Drilling Commences At The Gorge Lithium Project

Balkan Mining and Minerals Ltd (ASX: BMM; “BMM” or “the Company”) is pleased to announce the commencement of the Company’s phase 1 drill program at the Gorge Lithium Project located in Ontario, Canada (the "Gorge Lithium Project" or the "Project").

Highlights

• Diamond drill program underway at Gorge Lithium Project
• The Gorge drilling campaign has been designed to systematically test the vertical plunge extensions along prospective pegmatite strikes at the Koshman and Nelson occurrences
• Clearing at the Nelson spodumene pegmatite occurrence has resulted in the identification of two additional pegmatite targets along strike extending over 200m - targets remain open along strike

The ongoing drilling program will be the first sub-surface testing for lithium mineralisation at the Gorge Lithium Project where previous channel sampling results confirmed high grade lithium mineralisation at the surface, including 1.8m @ 3.75% Li2O. (see ASX Announcement dated 16 December 2022).

Figure 1 – BMM´s General Manager of Exploration with drilling crew in front of drill hole NL-23-001

The 12-hole drill program has been designed to provide a better understanding of the lithium mineralisation in the shallow subsurface and to test the vertical plunge extensions along pegmatite strikes.

Figure 2 – Nelson Pegmatites detail geological map showing the location of drill hole NL-23-001

In parallel to clearing the access trail and setting up drill pads, the Company has been mechanically stripping at the Nelson spodumene pegmatite. Surface stripping has revealed two additional unmapped pegmatite targets located 25m southeast and 150m northwest from the Nelson discovery outcrop which demonstrates the rich endowment of pegmatites in this region and highlights the exploration potential of the Project. Detail mapping of newly discovered pegmatites is under way.

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