Asian Battery Metals (ASX:AZ9) confirmed high-grade mineralization based on results from a phase two drilling program at its Oval copper-nickel-platinum group elements project in Mongolia, according to an Australian bourse filing on Monday.

The assays confirm the continuation of high-grade massive sulfide with an intercept of 6.1 meters of 4.16% copper, 3.51% nickel, 0.93 grams per tonne of E3, and 0.13% cobalt from 98.2 meters.

E3 contains precious metals platinum, palladium, and gold as a simple sum of the components.

A high-grade broad intersection was also confirmed at the central part of the project, including a sulfide intercept of 1.8 meters of 3.21% copper, 3.32% nickel, 0.69 g/t of E3, and 0.14% cobalt from 105 meters.

Further review of gravity anomalies and other deeper-lying magnetic anomalies will be conducted over the Mongolian winter months, among other things. This is expected to provide drill targets for an upcoming exploration program.

The firm's shares fell 9% in recent trade on Monday.