Corvette North & Northwest Lithium Projects Update

Balkan Mining and Minerals Ltd (ASX: BMM; “Balkan Mining” or “the Company”) is pleased to advise that initial desktop studies of Balkan Mining’s 100% owned Corvette North and Corvette Northwest which cover ~22km2 in the prolific James Bay lithium region in Quebec, Canada, have been completed.

HIGHLIGHTS

• Initial desktop studies of Balkan Mining’s recently staked Corvette North and Corvette Northwest Projects which cover ~22km2 in the prolific James Bay lithium region in Quebec, Canada, have been completed.
  
• Corvette North and Corvette Northwest are situated approximately 10km to 15km from Patriot Battery Metals Inc (ASX.PMT) Corvette project which has recently announced exciting lithium results, including 156.9m at 2.12% Li2O1 and 159.7m at 1.65% Li2O2.
  
• Amphibolites (denoted in light green in Figure 1) are known to host spodumene-bearing pegmatites, and Balkan Mining notes that both projects host these formations.
• Managing Director Ross Cotton and Director elect Karl Simich will be on the ground late February with Balkan Mining’s geological team to finalise plans for the upcoming work programs.

Corvette North and Corvette Northwest are situated approximately 10km from Patriot Battery Metals Inc (ASX.PMT) Corvette project which has recently announced exciting lithium results, including 156.9m at 2.12% Li2O1 and 159.7m at 1.65% Li2O2.

Amphibolites (denoted in light green in Figure 1) are known to host spodumene-bearing pegmatites, and Balkan Mining notes that both projects host these formations.

Further, the Company has assessed local infrastructure (please refer to Figure 2) and notes that both Corvette North and Corvette Northwest are close to power, roads and numerous airports.

Director elect Karl Simich (to be voted upon by shareholders February 13, 2023) and Managing Director Ross Cotton, will be on the ground late February with Balkan Mining’s geological team to finalise plans for the upcoming work programs.

Mr Simich has 36 years’ experience with publicly listed mining and exploration companies on the ASX, TSX and LSE, most recently as the founder, Managing Director and CEO of Sandfire Resources (ASX: SFR) between 2006 and September 2022.

During this time, he guided Sandfire through the discovery, financing, development and successful 10-year operation of the highly profitable DeGrussa Copper Operations in Western Australia. He oversaw the implementation of Sandfire’s international expansion strategy to become a globally significant copper miner, including the US$1.865 billion acquisition of the MATSA copper operations in Spain. At the end of his tenure, Sandfire had mining operations and development projects spanning three continents.

Figure 1 – Geology map of wider project area

The projects are located in northern Quebec within the central parts of the La Grande Greenstone Belt, in the James Bay Region, Quebec. The property is situated due north and northwest of the Corvette Lithium Projects of Patriot Battery Metals (ASX.PMT). The rock types of the La Grande Greenstone Belt are dominated by amphibolite facies, mafic to ultramafic metavolcanics and intermediate to mafic paragneiss units. This stratigraphy is analogous to PMET Corvette property where pegmatite intrusions are hosted within basalt derived amphibolite rocks.

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