Asian Battery Metals Identifies Promising New Copper and Nickel Targets
AZ9 (AZ9) Share Update August 2024 Monday 5th
Asian Battery Metals Identifies New Copper and Nickel Targets
Asian Battery Metals PLC (ASX: AZ9) has announced significant interim results from its 2024 regional reconnaissance and exploration program, identifying new copper and nickel targets in Mongolia.
Instant Summary:
- Four additional exploration targets identified in the Yambat (Oval Cu-Ni) Project.
- Completion of 1,320m out of a 2,500m drilling program at the Oval Prospect.
- Discovery of a new outcrop of mineralised gabbro in the South Zone, 1.7km Southeast of Oval.
- Expansion of the previously reported Ni-Cu mineralised gabbro outcrop at the North Oval area.
- Identification of a 30m wide by 400m long zone of copper-gold mineralisation at Copper Ridge.
Exploration and Drilling Progress
Asian Battery Metals PLC (ABM) has made significant strides in its 2024 regional reconnaissance and exploration program. The company has identified four new exploration targets within the Yambat (Oval Cu-Ni) Project. This comes alongside the completion of 1,320 meters out of a planned 2,500-meter drilling program at the Oval Prospect. Results from these assays are eagerly awaited.
Geophysical Studies and Discoveries
The geophysical studies and subsequent groundproofing have confirmed indications of a broader magmatic copper-nickel system beyond the Oval Cu-Ni Prospect. Notably, a new outcrop of mineralised gabbro containing sulphide blebs was identified at the South Zone, located 1.7 kilometers southeast of the main Oval mineralised gabbro. Additionally, there has been an expansion of the previously reported Ni-Cu mineralised gabbro outcrop at the North Oval area, suggesting a significant northwest extension of the main Oval Ni-Cu mineralisation.
New Copper-Gold Mineralisation
In a promising development, detailed mapping in the northern part of the tenement, approximately 7 kilometers north of the Oval Prospect, has led to the discovery of copper-gold mineralisation. This newly named Copper Ridge features a 30-meter wide by 400-meter long zone of silicified, magnetite-altered andesite with significant disseminated chalcopyrite mineralisation. Assay results from rock chip sampling have yielded maximum values of 0.29 ppm Au, 0.4% Cu, and greater than 15% Fe.
Future Plans
ABM is now planning detailed geophysical studies and scout drilling for these new regional targets in the current field season. The company is committed to systematically evaluating the project’s potential for Cu-Ni mineralisation beyond the original Oval Prospect. This includes the application of a suite of exploration techniques and an initial investigation of the newly discovered Copper Ridge mineralisation.
The identification of new exploration targets and the expansion of existing ones is a positive development for Asian Battery Metals. It suggests the potential for significant resource expansion, which could positively impact the company's stock price. Investors may view these discoveries as a sign of the project's growing value and potential for future profitability.
Investor Reaction:
Analysts are likely to react positively to this news, given the potential for resource expansion and the promising assay results. However, the final impact on investor sentiment will depend on the forthcoming assay results from the drilling program and the detailed geophysical studies planned for the new targets.
Conclusion:
Investors should keep a close eye on the upcoming assay results and the progress of the detailed geophysical studies. The discoveries at the South Zone and Copper Ridge could significantly enhance the value of the Yambat (Oval Cu-Ni) Project. Staying informed about these developments will be crucial for making strategic investment decisions.