres northwest of a previously reported massive sulphide intercept in drillhole OVD021, which recorded 8.8 metres at 6.08% copper, 3.19% nickel, and 1.63 g/t platinum group elements (PGE).
Exploration Context
The North Oval discovery highlights the potential for further high-grade mineralisation within the Oval Cu-Ni-PGE system. The company's ongoing 2024 Phase 2 diamond drilling program aims to better understand the mineralisation's orientation and to explore deeper sections of the regional pull-apart structures.
To date, four drillholes have been completed, with OVD025 marking a significant milestone. The company plans to conduct follow-up drilling near OVD021, guided by recalibrated Down-Hole Electromagnetic (DHEM) surveys, to further delineate the mineralisation system.
Future Prospects
Managing Director Gan-Ochir Zunduisuren expressed optimism about the discovery, stating that the North Oval area has the potential to host additional massive sulphide zones. The focus for 2025 will be on exploring the magmatic source at depth, which could lead to further high-grade discoveries.
All assays from the current drilling program are pending and are expected to be finalized within the next 4 to 5 weeks, providing more detailed insights into the mineralisation's economic potential.
The confirmation of massive sulphide mineralisation at North Oval is a positive development for Asian Battery Metals, potentially enhancing the company's resource base and attracting investor interest. The discovery could lead to an increase in the company's stock price as it indicates promising exploration results and the potential for future resource upgrades.
Investor Reaction:
Analysts are likely to view this discovery as a positive indicator of the project's potential. The proximity to previous high-grade intercepts suggests a robust mineral system, which could bolster investor confidence in the company's exploration strategy.
Conclusion:
Investors should keep an eye on the upcoming assay results and the company's follow-up drilling plans. The North Oval discovery could significantly impact Asian Battery Metals' valuation and future exploration efforts. Staying informed about the company's progress will be crucial for making informed investment decisions.