Aranjin Resources (TSXV:ARJN) announced highly encouraging early results from six initial drill holes with the best result of 15.4 meters at 1.33 percent copper and 0.94 grams per tonne gold at the Sharga copper project in Mongolia.
Aranjin Resources CEO Ali Haji said the company will continue to drill, de-risk and get a better understanding of its assets as it works towards building a resource estimate.
“Sharga is our flagship project and it’s currently an exploration project,” Haji said. “We’ve drilled two holes of 222 meters, with one of the more pertinent intercepts being a 13.5 meter intercept with over 1 percent copper and about 1 gram per tonne gold. Our other asset, Baruun Tal, has about 57,000 meters drilled on it with significant results that show copper up to 7 to 8 percent alongside silver. So there is potential for precious metals on both these assets. Bayan Undur is one that is currently in the exploration phase where we’ll plan to drill in the coming months.”
The company also entered into a term sheet agreement for an exploration joint venture with ION Energy (TSXV:ION,OTCQB:IONGF). The joint venture will consist of both parties granting one another reciprocal exploration rights on their respective exploration licenses within Mongolia.
“The joint venture had a number of reasons why it came to fruition,” Haji said. “One is the fact that Aranjin has been trading very much like a private company, with three assets under its belt and a market cap of C$10 million. With over C$15 million spent across three assets, you can see that there’s a massive valuation gap there.”
According to Haji, the ION Energy licenses will allow some drilling to start and the teams mobilized to do additional reverse-circulation drilling on Sharga and Baruun Tal.
Watch the full interview of Aranjin Resources CEO Ali Haji above.
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