Asian Battery Metals (ASX:AZ9) has exercised its option to acquire the Maikhan Uul Copper-Gold Project in southwestern Mongolia through its wholly owned subsidiary, Innova Mineral.
Innova has entered into a binding sale and purchase agreement with Best Resources for the acquisition, subject to the satisfaction of all conditions, after which Innova will fully acquire legal and beneficial ownership of the project and its mining license.
Terms of the agreement include an acquisition consideration for US$890,000, with US$89,000 payable by Asian Battery Metals within 10 business days of execution of the agreement.
The remaining $801,000 is to be paid within 10 business days of satisfaction of the conditions precedent.
The Maikhan Uul Project is a volcanogenic massive sulphide (VMS) copper-gold prospect, approximately 8km away from Asian Battery Metals’ Oval Copper-Nickel-Platinum Group Element discovery in Mongolia’s Govi-Altai aimag.
Historical exploration has shown mineralised zones extending to at least 215m depth, and remaining open along strike and at depth.
Due diligence work and confirmation drilling has confirmed copper and gold continuity with a key intersection from due diligence drilling achieving 14.5m @ 2.23% copper and 0.73 grams per tonne gold from 132.5m.
Managing Director Gan-Ochir Zunduisuren says that the acquisition of the project is a major milestone for the company as they strengthen their footprint in Mongolia.
“With a robust mining licence in place and encouraging validation results from due diligence drilling, we are well positioned to progress this asset alongside our broader critical minerals portfolio,” Zunduisuren says.
Asian Battery Metals is integrating the Maikhan Uul Project into its regional exploration strategy with key activities planned for 2026 including data compilation and database validation, geophysical surveys, resource evaluation, and drilling campaigns.
Asian Battery Metals is focused on exploration and development of graphite, nickel, copper, and lithium projects in Mongolia.
Write to Amy Rotman at Mining.com.au
Images: Asian Battery Metals
