Could you introduce Gobi Venture LLC?

Gobi Venture LLC is an explorer with a diverse portfolio, including copper, molybdenum, lithium, rare earth elements and gold. Our project, Naran, comprises two geologically distinct areas; a copper and molybdenum porphyry system, including an IOCG (Iron oxide copper gold) type segment, and a significant shear-hosted gold zone. This geological setting leads to polymetallic mineralization including copper, molybdenum, fluorspar, lithium, rare earths, and gold.

Our project is strategically located in the Southeastern Gobi, only 45 km from vital railway and electricity resources and a mere 200 km from the Chinese border, positioned within a geologically attractive district.

Our vision is to discover and develop world-class projects in Mongolia. Committed to the best interests of our stakeholders, we aim to distinguish ourselves through professional and management excellence, as well as by adhering to benchmark ESG standards. 

In addition, despite being at an early stage, we plan to construct electricity infrastructure twinned with a solar power to align with our vision as a green and technologically advanced developer.

Could you provide an overview of the exploration work done to date on the Naran project?

We hold two licenses within our 5,325-hectare field; a mining license and an exploration license. Having acquired the field in 2020, we executed a successful test drilling campaign along with geo mapping and geophysics. The results confirmed ore enrichment with copper, fluorspar, lithium, and Rare Earths.

We then focused on validating the fluorspar reserve to assure our investment. In 2021-2022, we undertook 7,600 m of fluorspar resource drilling along with technological and economic studies, environmental impact assessment, and flotation plant design, as well as obtained necessary approvals from both government and local citizens. It has effectively positioned our project as a secure investment, mitigating potential exploration risks.

In 2023, we conducted an exploration campaign for near-surface copper, by testing down 150 m from the ground. The fieldwork involved 9,000 m of drilling, 6,000 m of trenching, and gradient Induced Polarization (IP) surveys at depths from 200 to 500 m. We are now assessing the 2023 exploration data. 

What upside potential does the project hold?

The preliminary estimation reveals a near-surface copper resource of 50,000 t at 0.25% Cu within 200 m. It also indicates 40,000 t of molybdenum at 400-450 ppm Mo within the same depth. Additionally, a shallow Mo & Cu zone extending 3 km x 1.5 km, demagnetized, and capped by argillic and sericite, has emerged. 

Moreover, three distinct gold zones were identified, including a shear-hosted quartz vein spanning 1.5 km at the surface with visible gold. The underground continuity of the vein over 500 m has been verified through test holes.

The fluorite resource comprises 550,000 t in fluorspar with a 25% content, and an additional 340,000 t of potential.
Furthermore, lithium resources total 120,000 t in LCE with a 0.2% Li2O grade. The mineralization is open to three sides and depth.

Remarkably, REE have been discovered in the same basin without dedicated exploration. The content of Total Rare Earth Oxide (TREO) ranges from 0.2% to 0.5%, with bastnasite identified as the REE-bearing mineral, known for its easier treatment. 

Our exploration and resource estimations fully comply with JORC standards. The final report of the 2023 exploration campaign is expected by March 2024.

What are the main challenges you face as an early explorer in Mongolia?

Certainly, the challenges in Mongolia, including weak infrastructure, insufficient power resources, community misunderstandings in the sector, and regulatory inefficiencies, are evident. 

What has determined Gobi Venture to establish its own technical laboratory?

We have established our technology laboratory to boost operational and budget efficiency, as well as to facilitate timely decision-making in our exploration activities. 

Could you elaborate on your IPO strategy?

In 2021, we secured US$10 million in private funding. Our core investor, a prominent figure in Mongolia's copper production, brings us both financial and intellectual support. Looking ahead, we are seeking additional private placement funding for 2024 to complete exploration campaigns. Then, Gobi Venture envisions an IPO on the ASX in 2025. We believe that our de-risked project, coupled with its enormous potential, will present a captivating value proposition to investors. 

Do you have a final message for our international readers?

Our vision is to be the leader by showcasing excellence, diligence, and enduring success in order to bring Mongolian mining potentials with the world.