ION Energy Ltd. (TSX-V:ION, OTCQB:IONGF) told investors it is “extremely pleased” with the drilling results from the recently completed exploration diamond core drilling program at its Urgakh Naran lithium project in Mongolia.
Mongolia's first lithium brine explorer and developer said the results have indicated a lithium-pregnant basin with significant potential for in-situ brine at relatively shallow depths.
“The Urgakh Naran Basin is over 17,000 hectares in size and is showing the potential to host significant brine accumulations in close proximity to the national electric grid and critical development infrastructure," CEO and director Ali Haji said in a statement.
"With the world experiencing notable supply constraints in much-needed lithium resources, ION Energy continues to move quickly to help address this global issue.”
READ: ION Energy reveals positive operational update on its Urgakh Naran lithium brine project in Mongolia
Highlights of the drilling results include:
- Successfully completed the drilling of three lithological diamond core drill holes for a total depth of 954 metres (m)
- Notable two-metre drill core results include:
- UNDH-01: 123m at 278ppm lithium from 122m, with maximum lithium reported at 832ppm over 2m;
- UNDH-02: 100m at 362ppm lithium from 65m, with maximum lithium at 601ppm over 2m; and
- UNDH-03: 71.4m at 360ppm lithium from 3.6m with maximum lithium at 911ppm over 2m.
After completing the drilling of two hydrological test wells for testing of basin brines, the company said it is now completing its third hydrological test well with brine sampling to commence across all three wells in the coming months.
Toronto-based ION Energy is advancing the over 29,000-hectare Urgakh Naran lithium brine licence in Dorngovi Province in Mongolia. Its flagship, 81,000-hectare Baavhai Uul lithium brine project represents the largest and first lithium brine exploration licence award in Mongolia.
Contact the author at stephen.gunnion@proactiveinvestors.com