1500 Metres of Drilling Completed at Gorge

1500 Metres of Drilling Completed at Gorge

Balkan Mining and MineralsLtd (ASX: BMM; "BMM" or "the Company") is pleased to announce that Phase 1 of the diamond drill program undertaken by Major Drilling Group International Inc (“Major Drilling”) has been successfully completed at the Gorge Lithium Project located in Ontario, Canada (the "Gorge Lithium Project" or the "Project").


HIGHLIGHTS

  • ~1,500 metres of planned 2,500 metre drill program completed by Major Drilling.
  • Koshman pegmatite outcrop among several pegmatite occurrences targeted at Gorge.
  • All core has been logged and samples have been submitted to ALS laboratory with assays pending in coming weeks.
  • BMM moves to 50% ownership of the Gorge project.

More than half of the planed 2,500m drilling program has been completed to date with a focus on testing the Koshman spodumene bearing pegmatite outcrop.

The company will analyse the assays over the coming weeks and 3D model the Koshman occurrence, with a plan to extend the 2,500 metre program once further targets have been identified

Assays are pending and the Company expects to release the first batch in the coming weeks, with the balance of results expected over the next 3 – 6 weeks.

“The drilling completed by Major has substantially increased drill rate efficiency with initial drill testing of the Koshman spodumene bearing pegmatite occurrence representing an extremely encouraging start to the campaign. We look forward to receiving assay results which we hope will validate our theory that Gorge has the potential to become a substantial lithium deposit.

With the last completed hole reaching some 250 metres in depth, we are hoping that the best of this program is yet ahead of us. We look forward to revealing more as soon as the information comes to hand.”

-Ross Cotton, Managing Director.Corporate

The Company advises that is has met obligations to move to 50% ownership of the Gorge Lithium Project and has also met obligations to make certain payments to vendors of the Tango Lithium Project (“Tango”). The projects are in Ontario, Canada and BMM retains the option to move to 100% ownership of both assets.

Under the terms of the Gorge Lithium Project exclusive option agreement, BMM has made the payment of AUD$60,000 cash and AUD$100,000 in BMM shares to the vendor of the Gorge Lithium Project to move to 50% beneficial ownership of the project (for full details see ASX announcement dated 4 July 2022). Shares will be issued based on the higher of a $0.15 per share floor price and the 10-day volume weighted average closing price for BMM shares prior to issue date.

Under the terms of the Tango Lithium Project exclusive option agreement, BMM has made the payment of CAD$25,000 in cash and CAD$75,000 in BMM shares at the first anniversary on the exclusive option agreement (for full details see ASX announcement dated 31 October 2022). Shares will issued will be issued based on the 20-day volume weighted average closing price for BMM shares prior to issue date.

Click here for the full ASX Release

This article includes content from Balkan Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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