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Ion Primed on Brine

3 March 2023 13:09
TSX-V: ION

Ion Energy has restarted the rig ahead of schedule in Mongolia, with the drilling of the third test water well at the Urgakh Naran Lithium Brine Project resuming.

ION’s team originally believed that it would not be able to return to the site until later this month when temperatures would be more favourable, but the company was able to obtain the equipment necessary to fire up the rig early.

To date, water well drilling on the site has reached a total of 682 metres, with wells one and two hitting their completion depth of 300 metres and well three hitting 82 metres before drilling paused.

Located just 150 km from the explorer’s flagship Baavhal Uul Project, the Urgakh Naran basin has almost 20 thousand hectares of highly prospective lithium terrain with the potential to host significant lithium brine.

Previous diamond drilling campaigns over the project have already proven its lithium potential, with results including 123m at 278ppm lithium from 122m and 100m at 362ppm lithium from 65m and assays showing a maximum lithium grade of 911 ppm lithium.

The Company said that with drilling having recommenced, sampling work will kick off in the coming weeks.

“Having previously reported strong results from the lithological holes, the Company is now pleased to share that we are completing our third water well at the highly encouraging Urgakh Naran Project,” Chief Executive and Director Ali Haji.

“We’re excited to already be in possession of the equipment necessary for bailer sampling, pump testing and hydrogeological testing, to advance the inferred resource calculations at Urgakh Naran,”

ION also announced that it has completed a private place meant for proceeds of CAD$40 thousand dollars to be used primarily for the exploration of its Mongolian properties.

ION’s Toronto Stock Exchange-listed share price has risen 2.00 per cent today, currently selling at CAD$ 0.255 (11.04 am UTC+ 8 hours).

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