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Balkan Mining and Minerals Ltd (BMM or the Company) (ASX:BMM)is pleased to announce the completion of its reconnaissance and rock sampling at the Dobrinja Lithium-Borate Project.
The Company has conducted an extensive surface prospecting and a permit wide sampling program, consisting of 97 outcrops being observed and the required information being obtained and recorded into the company database. Additionally, 61 samples of lacustrine-appearing sediments were taken for geochemical analysis.
The sampling program was conducted in order to identify prospective stratigraphy with elevated lithium and boron and to allow the inference of prospective sections.
The samples have been submitted to ALS Bor for sample preparation to be conducted and once completed, the samples will be dispatched to ALS Ireland and Vancouver for multi-element ICP analysis. The Company will release the results once received.
Dobrinja
The project occupies intermontane lacustrine Neogene basin within the trend called the Vardar Zone. The Dobrinja license, covering 37.58km2, is located in western Serbia along trend where lithium– borate Mineral Resources and Ore Reserves have been defined (Rio Tinto, Euro Lithium and Erin Ventures)1.
Figure 1 - Balkan Mining and Minerals Project Locations
The Dobrinja basin is generally elongated in a northwest-southeast direction, controlled by the Neogene tectonic. The targeted lacustrine sedimentary sequence comprises of Lower, Middle and Upper Miocene fine pelitic sediments, marlstone, ash-flow tuffs, oil shale and basal clastic flows.
Basement rocks vary in both age and rock type, and include Paleozoic metamorphic rocks, Mesozoic carbonates and Vardar Ophiolites formations. Northwest - southeast trending faults are thought to be major structural controls on basement fracturing and basin development and may also serve as zones of migration for mineral-bearing fluids.
For further information pls contact:
RossCotton MediaInquiries
Managing Director Nick Doherty
White Noise Communications
Authorised for release by the Managing Director of Balkan Mining and Minerals Limited
-ENDS-
BMM:AU
Balkan Mining and Minerals
Overview
The recent boom in electric vehicle (EV) adoption and green technologies has seen global demand for lithium skyrocket. Analysts believe EV penetration could reach 35% by 2030, which means lithium production will need to quadruple between 2020 and 2030 to satisfy this growing demand.
Lithium production is often associated with countries like Chile, Australia and Argentina — but strategic policy shifts in the European Union have led Europe to look inward for essential battery metals, placing the spotlight directly on the Balkan states. While the Balkan states, which includes Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia, Romania, Serbia and Slovenia, are best known for historic gold production — recent lithium discoveries in Serbia have renewed interest in this region.
Balkan Mining and Minerals (ASX:BMM) is focused on an early-stage exploration through the full development of lithium and boron mining in the Balkan region. The company is committed to building an ethical resource portfolio backed by strategic partnerships and guided by an experienced board and management with regional expertise.
The Balkan states, and Serbia in particular, are well-endowed with many minerals and have attracted a surge in foreign investors for the exploration of mining operations. Serbia's Vardar zone is an emerging tier 1 lithium-borate jurisdiction. Balkan Mining and Minerals is well-positioned to capture the growth of the European lithium and boron supply chain.
Balkan Mining and Minerals' flagship Rekovac lithium-borate project demonstrated two successful diamond drill holes discovering preserved lithium and borate mineralization. The company recently completed its surface mapping program. With the success of the initial drilling and exploration, Balkan is well-positioned to commence its drill program in late September 2021.
The company continues to expand its reach across Serbia with four new exploration permits recently granted. The Ursule and Siokovac licenses provide expansion of Rekovac and span nearly 200 square kilometers. The Dobrinja and Pranjani licenses provide access to Western Serbia with favorable lacustrine strata for hosting lithium and boron.
"It's the right region, it's the right commodity and the right capital structure with the right investors… the key thing to add to that is what differentiates this particular lithium project from many of the other … lithium companies, at least listed in Australia, is the borate angle… So that makes these types of things extremely economic and extremely easy to mine and process," commented Ross Cotton, managing director.
Balkan Mining and Minerals is backed by Sandfire Resources (ASX:SFR). The company's current market cap is AU$36 million with 45 million shares on issue.
The leadership of Balkan Mining and Minerals includes a highly commercial board with decades of experience. Sean Murray serves as chairman and brings executive experience from Rio Tinto and expertise in industrial minerals. General Manager Dejan Jovanovic is the Balkan region expert with over 15 years of experience as a geologist. The company has a strong combination of experience and expertise to be a leader in the lithium and boron space.
Company Highlights
- Balkan Mining and Minerals is a publicly-listed exploration and development company focused on lithium and boron mining in the Balkan region.
- The Rekovac project has demonstrated promising results in its early exploration phase and is on track for additional explorations and assessments within the Ursule and Siokovac licensed areas.
- The Cacak project provides new access to underexplored areas of the Vardar Zone, an emerging tier 1 lithium-borate jurisdiction. The company is looking to expand beyond the Rekovac project and region.
- The company is backed by leaders in the space and has performed well since its IPO. An experienced board and regional management expertise equip Balkan Mining and Mineral to be a leader in the lithium-borate space and are in the right space at the right time.
Key Projects
Rekovac Lithium-Borate Project
The flagship Rekovac lithium-borate project is located in the world-class Vardar Zone in Serbia, an emerging tier 1 lithium-borate jurisdiction. The project has easy access to the motorway and modern rail corridor, thus providing a solid infrastructure to Central and Western Europe.
The first two diamond drill holes (1,238 meters) revealed preserved lithium and borate mineralization at both sites. The second drill hole (REK-002) intercepted over 171 meters with over 10,000 ppm of B2O3 and up to 969 ppm Li2O from 35 meters including 49.6 meters with over 20,000 ppm of B2O3 and up to 624 ppm Li2O from 51.5 meters.
The success of the initial drilling and exploration has provided a solid foundation to explore additional areas of Rekovac as well as two additional adjacent areas under the Ursule and Siokovac licenses. The recently completed surface mapping of the entire Rekovac area has identified five dominating sedimentary formations. The samples will be sent to a laboratory for mineral phase determination using the X-ray diffraction method.
Balkan Mining and Minerals plans to measure magnetic properties over the entire diamond drill core. In addition to measuring magnetic susceptibility, the company will measure the bulk density of samples selected from the drill core. These two parameters will guide geophysics surveys across high-priority areas and ultimately define and commence new drilling programs.
Cacak Project
The Cacak project comprises the Dobrinja and Pranjani license and is located in Western Serbia about 90 kilometers south-southwest of Belgrade, the capital of Serbia. A database study conducted by the Yugoslav Geological Survey identified favorable lacustrine strata for hosting lithium and boron.
The project is in its early exploration phase and will focus on target generation using regional geophysics, geological mapping, and surface sampling. Upon completion of the initial assessment, drill testing of the target locations will be conducted. The licensed areas are within the Vardar Zone and present the company with another location for extracting lithium and boron minerals.
Management Team
Ross Cotton – Managing Director
Ross Cotton has over 15 years of experience in the securities and mining industries and has been instrumental in both the financing and management of mining and resource companies globally.Cottons' experience in investment banking and equity capital markets has provided him with detailed experience in corporate transaction management and execution. In these roles, Cotton has been integral in the recapitalization and restructuring of companies, including managing of initial public offerings and reverse takeovers. In addition to a number of managerial roles with ASX listed companies, Cotton has also provided corporate advisory services to listed companies on strategy, acquisitions as well as financing via both debt and equity for a number of years.Cotton currently manages a private mining strategy and finance consulting business and utilizes his networks established in investment banking, mining and management to provide solutions for the effective implementation of business strategies and management solutions.
Sean Murray – Non-executive Chairperson
Sean Murray has an Honors degree in modern languages and a post-graduate Master's Degree in Business Management and Economics from the Manchester Business School, part of the University of Manchester Institute of Science and Technology, in the United Kingdom. Murray has more than 40 years of experience worldwide in the chemicals and mining industries, including non-ferrous metals and minerals and industrial minerals. His successful executive management career includes senior roles with Australian Mining and Smelting (CRA), Pasminco Europe and Pasminco Inc and Rio Tinto plc where he became Managing Director of Borax Europe and then Deputy Chief Executive, Rio Tinto Borax in the 1990s and early 2000s.
Murray has also served on the boards of Rio Tinto operating companies either as president or as an executive director in the USA (California), Argentina, France, Germany, Holland, Spain and Italy. He has been a Vice-President of the European Zinc Institute (The Hague), and an Industry Advisor on non-ferrous metals and minerals to the UK government at the International Lead Zinc Study Group, (United Nations). He was a vice-president of the Industrial Minerals Association and president of the European Borates Association in Brussels where he became involved in Public Relations and Sustainable Development.
Since 2005, Murray has provided consulting services on marketing, planning and strategy to the industrial minerals sector in Europe, Australia and the Americas and has held non-executive directorships on the boards of AIM and ASX listed copper, gold, tungsten, potash and fluorspar companies including, Fluormin plc (formerly LSE:FLOR and Potash Minerals Ltd (formerly (ASX:POK)). He was a senior partner in a New York based LLP developing minerals businesses in the former Soviet Union. Murray is fluent in a number of European languages including German and Spanish.
Murray has British and Irish citizenship and lives in Surrey in the United Kingdom.
Luke Martino – Non-executive Director
Luke Martino is a Fellow of the Institute of Chartered Accountants in Australia and the Australian Institute of Company Directors, having worked for over 30 years with major accounting firms, where he held senior leadership positions and Board memberships including Lead Partner of Deloitte's Growth Solutions practice in Perth until 2007 when he left to establish boutique corporate advisory and accounting firm, Indian Ocean Advisory Group.
Martino has extensive experience in mining and resources, property and hospitality industries and is a specialist in corporate and growth consulting.
Martino currently acts as a Chairman of Jadar Resources Limited (ASX: JDR) and is also Executive Director of Indian Ocean Consulting Group Pty Ltd. Martino's previous roles have included acting as Non-Executive Director of Skin Elements Ltd (ASX: SKN), Pan Asia Corporation Limited (ASX: PZC), Non-Executive Chairman and Director of Central Asia Resources Limited (ASX: CVR) and former Company Secretary of Blackgold International Holdings Limited (ASX: BGG).
Milos Bosnjakovic – Non-executive Director
Milos Bosnjakovic is a lawyer by profession with strong links and experience in the Balkan countries of the former Yugoslavia Republics, Australia and New Zealand. He has been involved in the resources industry in Australia and the Balkans for almost 20 years and has considerable corporate experience within the industry.
Bosnjakovic is a dual national of Australia and Bosnia and Herzegovina and was also the co-founder of ASX-listed Sultan Corporation Limited which became Balamara Resources Limited, which held the Monty Zinc Project in Montenegro. Milos was co-founder of ASX-listed Adriatic Metals PLC (ASX: ADT) and his previous roles have also included acting as Non-Executive Director and Country Manager of Adriatic Metals PLC.
Dejan Jovanovic – General Manager
Dejan Jovanovic is a geologist with more than 15 years of experience in managing complex exploration projects and mineral deposit evaluation. He is a well-rounded exploration professional with significant commodity experience including lithium, borates, base and precious metals. Jovanovic implemented and encouraged the highest standards of technical and operational excellence across multiple project support groups. He has held numerous positions throughout his career including notable roles with Rio Tinto (Serbia) where he worked on Rio Tinto's Jadar lithium-borate deposit; senior exploration roles with Lithium Li Ltd / Pan Global Resources Inc. serving as a key leadership capacity for exploration programs in the Balkans. Jovanovic has also acted as an exploration management consultant to various clients including European Lithium and General Manager Exploration for Jadar Resources Limited (ASX:JDR).
Jovanovic holds a Master of Science in Economic and Exploration Geology from the University of Belgrade, and a member of the Professional Geological Societies (QP), and a fellow of the European Federation Geologist (CP in accordance with the JORC Code).
Harry Spindler – Company Secretary
Harry Spindler is an experienced corporate professional with a broad range of corporate governance and capital markets experience, having held various company secretary positions and been involved with several public company listings, merger and acquisition transactions and capital raisings for ASX-listed companies across a diverse range of industries over the past 22 years.
Spindler is a member of the Institute of Chartered Accountants Australia and New Zealand and a member of the Financial Services Institute of Australia. Spindler began his career in corporate recovery and restructuring at one of Australia's leading independent financial advisory and restructuring providers Ferrier Hodgson (now KPMG) and has for the past 11 years working for a corporate advisory firm, Indian Ocean Consulting, through which he has advised a number of clients in a range of industries, as well as held positions as company secretary for a number of ASX-listed companies, including Sino Gas & Energy Holdings Ltd (ASX:SEH; ASX:300), an Australian energy company focused on developing gas assets in China.
Karl Simich - Director
As director, Karl Simich has a particular focus on strategy, corporate development and stakeholder relations. Prior to joining Balkan, Simich was the founder, managing director and CEO of Sandfire Resources for 15 years, overseeing the company's transformational growth from a junior micro-cap to a successful, global mid-tier producer. He oversaw the implementation of Sandfire's international expansion strategy, including the $1.865 billion acquisition of the MATSA copper operations in Spain. Simich has 36 years of experience with publicly listed mining and exploration companies. Throughout his career, Simich has overseen the financing and development of more than 10 mines in Australia, New Zealand and Africa.
Nenad Loncarevic – Senior Exploration Geologist
Nenad Loncarevic has 30 years of mineral exploration experience. He is highly experienced in target generation, project evaluation and exploration program implementation for gold, base metals and industrial minerals. Loncarevic possesses an outstanding knowledge of many deposit styles with particular strengths in polymetallic systems and sedimentary type deposits.
Prior to joining Balkan Mining and Minerals, Loncarevic held senior exploration roles with companies including Medgold Resources Corp. (TSXV:MED), Ultra Lithium (TSXV:ULI) & Dundee Precious Metals Inc. (TSX:DPM).
Loncarevic holds a Master of Science in Economic and Exploration Geology from the University of Belgrade.
AM Resources Identifies 26 New Pegmatites for a Total of 187 Pegmatites on its 1,500 km² Land Package in Austria
First Group
The Company has identified 8 large pegmatites with lengths varying between 329 metres and 887 metres, with the most extensive pegmatite measuring an impressive 281 metres in width.
Second Group
An additional 18 pegmatites ranging from 102 metres to 560 metres in length were discovered, with the thickest pegmatite reaching 195 metres in width. This group's diversity in size and shape adds to the prospectivity of AM Resources’ holdings. Many of these pegmatites are located within mica schists, a geological setting favorable for the presence of lithium-bearing minerals.
David Grondin, CEO of AM Resources commented: “Since the acquisition, we've been compiling the data available to us in preparation for our upcoming exploration program scheduled for June. We are very pleased with the number and size of the pegmatites found so far. Once we finish compiling the data, we'll have a better picture of the work that needs to be done to fully evaluate the lithium potential of our properties.”
Location, Location, Location
As previously reported, the AM Resources team has been actively assembling a massive prospective land package with four key elements at the core of its strategy: proven geology, proximity to key markets, historical expertise, and a clear, proven mining code. AM Resources’ Austrian properties are located within 620 km of 14 planned battery plants and have direct access to an extensive rail system.
Qualified Person
Technical information related in this news release has been reviewed and verified by Jean Lafleur, P. Geo., of PJLEXPL Inc., a registered geologist with the Ordre des Géologues du Québec (OGQ #833) and is a qualified person (QP) as defined by NI 43-101. Mr. Lafleur is independent from the Company and has reviewed and approved the disclosure of the AM Resources geological information.
About AM Resources
AM Resources Corporation (TSXV: AMR) is a dynamic junior mining company focused on the exploration and development of high-potential pegmatite deposits. With a strategic portfolio of assets and a commitment to responsible resource development, the Company is dedicated to creating long-term value for its stakeholders while adhering to the highest standards of corporate governance and sustainability.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. AM Resources does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
David Grondin
AM Resources Corporation
President and Chief Executive Officer
1-514-583-3490
Large New Lithium and Gold Anomalies Identified Over Highly - Prospective Cave Hill Greenstone Belts
- Highly-anomalous lithium and gold targets identified from soil sampling across the Company’s extensive 700 square kilometres (sq.km) Cave Hill Project tenements in WA’s world-class Eastern Goldfields gold, nickel and lithium province (see Figure 1).
- The largest new lithium anomaly, located in the southern part of E15/1844 (Figure 1), is over 5km x 5km and is associated with a northeast-trending fault corridor intersecting an extensive buried greenstone corridor identified from magnetic imagery (Figure 2). This is a similar setting to other high-grade lithium deposits in the region, including the Kangaroo Hills discovery which has produced lithium-spodumene intersections of up to 29m @ 1.36% Li2O1, and the Mt Marion Project which has a large Mineral Resource of 71.3Mt @ 1.37% Li2O2 (see Figure 1).
- Several highly-anomalous gold results also produced from this broad 400m x 400m sampling program, including values of up to 32ppb Au - more than 10 times background in this soil covered area (see Figure 3).
- This extensive and highly prospective >100km strike-length greenstone corridor remains virtually untested and is a continuation of the belt which hosts the Kangaroo Hills lithium discovery1, the 2.8Moz2 Coolgardie Goldfield and the Nepean Nickel Mine (1.1Mt at 3.0% Ni produced3) (Figure 1).
- Extensive infill and extension soil sampling is set to commence to better define targeting for an initial aircore drilling program, to be followed by RC and/or diamond drilling to test for lithium-bearing pegmatites in bedrock and/or greenstone-hosted gold deposits.
SABRE RESOURCES CEO JON DUGDALE COMMENTED:
“The large lithium and gold soil anomalies we have identified across our extensive Cave Hill tenements indicate that the large, untested, greenstone corridor discovered within the project is highly-prospective for lithium-bearing pegmatites, as well as gold deposits.
“The Company will immediately commence infill sampling, and new sampling programs on other recently granted tenements, to define aircore drilling targets for lithium and gold deposits in the underlying greenstone lithologies.
“The Company has over 100km of strike of granted tenements over this newly identified greenstone corridor. The corridor is along strike and parallel to other greenstone belts which host major lithium, gold and nickel deposits in the region, such as the Mt Marion lithium deposit, the 2.8Moz Coolgardie Goldfield and the Nepean nickel mine. The only difference appears to be that the Cave Hill greenstone corridor is under shallow cover, which is why it has remained largely un-explored.
“We look forward to further defining these highly-anomalous lithium and gold zones and testing the bedrock potential for new lithium, gold and nickel sulphide discoveries”.
Figure 1: Cave Hill Project tenements on aeromagnetics with new lithium anomalies and other lithium deposits
The results have been received from a further 876 auger soil samples collected on a 400m x 400m grid, mostly from the largest and most prospective tenement, E15/1844 (see Figure 1). An extensive greenstone belt has been identified from magnetics within this tenement and a series of northeast-trending faults are interpreted to intersect the soil-covered greenstone lithologies, which could host lithium-bearing pegmatites (see Figure 2 below).
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This article includes content from Sabre Resources Ltd, 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.
