Canadian explorer ION Energy keeps up the pace in Mongolia, with pumps at Urgahkh Naran now having the waters flowing for an extensive hydrogeological test to uncover the project’s lithium brine potential and build lay the groundwork for future exploration.
The hydrogeological test will become the foundation the company will use to build an upcoming resource estimate for Urgahkh Naran’s lithium, with the company expecting results from the campaign that will put the project in a position from which an inferred resource can be calculated.
The test has been a long time coming, with the third water well at the project being completed late last month after drilling operations began earlier than expected as the company was able to secure the necessary equipment to fire up the rig early despite temperatures being unsuitable for drilling.
Located just 150 km from the explorer’s flagship Baavhal Uul project, the Urgakh Naran Basin has almost 20 thousand hectares of highly prospective terrain with the potential to host significant lithium brine, with previous drilling showing a maximum lithium grade of 911 ppm lithium.
The company said its team remains encouraged by results to date and it expects to deliver an MRE by the third quarter of this year.
“As the first mover for lithium brine in Mongolia, and with the world’s continued lithium supply constraints, our Company is pleased that this work brings us a step closer towards resource estimates, and ensures ION Energy has the ability to disrupt the battery metals supply chain in Asia,” Chief Executive and Director Ali Haji said.
“We believe that all of these critical steps will bring the Company closer to unearthing the vast potential that the Urgakh Naran asset represents.”
Source: the market bull