ION Energy Limited has validated the geophysics and calculated the volume for its promising Urgakh Naran lithium brine project, while also sharing results from the extensive drilling operations it has finished on its flagship 81,000-hectare Baavhai Uul lithium brine project in Mongolia.
The Toronto-based company, which is committed to exploring and developing Mongolia's lithium salars, shared the results of an additional Transient Electro Magnetic (TEM) line that intercepted the previously announced eight TEM lines completed on its more than 29,000-hectare Urgakh Naran lithium brine project in the Dorngovi province.
ION said it has successfully completed an additional 16 line-kilometer TEM survey at the project.
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The TEM survey “validates the high conductivity and low resistivity” seen across the previously announced lines across the basin, validating extensions, faults, and displacements affecting the Urgakh Naran aquifer, noted ION.
"(This is) an exciting milestone for the company that validates the results of the previously announced TEM results as well as provides the company with a means to calculate the brine body on the basis of the low resistivity zone, bringing us one step closer to providing a resource estimate on a market altering deposit at Urgakh Naran," ION Energy CEO Ali Haji said in a statement.
ION highlighted the following:
- 2022 TEM Survey successfully completed
- TEM results indicate strong conductivity and low resistivity that is typical of a significant brine aquifer
- The company calculates a 22.7 billion cubic meter low resistivity brine body with a cut off of <6.5ohm
- Drill planning to test porosity, flow rates and aquifer specifics underway
- Technical expert site review to be undertaken in September
ION said that it is now working to determine the monitoring well locations and is mobilizing rigs to kick off a program in the coming weeks. The three-hole monitoring well drill program will allow ION to obtain samples for hydrogeological sampling, porosity testing, flow rates and depth-specific brine sample measurements that will include chemical assays with the objective of announcing a mineral resource estimate in the fourth quarter of 2022.
The company has also confirmed a site visit in late September this year that will include technical experts, strategics and analysts.
Update on Baavhai Uul
Meanwhile, ION said a significant maiden augur drill program was completed across its vast Baavhai Uul licence in the Fall of 2021 and 50% of the assay samples have so far been returned. Initial results are highly encouraging with a new copper and nickel discovery at the center of the Baavhai Uul licence, said ION.
Alongside the 1,502 parts per million lithium seen at the White Wolf Prospect at Baavhai Uul, the company has reported the discovery of strong copper and nickel anomalies. ION said this further solidifies the value of the Reciprocal Mining Rights Agreement it has forged with Aranjin Resources Ltd (TSX-V:ARJN, OTC:FVVSF) on February 1, 2022.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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