ION Energy Ltd. (TSX-V:ION, OTCQB:IONGF) said it has made a new lithium discovery at its Baavhai Uul lithium salar project in south-eastern Mongolia.
The discovery was christened the White Wolf Prospect by the Toronto-based, Mongolia-focused resource company.
Drilling at the prospect returned results of up to 1,502 parts per million (ppm) lithium in clays and evaporates, with the hole averaging 700 ppm lithium from 0.5 metres to 3.5 metres depth, the company said in a statement.
READ: ION Energy to commence maiden exploration program at Urgakh Naran lithium salar project in Mongolia
Another drill hole averaged 650 ppm lithium from 4 meters to 6 meters depth with the last sample in the hole returning 860 ppm lithium.
ION drilled 222 auger drill holes located over 1 kilometer apart for a total of 1,304.5 meters, and said it has only received results from around 13% of the holes.
CEO Ali Haji told shareholders that the ION team is “extremely pleased” with the early drilling results.
“This is an extensive regional drilling program and we are already seeing new prospects being discovered at White Wolf that will warrant follow-up drilling,” Haji said in a statement. “Exploration programs at the company's projects in Mongolia remain ongoing and further results are expected over the coming months.”
Baavhai Uul is an over 81,000-hectare lithium brine project that represents the largest and first lithium brine exploration license award in Mongolia. ION also holds the more than 29,000-hectare Urgakh Naran lithium brine licence in Dorngovi Province in the country.
Additionally, the company said it had retained the services of investor relations firms Proconsul Capital Ltd and Stonegate Capital Partners Inc. Proconsul will be paid a monthly fee of $2,500 on a month-to-month contract, while Stonegate’s initial six-month contract sees it being paid a monthly fee of US$1,500, which increases to US$3,000 starting on the anniversary of the agreement.
Contact Angela at angela@proactiveinvestors.com
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