Ulaanbaatar, Mongolia – May 4, 2022 –– Aranjin Resources Ltd. (“Aranjin”) (TSXV: ARJN) is very pleased to announce that it has commenced an extensive program of follow up auger geochemical drilling at the new Baavhai Uul Copper Nickel Discovery, further to the recently announced reciprocal exploration agreement with ION Energy.
The Baavhai Uul Copper Nickel Project was discovered by ION Energy with broad spaced 1km x 1km shallow auger drilling across prospective lithium salars and clays. Assay results not only highlighted the White Wolf Lithium discovery but also broad zones of highly anomalous nickel and copper in the shallow surface sediments. These early results may represent dispersal from buried copper nickel deposits and is the focus of Aranjin Resources exploration programs. Aranjin can earn an 80% interest in Baavhai Uul pursuant to its reciprocal exploration agreement with ION Energy and is actively exploring these new and exciting shallow copper nickel discoveries.
The Company has commenced a program of six metre deep auger drill holes with samples collected on a one metre basis down hole. Drilling is being completed on a one kilometre grid pattern around the existing anomalous auger drill holes with new auger holes spaced 250 metres apart. Initial results returned from this work have been highly encouraging with results up to 2,150 ppm nickel and 677ppm copper from one metre samples. Aranjin is upscaling its exploration efforts and has already planned additional auger drilling geochemistry and ground magnetic geophysics which will commence in the coming weeks.
Figure 1. Auger Program at Baavhai Uul Copper Nickel Discovery.
Sharga Copper Project
As previously announced, the Company successfully completed six diamond core drill holes for a total of 2,211 meters at the East Prospect with a best result of 15.4 meters at 1.33% Copper and 0.94g/t Gold from 315.6 metres. These early results successfully demonstrate the discovery of a substantial VMS style base metal system with high grade copper and gold. This is very early and only a tiny fraction of the targets on the project have been drill tested. While this drill campaign was short it supports the Company’s initial view that the Sharga Copper Project has strong potential for the discovery of high-grade copper gold deposits.
A total of five additional prospects were identified as a consequence of the ASTER satellite image processing and geological mapping. Strongly silicified, reddish-brown limonite-hematite rich alteration zones “gossans” were mapped at all the prospects in variable sizes and are associated with schistose textured acidic volcanic rocks as well as elevated base metals and gold.
The Company has completed preliminary dipole-dipole IP test survey across the East and North Prospects and confirmed that the mineralization intersected in drilling is open along strike and at depth. Additional IP and ground magnetic geophysics and soil and rock chip geochemistry will be undertaken in the coming months.
Bayan Undur Copper Project
The Company has planned to complete a single drill hole testing a large interpreted buried porphyry copper target. This hole will be completed over this current summer.
Ali Haji, incoming President and CEO of Aranjin, commented: “We are extremely pleased with the early results and progress that Aranjin Resources is making at the exciting new Baavhai Uul Copper Nickel Discovery. Exploration programs at Baavhai Uul are being upscaled and this will be a very active summer for the Company with planned regular updates to the market.”
The TSXV has approved the issuance of 2,692,305 common shares to Ali Haji as an inducement to assume the role of CEO of Aranjin as previously announced and as provided for in the reciprocal exploration agreement with ION Energy.
The technical and geoscientific content of this release has been compiled, reviewed and approved by Enkhtuvshin Khishigsuren, Vice President of Exploration and a “Qualified Person” as defined in NI-43-101.
About Aranjin Resources Ltd.
Aranjin Resources Ltd. is committed to exploring and developing its prospective copper projects, the Sharga Project, the Bayan Under Project and the Baruun Tal Project (pending final purchase) located in Mongolia. Information about the Company is available on its website, www.aranjinresources.com, or under its profile on SEDAR at www.sedar.com.
Certain information contained herein constitutes forward-looking information or statements under applicable securities legislation and rules. Such statements include, but are not limited to, statements with respect to the anticipated completion of the Joint Venture, contemplated expenditures of the Parties, anticipated development of mineral projects into the exploitation phase, appointments of certain executives and board members, issuances of common shares of Aranjin in connection with the appointment of Mr. Haji, and completion of acquisitions. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of ION and/or Aranjin to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to: (i) any inability of the parties to satisfy the conditions to the completion of the Joint Venture on acceptable terms or at all; (ii) any inability to effect the acquisition of any mineral projects, or produce a favorable feasibility study; (iii) any inability to effect appointments of individuals to the board or management of Aranjin; (iv) any inability to effect a share issuance to Ali Haji, including due to a failure to obtain the requisite regulatory approvals; and (v) receipt of necessary domestic and foreign stock exchange, court, shareholder, and other regulatory approvals. Although management of each of ION and Aranjin has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Neither party will update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. The parties caution readers not to place undue reliance on these forward-looking statements and it does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
This press release is not and is not to be construed in any way as, an offer to buy or sell securities in the United States. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the ION or Aranjin common shares, nor shall there be any offer or sale of the ION or Aranjin common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Neither the TSX, the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX and TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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