Market Herald logo

Subscribe

Be the first with the news that moves the market
  • ION Energy has successfully completed an 82 line-kilometre TEM survey on its Urgakh Naran project in Mongolia
  • The survey identified very low resistivity northeast structures narrowing from the southwest to the northeast direction in the central licence
  • The program was “highly successful in meeting all objectives”
  • ION Energy Limited (ION) opened trading today at C$0.17

Toronto-based ION Energy Limited (ION) has announced the results of a Transient Electro Magnetic (TEM) survey on its Urgakh Naran project in Mongolia.

The TEM survey has detected high conductivity and low resistivity across the basin, and to predict extensions, faults, and displacements affecting the aquifer. The program was highly successful in meeting all objectives.

Ali Haji, CEO & Director of ION Energy, commented on the results.

“The company is extremely pleased to report TEM results that suggest that the Urgakh Naran project’s aquifer is large in size and shows low resistivity. On the back of at surface samples of 918 Mg/L Lithium as announced by the Company on May 9, 2022, these geophysics results further advance the hypothesis of a potential significant lithium brine deposit at the Company’s Urgakh Naran site.”

ION is currently assessing the data to determine suitable drill monitoring well locations to test the conductive zone at depth. A three-hole monitoring well drill program is planned that will be announced to market in order to obtain samples for lithological description and porosity testing, flow rates and depth-specific brine samples that include chemical assays to allow the Company to achieve an early resource estimate. Figure 1 illustrates the highly conductive zone on the resistivity sections.

All lines show resistivity beginning at a “highly encouraging” 0.2 Ohm, with a maximum resistivity of 500 Ohm, drawing similarities to assets in the Lithium Triangle.

Ion Energy Ltd is engaged in the business of exploration and development of lithium. The company is focused on the Baavhai Uul Lithium Brine and Urgakh Naran Lithium Brine Project in the mining-friendly jjurisdiction of Mongolia.

ION Energy Limited (ION) opened trading today at C$0.17.

More From The Market Herald

" Victoria Gold (TSXV:GCX) reports Q2 2022 results

Victoria Gold (GCX) released its Q2 2022 results, mostly stemming from its Eagle Gold Mine in Yukon.

" Sandstorm Gold receives court approval for Nomad Royalty (TSX:NSR) acquisition

Nomad Royalty Company (NSR) announced that the Superior Court of Québec has issued a final order approving its acquisition by Sandstorm Gold Ltd.
Grizzly Discoveries Inc. - President & CEO, Brian Testo

" Grizzly (TSXV:GZD) to begin drilling targets

Grizzly Discoveries Inc. (GZD) has announced plans to begin drilling on the Greenwood Project before the end of this month.

" Winshear Gold (TSXV:WINS) upsizes private placement

Winshear Gold (WINS) has increased its previously announced non-brokered private placement financing to $650,000.