Aspire Mining Limited announced that it is developing metallurgical coal assets in Mongolia, principally its wholly owned Ovoot Coking Coal Project (OCCP). The Company is pleased to advise that it has now completed onsite activities related to the small-scale infill drilling program within the Ovoot mining license (MV-017098) as announced previously to be conducted in the December quarter. The drilling was completed in accordance with the Exploration Plan approved by the Mineral Resources and Petroleum Authority of Mongolia (MRPAM), and the Environmental Protection Plan approved by soum (council) and aimag (province) authorities administered under the Ministry of Nature, Environment and Tourism (MNET).

Exploration boreholes were drilled at 11 locations within the mining license, for a total of 1,569 metres drilled. Of these total metres, 1,284 metres were of HQ size (including 487.5 metres of PCD2 drilling and 836.2 metres of DD3 drilling) and 285 metres were of PQ size (including 152.6 metres PCD and 131.6m DD). Water, coal and rock samples gathered from the field having now been delivered to accredited laboratories in Ulaanbaatar.

Initial laboratory results are expected to be available in early 2023 to facilitate the intended hydrological, geotechnical and washability analyses for input into revised geological modelling and mine design and scheduling. The implementation of the exploration program provided multiple commercial opportunities for people and businesses in Tsetserleg soum. Over an approximate two-month period, more than 30 local people were employed, and a total of more than MNT 165 million (approximately USD 50 thousand) was spent directly and indirectly on locally procured goods and services, which represents a significant contribution to the local economy.