Expands Mongolian Exploration Activities On Early Survey Promise
ION Energy Limited (TSXV: ION) (OTCQB: IONGF) (FRA: 5YB) has successfully completed initial geophysical surveys (seismic) at the company’s 100% owned Baavhai Uul Lithium Salar Project in south eastern Mongolia.
CEO, Ali Haji, said the initial results have been encouraging and the company will now ramp up its exploration efforts with additional geophysics and drilling to commence in the coming quarter.
Highlights
- Initial geophysics successfully completed at Baavhai Uul with early encouraging results.
- Expanded exploration programme to commence at Baavhai Uul which will include the first drilling for lithium salars ever in Mongolia.
- Exploration to commence at the recently acquired 100% owned Urgakh Naran Lithium Salar Project with drilling and geophysics planned.
- Fully funded exploration with C$5.75m placement successfully completed in April.
“On the back of the recently completed private placement, the company has no financing overhang and with a successful start to early exploration efforts expects to deploy more than double the earlier anticipated resources to aggressively explore its highly prospective Mongolian Lithium Salar Projects.” Mr Haji said.
The company has now defined an expanded exploration programme to fast track the exploration of its Lithium Salar Projects in Mongolia.
This will include the drilling of 21 drill holes through the highlighted prospective basins. Sampling of sediments and aquifers will be completed during the drilling phase. This will be the first drilling ever completed on Lithium Salars in Mongolia.
The company will also commence a program of expanded seismic geophysics to aid with mapping the extent of the basin and aquifers intersected in drilling.
The exploration programme at Urgakh Naran will cover five salars located in the central part of the Urgakh Naran basin. The basin is centred on an area that is six kilometres wide and more than 20 km long.
