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Balkan Mining and Minerals Ltd (ASX: BMM; “Balkan Mining” or “the Company”) provides the Company’s quarterly activities report for three months ending 31 March 2023 (“Quarter”).Canadian Projects (Ontario and Quebec).
Lithium portfolio continues to expand in Canada having secured a new prospect in Ontario covering ~42km2. BMM is poised for growth during 2023, with exploration programs planned across the entire portfolio consisting of ~22km2 in the emerging lithium district of James Bay in Quebec and ~120km2 of highly prospective ground in Ontario, with the addition of the Barbara Lake Project. Key strategic and operational milestones were achieved during the period, outlined below.
HIGHLIGHTS
- BMM entered into agreement to acquire 100% ownership of the Barbara Lake Project, covering ~42km2 and situated in the well-known Georgia Lake spodumene-bearing pegmatite district of Thunder Bay North Mining District of Ontario, Canada, in Quebec. Acquisition completed in April 2023.
- This acquisition has expanded BMM’s Ontario portfolio footprint to ~120km2.
- Expansion of management team with the appointment of Karl Simich as a director of the Company in February 2023.
- Canadian visit by senior management inclusive of site visits, stakeholder and investor engagement.
Balkan Mining and Minerals, Managing Director, Ross Cotton commented:
“The strategic acquisition of the Barbara Lake Project fits in almost perfectly with planned field programs at our northwest Ontario and Quebec projects. Furthermore, the Barbara Lake acquisition enhances the prospectivity of exploration planned across our northwestern Ontario portfolio which will include modern investigation of these previously mapped areas in the 1950s and 1960s, techniques which have lead to recent significant discoveries in the region."
Canadian Projects (Ontario and Quebec)
Following the diversification strategy incorporating the strategic earn-in agreement on the Gorge Lithium exploration project and option agreement secured over the Tango Lithium exploration project located in the Georgia Lake Area, Thunder Bay North Mining District of Ontario, Canada, BMM continued to increase its interest in prospective projects in Canada, securing a new prospect in Ontario, the Barbara Lake Project, adding a further ~42km2 to the Company’s Canadian project portfolio.
The Barbara Lake Project is in the central portion of the Barbara Lake Area and encompasses the southwestern part of Georgia Lake. The Project is located approximately 37 km northeast of Nipigon and 150 km northeast of Thunder Bay, Ontario.
Figure 1 – Barbara Lake Project Geology Map
Above shows the geology map of the newly acquired Barbara Lake Project, and below the Company’s broader Ontario Projects and Thunder Bay mining district (excluding Corvette North and Northwest Projects which are located in Quebec).
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This article includes content from Balkan Mining and Minerals, 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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Atlantic Lithium: Building Ghana’s First Lithium Mine
Atlantic Lithium (ASX:A11, AIM:ALL, OTCQX:ALLIF) intends to leverage Ghana's 180,000 tonnes of estimated resources through its flagship Ewoyaa project, set to become Ghana’s first lithium-producing mine. Atlantic Lithium intends to produce spodumene concentrate capable of conversion to lithium hydroxide and carbonate for electric vehicle batteries.
In June 2023, Atlantic Lithium released a definitive feasibility study (DFS) indicating Ewoyaa with demonstrable economic viability, low capital intensity and excellent profitability. The DFS showed 35.3 million tons (Mt) @ 1.22 percent lithium oxide JORC Mineral Resource Estimate and conservative life-of-mine concentrate pricing of US$1,587/t.
Atlantic Lithium plans to deploy a Modular DMS plant ahead of commencing operations at the large-scale main plant to generate early revenue. This intends to reduce the peak funding requirement of the main plant. The project is expected to deliver first spodumene production as early as April 2025.
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX:PLL), with Piedmont expected to fund c. 70 percent of the US$185 million total capex. In accordance with the agreement, Piedmont is funding US$17 million towards studies and exploration and an initial US$70 million towards the total capex. Costs are split equally between Atlantic Lithium and Piedmont thereafter.
Company Highlights
- A mining and exploration company operating in West Africa, Atlantic Lithium is set to deliver Ghana’s first lithium-producing mine with its flagship Ewoyaa Lithium Project.
- Ghana is a well-established mining region with access to reliable, existing infrastructure and a significant mining workforce. There are currently 16 operating mines in the country.
- There is significant government interest in getting Ewoyaa operational to diversify the country’s production from gold.
- Atlantic Lithium is already the leading taxpayer and employer in the region and, through Ewoyaa, expects to bring significant business and development locally.
- The June 2023 definitive feasibility study proves Ewoyaa to be a financially viable, major near-term lithium-producing asset.
- The project is co-funded under an agreement with Piedmont Lithium.
- With 50 percent of offtake still uncommitted, the company is one of few near-term spodumene producers with offtake available.
- Situated on the West African coast, Atlantic Lithium is well-positioned to serve the global electric vehicle markets.
This Atlantic Lithium profile is part of a paid investor education campaign.*
Chariot Corporation: Largest lithium Exploration Land Holdings in the US
Chariot Corporation (ASX:CC9) targets both hard rock lithium in Wyoming and claystone lithium in Nevada and Oregon. Its Black Mountain Project in Wyoming has shown significant mineralization with grades of up to 6.68 percent Li2O from rock chip samples. The company holds six other hard rock projects in Wyoming with 443 claims covering 3,585 hectares.
Chariot’s Resurgent project holds the second largest land position in the McDermitt Caldera, which hosts the two largest lithium resources discovered to date (Thacker Pass 19.1 million tons (Mt) lithium carbonate equivalent (LCE) and McDermitt 21.5 Mt LCE). The recent $650-million investment in Thacker Pass by General Motors indicates interest from automakers looking to secure a supply of battery raw materials. The McDermitt Caldera’s size and scale potential present an opportunity for Automotive OEMs, battery manufacturers and others to obtain large-scale supply to meet their growth plans.
Chariot has been actively focusing on creating value through the divestment of selected lithium assets. Four assets have been divested through sale and/or option agreements with publicly listed companies. These transactions, assuming the existing options are exercised, may generate up to an estimated US$5.1 million in cash and stock-based consideration, in addition to future royalty payments for Chariot. The company currently has four additional projects that may be potential divestment opportunities, including Lida and Amargosa (Nevada), Mardabilla (Western Australia) and Nyamukono (Zimbabwe).
The company believes its two core projects, Black Mountain and Resurgent, represent early, prospective lithium opportunities in the United States.
Company Highlights
- Chariot Corporation Limited is a mineral exploration company focused on discovering and developing high-grade and near-surface lithium opportunities in the U.S.
- Chariot holds the largest land position for lithium exploration in the U.S. with hard rock lithium and claystone hosted lithium exploration assets.
- The company commenced trading on the ASX in October 2023 after closing a highly sought-after and oversubscribed A$9 million initial public offering (which is in addition to A$14.8 million being raised privately to assemble the portfolio).
- It is currently focused on its two core projects in the US: (1) the Black Mountain Project, a hard rock lithium project located in Wyoming; and (2) the Resurgent Project, a claystone lithium project located in Oregon and Nevada.
- The Black Mountain Project has had two-rounds of rock chip sampling which resulted in 22 rock chip samples collected with 10 of these samples returning assay results greater than 2.00% lithium oxide (Li2O) with the highest value being 6.68% Li2O. The Resurgent Project has had multiple rounds of rock-chip sampling with 289 samples being collected and returning values as high as 3,865 ppm lithium. The initial surface rock-chip sampling programs demonstrate the presence of lithium mineralization at surface.
- In addition to the core projects, Chariot holds an exploration pipeline of six projects in Wyoming including Copper Mountain, South Pass, Tin Cup, Barlow Gap, Pathfinder and JC projects. These projects are prospective for hard rock lithium.
- The company’s portfolio includes several additional projects prospective for hard rock (Western Australia and Zimbabwe) and claystone lithium (Nevada, U.S.A.).
- Chariot also holds interests in several projects that have been either sold or conditionally divested through option agreements to publicly listed companies. These include assets such as Halo, Horizon, Lithic & Mustang, and the Western Australia Lithium portfolio. Each of the divested projects are operated by a publicly listed counterparty and depending upon the particular transaction, the projects generate additional revenue for Chariot in the form of future payments and royalties.
- Chariot offers investors exposure to the nascent and rapidly growing U.S. lithium market.
This Chariot Corporation profile is part of a paid investor education campaign.*
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