Planned Start Of Phase 1 Drill Program At The Gorge Lithium Project

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

Highlights

• Gorge drilling campaign to test outcropping spodumene pegmatite at Koshman and Nelson lithium occurrences.
• BMM plans to initially drill up to 12 diamond drill (DD) holes for a total downhole length of up to 1,000m to systematically test the vertical plunge extensions along prospective pegmatite strike.
• BMM’s active engagement and communication with local First Nation communities has enabled the acceleration of pre-drilling and preparation activities.
• Clearing of access trails and site preparation works to commence with drilling scheduled to begin in the first half of September.

The drill program has been designed to systematically test the vertical plunge extensions along strike of outcropping high-grade lithium pegmatites at the Nelson and Koshman occurrences. The phase 1 program comprises up to 1,000m of drilling across an area with very favourable initial results from systematic sampling programs that have identified multiple targets.

Figure 1 - Gorge Project Location Map

A total of six (6) Diamond Drill (DD) holes have been planned to be carried out at the Nelson pegmatite occurrence which will concentrate on the anomalies identified from previous channel sampling results, which included 1.8m @ 3.75% Li₂O, further confirming significant potential of this project (see ASX Announcement dated 16 December 2022).

Figure 2 - Locations of Planned Diamond Drill holes at Nelson

An additional six (6) DD holes have been planned to be drilled at the Koshman pegmatite occurrence to test targets identified from both channel and rock chips samples, which included 2.1m of 1.23% Li₂O, including 1.1m of 2.2% Li₂O from channel sampling and up to 4.28% Li₂O from rock chip sampling program (see ASX Announcements dated 16 December 2022 and 28 September 2022).

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