Tango Channel Program Returns Up To 3.4% Li20 Grades

Balkan Mining and Minerals Ltd (“BMM” or “the Company”) (ASX: BMM) is pleased to announce the results of the initial channel sampling program completed at the Tango Lithium project located in Ontario, Canada (the “Tango Lithium Project” or “Project”).

HIGHLIGHTS

• Channel sampling has been completed over historical findings at the Island showing on the Tango Lithium Project, Ontario Canada.
• All channel samples confirmed the strong presence of lithium mineralisation across the pegmatite exposure with the highest value up to 3.4% Li2O, averaging 1.49 % Li2O.
• Generated new surface geological interpretation at 1:7000 scale based on all available historical mapping data into the interpretation of the magnetic survey. These results will assist the Company in planning its upcoming programs.

Logging and analysis from the channel sampling program has confirmed the strong presence of spodumene with lithium mineralisation identified in all of the channel samples, returning outstanding grades of up to 3.4% Li2O, with an average of 1.49% Li2O. A complete list of assay results are shown in the Table 1 overleaf.

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

“We are extremely pleased that all channel samples confirmed the strong presence of lithium mineralisation at the Tango Project, supporting the Projects historical results. The Company is focused on fast tracking the next phase of our exploration activities which will provide us with targets for our initial drilling program.”

The initial channel sampling program at the Project was designed to test and verify historical data carried out at the Island Showing pegmatite between 1955 and 1957 by the Ontario Lithium Company.¹ In total, 24 samples were collected from two mechanically cut channel samples.

The geological team cut over a 17m channel across the surface of the outcropping pegmatite, collecting 24 samples which were up to 1 metre long. The channel samples were logged and sent to the ALS laboratory in Thunder Bay for sample preparation and assaying.

Table 1 - Tango Project, Channel sampling assays results

Figure 1 – Tango Project Geology Map

Figure 2 – Map showing the location of channel samples and lithium values

In parallel with channel sampling, the Company has completed new surface geological interpretation at a 1:7000 scale based on all available historical mapping data together with high- resolution heliborne magnetic survey conducted by Prospectair Geosurveys Inc late last year.²

Magnetic lows were highlighted (red dashed lines) to aid with vectoring towards future works. This new interpretation will assist the Company in planning the upcoming field season.

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