Asian Battery Metals (ASX:AZ9) said it entered into a binding agreement with Best Resources, securing exclusive rights to evaluate the Maikhan Uul copper-gold project in Mongolia, near its Oval copper-nickel-platinum group elements project, according to a Friday Australian bourse filing.
The area is subject to a mining license until 2045, per the filing. The company paid an option fee of $50,000 to conduct due diligence work.
Over the next six months, Asian Battery Metals said it will conduct due diligence work to investigate the resource viability for the Maikhan Uul project. This will include an independent legal review and 200 to 300 meters of confirmation drilling in the higher-grade resource areas.
The firm also acquired a new mineral exploration tenement to the south of its Yambat project, spanning 3,327 hectares, via government tender, the filing said. It will conduct exploration later in 2025.
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