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Highlights

  • Asian Battery Metals' shares rose 8% to 2.7 cents on 5 June after strong drilling results.

  • Massive sulphide mineralisation extended at North Oval zone in Mongolia.

  • Ground EM surveys mobilised to refine targets for the next drilling phase.

Asian Battery Metals PLC (ASX:AZ9) saw its share price rise 8% to 2.7 cents on 5 June following a fresh update from its Phase 3 drilling campaign at the Oval copper-nickel discovery, part of the Yambat Project in Mongolia.

The latest results continue to support the company’s belief in the project’s potential, with several recent holes intersecting massive sulphide mineralisation and providing further geological clarity.

Among the most significant findings, drill hole OVD036 intercepted additional massive sulphide 130 metres down-dip from a previous hit in OVD025, expanding mineralisation at the North Oval zone. Meanwhile, OVD038 and OVD039 confirmed shallow gabbroic rock, potentially linking the North Oval and Oval zones and indicating continuity across the broader target area.

Another important intercept came from OVD040, which hit 6.9 metres of massive sulphide starting from a depth of 95.5 metres, located just 22 metres north of an earlier massive sulphide hit in OVD0212.

To build on these results, the company is deploying advanced deep-penetrating Samson EM ground surveys from Australia. These surveys will help refine current targets and identify new anomalies across the Yambat Project. The results from the EM work will guide the next stage of drilling.

Thanks to the low cost of drilling in Mongolia, Asian Battery Metals is well-positioned to fund continued exploration without significant balance sheet pressure.

The current phase of drilling will pause temporarily while awaiting the Samson EM survey results. Once available, drilling will resume with a sharper focus on the most promising zones.