Balkan Mining and Minerals

December 2023 Quarterly Activities Report

Balkan Mining and Minerals Ltd (ASX: BMM; "BMM" or "the Company") provides the Company’s quarterly activities report for the three months ended 31 December 2023 (“Quarter”).


The maiden 2,500m diamond drilling program undertaken at the highly prospective the Gorge Lithium Project in Ontario, Canada with visual spodumene observed across campaign and laboratory assays pending. Key strategic and operational milestones were achieved during the quarter, outlined below.

HIGHLIGHTS

  • Diamond drilling undertaken at the Gorge Lithium Project with for a program of 2,500m with spodumene bearing pegmatites encountered in several holes drilled
  • Drill program currently awaiting assays for approximately 180 samples
  • Clearing and stripping work undertaken in preparation for the drill program reveals previously unmapped pegmatites and extensions to some known pegmatite occurrences at Gorge, further underlining the project’s potential
  • Balkan remains committed to evaluating new project opportunities
  • Mr Karl Simich appointed Non-Executive Chairman

Balkan Mining and Minerals, Managing Director, Ross Cotton commented:

“The maiden diamond drilling activity conducted at our flagship Gorge Lithium Project in Ontario, Canada has revealed a widespread and prolific pegmatite hosted spodumene geology. We eagerly anticipate assays from the 2,500m program which will inform our next steps in advancing this exciting lithium-focused opportunity.

Whilst we remain extremely upbeat on the prospectivity of Gorge, the Board is continually reviewing opportunities to improve and diversify our project portfolio and will advise our shareholders of any new potentialities if and when appropriate.

Gorge Lithium Project (Ontario, Canada)

During the quarter, Balkan primarily focussed on exploration activities associated with the Company’s Gorge Lithium Project in Ontario, Canada.

In October, Balkan announced that visual spodumene mineralisation had been observed in the first holes drilled at the Nelson pegmatite occurrence at Gorge (refer to ASX Announcement dated 16 October 2023). As the program was progressed, spodumene mineralisation has been visually identified in 8 of the first 10 holes completed in the program at both the Nelson and Koshman pegmatite prospects (refer to ASX Announcement dated 12 December 2023). The Company currently awaits assays on approximately 180 samples taken from the program and will inform the market as they come to hand.

The stripping and clearing associated with drilling preparation exposed extensions to known pegmatite occurrences at surface with the Nelson pegmatite strike now extending more than 200m. In addition, a new pegmatite dyke north east of Nelson, SP-23-2 was revealed to extend some 50m in strike length with widths at surface ranging from 2.6-5m thick and visual spodumene between 5-15% content.

The diamond drilling program was briefly paused during October after the observation of the traditional hunting season of the region’s First Nation peoples. Shortly after the resumption of drilling, the Company took the decision to engage global drilling house Major Drilling Group International Inc to complete the program with a fit-for-purpose drill rig which led to substantial improvements in drilling rates and efficiency.

Whilst Balkan is awaiting the assays from the diamond drilling program, the Company notes that the most recently reported drilling included hole KS-23-009, which encountered 16.8m of spodumene mineralisation from 5.8m depth.

During the quarter, the Company made the payment of AU$60,000 cash and AU$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, refer to ASX Announcement dated 4 July 2022).

At a local level, Balkan continues to engage with relevant stakeholders including First Nations communities, land holders and regulatory agencies and authorities.


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.

BMM:AU
The Conversation (0)
Lithium periodic symbol and powder overlayed with world map.

Top 4 Largest Lithium Reserves by Country

Those interested in the lithium sector and investing in lithium stocks are often curious about which countries are the top producers of the battery metal, but they may not stop to consider the top lithium reserves by country.

Major lithium-producing countries are, of course, home to a large number of lithium companies. Many of the world’s top lithium producers also hold significant reserves, and their reserves can give an idea of how much room those countries have to grow. At the same time, nations with high reserves may become more significant lithium players in the future.

Looking forward, lithium demand is expected to continue increasing. That’s because, together with metals such as cobalt, lithium is a key raw material in the lithium-ion batteries used to power electric vehicles, and it is also essential for the energy storage sector.

Keep reading...Show less
Silver square with the lithium periodic symbol standing upright next to lithium metal.

Top 9 Lithium-producing Countries

Interest in lithium continues to grow due to its role in the lithium-ion batteries that power electric vehicles (EVs). As a result, more and more attention is landing on the top lithium-producing countries.

About 80 percent of the lithium produced globally goes toward battery production, but other industries also consume the metal. For example, 7 percent of lithium is used in ceramics and glass, while 4 percent goes to lubricating greases.

According to the US Geological Survey, lithium use in batteries has increased in recent years due to the use of rechargeable batteries in portable electronic devices, as well as in electric tools, EVs and grid storage applications.

Keep reading...Show less
Jindalee Lithium CEO Ian Rodger.

Jindalee Lithium Secures Funding to Advance One of the Largest Lithium Deposits in US

Jindalee Lithium (ASX:JLL,OTCQX:JNDAF) CEO Ian Rodger delves into the company’s strategy following the sale of a non-core asset and the significance of this transaction for the future development of Jindalee's flagship McDermitt lithium project in Oregon, US.

Watch the full interview with Ian Rodger, CEO of Jindalee Lithium, above.

Rapid Lithium

Investor Presentation Acquisition of the Strategic Prophet River Ge-Ga Project

Prophet River, British Columbia, Canada – Brownfields Exploration Project Strategic Metals – Germanium and Gallium

Rapid Lithium Limited (ASX:RLL) has announced Investor Presentation Acquisition of the Strategic Prophet River Ge-Ga Project.

Keep reading...Show less
Jindalee Lithium

Jindalee Realises $2.75M from Sale of Non-Core Asset

Jindalee Lithium Limited (Jindalee, the Company; ASX: JLL, OTCQX: JNDAF) advises that the Company has sold its shareholding in Dynamic Metals (ASX: DYM, Dynamic), raising $2.75M before costs.

Keep reading...Show less

Latest Press Releases

Related News

×