Asian Battery Metals Plc (ASX:AZ9) has seen its share price rise more than 87% after it reported discovery of a massive copper-nickel sulphide intercept at its Oval Cu-Ni-PGE prospect in Mongolia.
At 13:52 AEDT, shares in AZ9 were trading at 8.8 cents – a rise of 87.23% since the market opened.
Drilling results taken from only one hole (OVD021) revealed an intercept of 8.8 metres at 6.08% copper (Cu), 3.19% nickel (Ni), 1.63g/t E3 (gold, platinum and palladium), and 0.11% cobalt (copper equivalent 12.57%) from 107.2 metres.
This was found between high-grade zones including a dense disseminated intercept – comprising 7.85 metres at 0.75% Cu, 0.78% Ni, 0.15g/t E3, 0.04% Co (CuEq2 2.25%) from 99.35 metres – and a net textured intercept, comprising 15.8 metres at 1.36% Cu, 1.00% Ni, 0.44g/t E3, 0.04% Co (CuEq2 3.4%) from 116 metres.
The hole OVD021 is also found within 800 metres of strike, and remains open at depth and in the southeast, northwest, northeast and southwest directions.
Of particular interest is the fact that the copper-nickel sulphide mineralisation represents a new style of deposit for the region of southwestern Mongolia.
AZ9 is awaiting results from downhole electromagnetics, with drilling planned to recommence immediately afterwards.
Managing director Gan-Ochir Zunduisuren said this result was the culmination of a long-term effort from the company.
“After 4 years of systematic exploration in Mongolia, with the help of the BHP Xplor program in 2023, it is exciting to be a part of an outstanding Copper-Nickel discovery,” he said.
“It is an exceptional result that shows the mineralisation system at Oval has potential for hosting a substantial deposit with a higher-grade zone of copper and nickel.
“With the confirmation of high-grade massive sulphide intercepts, future exploration work at the Oval Cu-Ni discovery will primarily focus on the extension of the high-grade zone and understanding its size, true dip, and orientation.
“We will recommence drilling within two weeks and look forward to continuing the journey of discovery with our shareholders.”
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