Regional Exploration Identifies New Copper and Nickel Targets

Asian Battery Metals PLC (ABM or the Company, ASX: AZ9) is pleased to announce interim results and modifications of its ongoing 2024 regional reconnaissance and exploration program. The program is designed to systematically evaluate the project’s potential for Cu-Ni mineralisation in an area outside the original and main Oval Prospect through the application of a suite of exploration techniques as well as an initial investigation of the newly discovered Copper Ridge mineralisation.

HIGHLIGHTS

While the Oval Cu-Ni Prospect exploration program continues, the Company has recently received results from geophysical exploration programs, ground mapping and sampling. The exploration has identified four additional exploration targets in the Yambat (Oval Cu-Ni) Project.

The Oval Prospect drilling program totals 2,500m with approximately 1,320m of this program now completed. Results for this programme will be announced when assays come to hand.

The Geophysical Studies and subsequent groundproofing have confirmed:

Indication of a broader magmatic copper-nickel system beyond the Oval Cu-Ni Prospect with:

• A new outcrop of mineralised gabbro containing sulphide blebs being identified at the South Zone, 1.7km Southeast of Oval mineralised gabbro.
• An expansion of the previously reported Ni-Cu mineralised gabbro outcrop at the North Oval area. This expansion indicates a significant NW extension of the main Oval Ni-Cu mineralisation.

A discovery of copper-gold mineralisation in the northern part of the tenement following detailed mapping of an area 7km to the north of the Oval Prospect. The newly named Copper Ridge is a different style of mineralisation characterised by:

• A 30m wide by 400m long zone of silicified, magnetite- altered andesite with significant disseminated chalcopyrite mineralisation has been delineated before dipping under alluvial cover to the east. Assay results from rock chip sampling yielded maximum values of 0.29 ppm Au, 0.4% Cu, and greater than 15% Fe.

Detailed geophysical studies and scout drilling are now planned for these new regional targets in this field season.

Gan-Ochir Zunduisuren, Managing Director, commented: “The 2024 regional reconnaissance program has resulted in a major advancement of the geological knowledge in what we consider to be one of the emerging copper and nickel exploration districts in Mongolia. The program is comprised of mapping, surface geophysical study, and soil and rock sampling programs across our tenement. Interim results indicate a larger exploration area fertile for magmatic copper and nickel sulphide system beyond the Oval prospect. In addition, the ABM team has made a new exciting discovery at the Copper Ridge target during the early phase of the program. Currently, the company is continuing its regional exploration program and a scout drilling program in parallel with the Oval Prospect drilling program.”

Figure-1. “YAMBAT” Cu-Ni PGE project, and its prospective areas

The 2024 reconnaissance and exploration program has the following key components:

• Outcrop mapping: A detailed geological mapping program will be undertaken to delineate exposed rock formations, identify associated structural controls and mineralisation indicators, and possibly extend the known mineralised zone/gabbro/ at the surface level.
• Completion of the geophysical survey program: employing Pole-Dipole Induced Polarization (PDIP), Controlled Source Audio Frequency Magnetotelluric (CSAMT), and Audio-Frequency Magnetotelluric methods at the Oval and MS1 prospects within the Yambat project.
• Field Reconnaisence: Verify geophysical anomalies on site and collect geochemical samples from areas exhibiting interesting alteration or mineralisation.

Detailed Geological Outcrop Mapping

Detailed outcrop mapping was conducted across a 5.77km² area within the western sector of the 106.06km² project area at a scale of 1:2000. The Project is located in the Yesonbulag soum, Gobi-Altai province, Mongolia. The mapping concentrated on delineating Ni-Cu bearing mafic units, establishing lithological contacts, characterising alteration mineralogy, and identifying structural trends to guide subsequent exploration of mineralised zones.

The primary mineralisation is associated with the “Oval” gabbro intrusive body, with subordinate later-stage hydrothermal vein-type mineralisation observed within gabbroic dykes in the mapping area. In the initial discovery area, the Oval gabbro is entirely overlain by overburden, although strongly mineralised gabbro is exposed in the North Oval region and to the southeast at the South Target area.

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