Soil Sampling Identifies Multiple Targets At Gorge Lithium Project

Balkan Mining and Minerals Ltd (“BMM” or “the Company”) (ASX: BMM) is pleased to announce the preliminary results of its recently completed sampling program at the Gorge Lithium Project located in Ontario, Canada (the “Gorge Lithium Project” or the “Project”). This announcement follows on from the successful 2022 channel sampling program, which included 1.8m @ 3.75% Li2O, further confirming significant potential of this project (see ASX Announcement dated 16 December 2022).

HIGHLIGHTS

• Preliminary focused soil sampling results from the Koshman and Nelson occurrences return strong anomalous Li, Cs, and Ta results identifying numerous priority target areas highly prospective for multiple lithium bearing pegmatites.
• Soil sampling data has been integrated with previous exploration results (including rock chip and pegmatite channelling programs) confirming multiple targets for drill testing.
• Assay results for the larger 5km2 grid sampling area pending.

This preliminary sampling program was designed to further enhance extensions of previously identified and outcropping lithium–bearing pegmatites at the Koshman and Nelson occurrences and provide supporting data to tailor the Company’s planned drilling programs. A total of 379 samples were collected from a focused 20x50m grid pattern around these occurrences to test north-northeast trending structures in a 0.25km2 area. Multiple lithium anomalies have been found at both occurrences, providing further support of favourable conditions for LCT pegmatites. These results are detailed below.

Following the completion of this targeted program, the sampling program was stepped out to a wider area at a 100x100m grid pattern, covering a total regional area of approximately 5km2. The assay results from the wider program are pending (refer to Figure 5).

Figure 1 – Lithium (Li) and Cesium (Cs) anomaly at Koshman shows strong positive correlation

Figure 2 – Tantalum (Ta) and Tim (Sn) anomaly at Koshman shows positive correlation

Balkan Mining and Minerals, Managing Director, Ross Cotton commented:

“We are encouraged by these results which further support the success of the channel sampling program conducted in late 2022, reinforcing our confidence in the Gorge Project’s potential. Our technical team have integrated this data to refine priority targets for drill testing as we build on the momentum of our 2023 field season, not only at Gorge but also in particular our Ontario Project portfolio.”

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