High Lithium Grades – Including 1.8m @ 3.75% Li20 Assays From Gorge Lithium Project

Balkan Mining and Minerals Ltd (ASX: BMM; “Balkan Mining” or “the Company”) is pleased to announce the results of the initial channel sampling program completed at the Gorge Lithium project located in the Georgia Lake Area, Thunder Bay North Mining District of Ontario, Canada (the “Gorge Lithium Project” or “Project”).

HIGHLIGHTS

• High-grade lithium assays from channel samples taken from the Koshman and Nelson pegmatite showings at the Gorge lithium project, including 1.8m @ 3.75% Li2O confirm significant project potential.
• Assay results included:
  • o 1.8m @ 3.75% Li2O;
  • o 2.1m @ 1.23% Li2O;
  • o 2.7m @ 0.87% Li2O;
    including 1.5m at 1.30% Li2O.
• A total of 7 channel assays have been received in the preliminary evaluation of the Nelson and Koshman pegmatite outcrops.
• Pegmatites at both Koshman and Nelson remains open along strike.
• Newly identified spodumene-bearing pegmatite dykes provide additional targets for future exploration.

The channel sampling program recently completed at the Gorge Lithium Project was designed to test lithium-bearing spodumene mineralisation in a number of pegmatites on the property where previous sampling identified high-grade spodumene-bearing pegmatite dykes1. In total, five channels were taken from Koshman totalling 14.01m (CH-001-22 to CH-005-22) and two from Nelson totalling 7.22m (CH-006-22 to CH-007-22) pegmatite dykes.

Assay result highlights are summarised in the following table, and full results are presented in Appendix A.

The most encouraging result from the channel sampling returned 1.8m at 3.75% Li2O from a single Nelson spodumene–bearing pegmatite dyke. The spodumene crystals are randomly oriented in a matrix of variably coarse-grained microcline and albite feldspars. It has been found that the dykes at Nelson pegmatite occurrences plunge to the southeast.

Figure 1 – Nelson pegmatite locations and channel samples

Figure 1 – Nelson pegmatite locations and channel samples

The best result from Koshman channel sampling returned 2.1m of 1.23% Li2O, including 1.1m of 2.2% Li2O. During prospecting the Koshman area, the Company identified a new area of evolved surface pegmatite dyke and extended the historically known dykes.

The pegmatites at Koshman have a narrow border zone comprised of fine to medium-grained feldspar-quartz-muscovite rock, succeeded inwards by a narrow, similar wall zone. Inwards from there, the pegmatite is a mixture of feldspar, quartz, spodumene, green muscovite and minor beryl and minor Ta-oxide minerals. The pegmatite contains spodumene throughout this internal zone varying in volume from about 5% to >30% of the pegmatite. The spodumene occurs as coarse-grained large prismatic crystals.

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