Aspire Mining is continuing its exploration success at the Ovoot Coking Coal Project in northern Mongolia. The company has five drilling rigs on site which continue to intersect hard bright coal.
Last month Aspire announced the discovery of a previously unknown area of coal seam formation 4km northeast of the existing Ovoot resource area. The dimensions of this discovery continue to grow to over 2km by 1km with further recent exploration success open to the south, west and east.
Building on the success of this new discovery, one hole intersected a total of 16.5 metres of coal seams from 389 metres. This hole represents a thickening of the seams to the south from the coal intersections in three previous holes and is an encouraging sign for the continuity of the seams further to the south.
This coal thickening to the south was evident in the Ovoot Coal Resource Area and this is highly encouraging to see the similar pattern some 4km along strike.
The new coal seam area identified to date is open eastwards into the neighbouring Hurimt prospect. Exploration drilling is continuing to expand this new coal area, and to investigate the possible connection with the known resource at Ovoot.
Aspire has now hit coal in seven drill holes in this new coal discovery area with new intersections including 4.4 metres of coal from 319 metres and 3.2 metres of coal from 325 metres in one hole, 4.6 metres from 389 metres and 11.9 metres from 399 metres in another, 5.0 metres from 372 metres in a third hole, and 2.8 metres from 455 metres and 3.2 metres from 460 metres in a fourth.
In addition, a previously reported hole has been deepened with additional coal being intersected - 2.9 metres from 338 metres and 3.5 metres from 345 metres. The company has also successfully intersected coal in a hole drilled on the eastern edge of the existing Ovoot resource area - 0.9 metres from 269 metres, 0.4 metres from 271 metres and 0.4 metres from 280 metres.
Aspire’s managing director David Paull says, “The potential to join the existing resource area with this new area 4km along strike remains open while the new coal area is growing to the south, west and east. There is significant opportunity to quickly add resource tonnes to the Ovoot project.”
Meanwhile, Aspire has raised Aus$32.8 million via a placement to institutional and sophisticated investors. Funds will be used to further progress the Ovoot project. Major shareholder, SouthGobi Resources supported the placement and exercised its anti-dilution top-up rights to hold a 19.9% shareholding.