Rich Ore Discovered in Drilling at Mongolia's Ovoot Copper-Nickel Mine

Drilling analysis at the Oval target area of the Yambat project in southwestern Mongolia, undertaken by Asian Battery Metals (ABM), has been completed.

The main ore intersections are as follows:

An intersection of 88.5m at 79m depth, with a copper grade of 0.62%, nickel grade of 0.45%, platinum group metals (PGM) of 0.22 g/t, and cobalt grade of 0.02%. Among them, an intersection of 16.1m at 92m depth, with a copper grade of 1.39%; and an intersection of 0.4m at 108m depth, with a copper grade of 4.74%.

Another drillhole in the north intersected 34m of ore at 59m depth, with a copper grade of 0.41% and a nickel grade of 0.47%, including a 1.3m thick ore body with a copper grade of 4.7% and a nickel grade of 4.7%.

A drillhole designed to verify a moderate-intensity in-hole conductive anomaly encountered a high-sulphide ore body at a depth greater than the base of the Oval intrusion, intersecting 5.6m of ore at 290m depth, with a copper grade of 0.7% and a nickel grade of 0.45%, including 0.5m of mineralization with a copper grade of 1.39% and a nickel grade of 1.19%.

A ground-based electromagnetic survey will be used to guide subsequent drilling and verify deep ore-feeding structures.

Since September last year, sulphides have been encountered in seven drillholes.

The Oval copper-nickel mine is located in Govi-Altai Province, 25km west of the provincial capital, Altai City.