2 days ago
AZ9 lifted by copper, nickel, PGE discovery in Mongolia
Don't miss out on the headlines from Stockhead. Followed categories will be added to My News.
AZ9 reports high-grade copper, nickel, PGE assays at Oval discovery
Discovery shaping up to have scale potential with more drilling on the cards
Company expects to receive more assays from Phase 3 program this month
Special Report: Asian Battery Metals has confirmed high-grade mineralisation at its Oval copper-nickel discovery in Mongolia.
The discovery is part of the company's Yambat project, which covers 106.07km2 in the north-central part of Gobi-Altai Province, and is one of just 30 promising targets identified to date.
The company first announced its Oval discovery in September 2023. Since then, seven drillholes have intersected massive sulphides — geological markers often associated with high-grade copper-nickel systems. Notably, drillhole OVD0213 delivered exceptional grades of 6.08% copper and 3.19% nickel over 8.8 metres, ranking among the highest-grade intercepts drilled globally in recent years.
And now, assays from Phase 3 drilling have flagged a massive sulphide intercept in hole OVD034 which correlates well with previous results, with 1.3m at 4.70% copper, 3.65% nickel, 1.19g/t E3 (gold-platinum-palladium), 0.12% cobalt from 79.6m.
Drill hole OVD033 has confirmed strong mineralisation down-dip from Phase 1 standout hole OVD0211 with 27.7m at 1.36% copper, 0.86% nickel, 0.44 g/t E3, 0.04% cobalt from 92.3m and 6.7m at 1.17% copper and 0.96% nickel from 159.8m.
Meanwhile hole OVD032 intersected deeper, high-tenor sulphides, including 0.5m at 1.39% copper, 1.91% nickel, 0.62g/t E3 and 0.07% cobalt from 293.7m.
A cross-section map of drillhole OVD032. Pic: AZ9
Asian Battery Metals (ASX:AZ9) says the results confirm Oval as a new magmatic mafic intrusion-related copper-nickel sulphide system in southwestern Mongolia.
'These latest assays further validate our geological model and reinforce the continuity of high-grade mineralisation at Oval,' managing director Gan-Ochir Zunduisuren said.
'Since the initial discovery of massive sulphide mineralisation, a total of seven drillholes have now intersected massive sulphides, giving us growing confidence that we are onto a strong, high-grade mineral system with scale potential.'
A map of the Phase 3 drilling program. Pic: AZ9
Drill testing for deeper feeder zones
Importantly, visual logging of recent holes OVD036 and OVD0404 has indicated further strong intervals of massive sulphides, suggesting the system remains potentially open along strike and at depth.
Additional assay results from these holes are expected in late June.
The plan now is to commence a ground-based EM survey later this month to guide follow-up drilling and test for deeper feeder zones.
'We remain fully funded for 2025 exploration work to continue our exploration and appraisal of the Cu-Ni system, which is the first of its kind found in the south-west part of Mongolia,' Zunduisuren said.
AZ9 remains fully funded for further drilling in 2025, following strong support from institutional and strategic investors in the recent placement in February 2025.
Expanding massive sulphide footprint
The assay results follow the company's announcement last week that it had intercepted yet more massive sulphides at Yambat, with hole OVD036 intercepting additional massive sulphide 130m down dip from an earlier intersection in OVD025 – extending mineralisation at North Oval.
Hole OVD040 struck 6.9m of massive sulphide from a down-hole depth of 95.5m about 22m north of the sulphide intercept in OVD021.
The company said this confirmed a potential 800m long zone of shallow mineralisation linking North Oval through to Oval. This deeper zone may represent a feeder system — a potential conduit for metal-rich magma feeding the main Oval intrusion, which could point to a much larger mineralised system.
'As our exploration continues, we have expanded our mineralisation footprint, identified a depth extension and added new targets at the project,' Zunduisuren said at the time.
The company is also mobilising advanced deep penetrating ground electromagnetic surveys from Australia this month to refine targets and explore new anomalies.
With assays pending from recent massive sulphide intercepts — including OVD036 and OVD040 — and new geophysical surveys underway, investors can expect a steady stream of results. This momentum, combined with the emerging scale of the system, makes AZ9 one to watch closely in the months ahead.
This article was developed in collaboration with Asian Battery Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Originally published as Asian Battery Metals lifted by polymetallic assays at Mongolian project
