Aspire’s resource project portfolio is the largest in northern Mongolia which includes 10 tenement areas spanning more than 700 square kilometres.
Ovoot Coking Coal Project (100%)
Zavkhan Iron Ore Project (Earning 70%)
Aspire has the right to earn into a 70% interest in the Zavkhan Iron Ore Project (“Zavkhan Project”), located in the Zavkhan Province, adjacent to the Khuvsgul Province and approximately 165 kilometres west of the Ovoot Project.
The 6.3 square kilometre exploration licence covers a known magnetic anomaly associated with high grade magnetite and hematite at surface.
The interest in the Zavkhan Project is to identify whether there is direct ship magnetite/hematite iron ore resource potential which would further utilise rail infrastructure (Click here for more information on Northern Railways LLC and its Erdenet – Moron multi user rail project in northern Mongolia).
Magnetic processing and inversion modelling for the Zavkhan licence area has identified two adjacent, shallow, highly magnetic bodies. Aspire is planning a reconnaissance drilling programme to commence at Zavkhan in the second half of 2012.
Nuramt Coal Project (100%)
The Nuramt Coal Project (“Nuramt Project”) lies 120 kilometres east of the Ovoot Project and comprises three exploration licences covering approximately 200 square kilometres. The exploration licences cover over 35 kilometres along the Jurassic sediments which contain known coal occurrences in the western end tenement area, and are thought to be similar to that at Ovoot and Jilchigbulag.
The Company is completing a magnetics programme over the Nuramt project area to obtain an understanding of the scale and shape of the potentially coal bearing basin. A reconnaissance drilling programme is also planned for the second half 2012. (Below: Nuramt tenement area)
Jilchigbulag Coal Project (100%)
The Jilchigbulag Coal Project (“Jilchigbulag Project”) is a 2.5 square kilometre exploration licence which surrounds an existing mine lease that supplies thermal coal to the town of Moron, the capital of the Khuvsgul Province.
Exploration drilling conducted during 2011 has indicated that the resource potential at Jilchigbulag is small.