The ancient Lake Khubsugul in North Mongolia is situated at the far reach of moisture from the North Atlantic into continental Asia [Kuznetsova, 1978]. It is remote from the Pacific Ocean and shielded from the China Sea and the Indian Ocean by high mountains. Information on the paleoclimates in this territory is scarce and sometimes controversial. In winter of 2003, due to a joint project (Khubsugul Drilling Project or KDP) of the Siberian Branch of the Russian Academy of Sciences and the Academy of Sciences of Mongolia, a 53‐m drilling core (KDP‐1) of sediments of Lake Khubsugul was obtained. This article describes the first results of paleomagnetic and geochemical studies of this core, which was found to span the time interval of the last 1.05 Myr. The data suggest that global climate oscillations manifested themselves in repeated desiccation and filling of the lake due to changes in humidity.