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Aranjin Resources (TSXV:ARJN) announced highly encouraging early results from six initial drill holes with a best result of 15.4 meters at 1.33 percent #copper and 0.94g.t #gold at the Sharga Copper Project in #Mongolia. Aranjin Resources CEO Ali Haji said they will continue to drill, de-risk, and get a better understanding of these assets towards building a resource estimate.
“Sharga is our flagship project and it’s currently an exploration project. We’ve drilled two holes of 222 meters with one of the more sort of pertinent intercepts at 13.5 meters intercept with over 1 percent copper and about one 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 7-8 percent alongside silver. So there is a potential for precious metals on both these assets. And Bayan Undur is one that is currently in the exploration phase where we’ll plan to drill in the coming months,” said Haji.
The company also entered into a term sheet agreement for an exploration joint venture with ION Energy (TSXV:ION,OTC: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. 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 US$10 million. With over US15 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 teams mobilized to do additional RC drilling on Sharga and Baruun Tal.
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