Exploration Update - 100% Owned Lithium Salar Projects, Mongolia
Exploration Update - 100% Owned Lithium Salar Projects, Mongolia
TORONTO, May 12, 2021 – ION Energy Limit ed (TSXV: ION) (OTCQB: IONGF) (FRA: 5YB)
(“ION” or the “Company”) is very pleased to share that initial geophysical surveys (seismic) have
been successfully completed at the Company’s 100% owned Baavhai Uul Lithium Salar Project
in south eastern Mongolia. Initial results have been encouraging and the Company will now ramp
up its exploration efforts with additional geophysics and drilling to commence in the coming
quarter.
Highlights
Initial geophysics successfully completed at Baavhai Uul with early encouraging
results.
Expanded exploration program to commence at Baavhai Uul which will include the
first drilling for lithium salars ever in Mongolia.
Exploration to commence at the recently acquired 100% owned Urgakh Naran
Lithium Salar Project with drilling and geophysics planned.
Fully funded exploration with $5.75m placement successfully completed in April.
“On the back of the recently completed private placement, the Company has no financing
overhang and with a successful start to early exploration efforts expects to deploy more than
double the earlier anticipated resources to aggressively explore its highly prospective Mongolian
Lithium Salar Projects.,” said Ali Haji, CEO of ION Energy Ltd.
Expanded Exploration
The Company has now defined an expanded exploration program to fast track the exploration of
its Lithium Salar Projects in Mongolia. This will include the drilling of 21 drill holes through the
highlighted prospective basins. Sampling of sediments and aquifers will be completed during the
drilling phase. This will be the first drilling ever completed on Lithium Salars in Mongolia. The
Company will also commence a program of expanded seismic geophysics to aid with mapping
the extent of the basin and aquifers intersected in drilling. The exploration program at Urgakh
Naran will cover five salars located in the central part of the Urgakh Naran basin. The basin is
centered on an area that is six kilometres wide and more than 20 km long.
Figure 1. Proposed Shallow Refraction Seismic Survey lines and drill hole
location at Baavkhai-Uul project.
Figure 2. Proposed Shallow Refraction Seismic Survey lines and drill hole location at Urgakh
Naran project.
The technical information disclosed in this news release has been reviewed and approved
by Don Hains, P. Geo., a Qualified Person (QP) as defined in NI 43-101.
About ION Energy Ltd.
ION Energy Ltd. (TSXV: ION) (OTCQB: IONGF) (FRA: 5YB) is committed to exploring
and developing Mongolia’s lithium salars. ION’s flagship, 81,000+ hectare Baavhai Uul
lithium brine project, represents the largest and first lithium brine exploration licence
award in Mongolia. ION also holds the 29,000+ hectare Urgakh Naran highly
prospective Lithium Brine licence in Dorngovi Province in Mongolia. ION is well-poised
to be a key player in the clean energy revolution, positioned well to service the world’s
increased demand for lithium. Information about the Company is available on its
website, www.ionenergy.ca, or under its profile on SEDAR at www.sedar.com.
For further information:
COMPANY CONTACT: Ali Haji, [email protected], 647-871-4571
MEDIA CONTACT: Siloni Waraich, [email protected], 416-432-4920
Cautionary Note Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this news release.
Information set forth in this news release contains forward-looking statements. Forward-
looking statements include estimates and statements that describe the Company’s
future plans, objectives or goals, including words to the effect that the Company or
management expects a stated condition or result to occur. Forward-looking statements
may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”,
“may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are based on information
currently available to the Company, the Company provides no assurance that actual
results will meet management’s expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from those expressed or
implied by such forward-looking information. Forward looking information in this news
release includes, but is not limited to, the Company’s objectives, goals or future plans,
statements, potential mineralization, exploration and development results, the
estimation of mineral resources, exploration and mine development plans, timing of the
commencement of operations and estimates of market conditions. Important factors that
could cause actual results to differ materially from Ion Energy’s expectations include,
among others, uncertainties relating to availability and costs of financing needed in the
future, changes in equity markets, risks related to international operations, the actual
results of current exploration activities, delays in the development of projects,
conclusions of economic evaluations and changes in project parameters as plans
continue to be refined as well as future prices of lithium, and ability to predict or
counteract potential impact of COVID-19 coronavirus on factors relevant to the
Company’s business. There can be no assurance that forward-looking statements will
prove to be accurate and actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.