ION Energy Limited (CVE:ION) (OTCQB:IONGF) (FRA:5YB) announced Wednesday that it has acquired the Urgakh Naran lithium brine project located in Mongolia’s Dorngovi Province, which covers an area of more than 19,000 hectares of what the company calls “highly prospective lithium terrain.”
The company noted that the Urgakh Naran project, located 150 kilometres (km) west-northwest of its flagship Baavhai Uul lithium brine property, will increase it’s land holdings in Mongolia’s prospective lithium salars to over 100,000 hectares.
“The acquisition of this project represents the further execution of our company’s objectives to secure terrains highly prospective for the discovery of lithium salars. Ion Energy is a leader in Mongolia’s lithium exploration and development. It also solidifies Ion Energy’s long-term commitment to support our world’s green revolution by playing a key role in the supply chain,” ION Energy CEO Ali Haji said in a statement.
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He added: “Work has already commenced to develop the exploration program on this highly prospective project and the company will also be releasing results from its recently completed Geophysics program on the Baavhai Uul Lithium Brine Project.”
ION Energy said it was able to acquire Urgakh Naran, which is Mongolian for “Rising Sun,” by paying approximately US$310,000 in consulting, administrative and transfer tax costs following a successful tender bid submitted to Mongolia’s Mineral Resource Authority.
The company noted that previous work conducted at Urgakh Naran included a “substantial” Hydro-chemical sampling program of identified shallow lithium in brines.
It pointed out that the program, although in its early stage, was “highly successful” in identifying multiple targets for follow-up exploration.
ION Energy is a lithium exploration company that was granted Mongolia’s first lithium brine mining license.
The company’s Baavhai Uul lithium brine project is spread over nearly 81,000 hectares, and is strategically located in southeast Mongolia, 24 kilometers away from the Chinese border.
Baavhai Uul is located in the arid Gobi Desert with high evaporation rates and low precipitation rates that are considered optimal for lithium brine extraction.
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