Balkan Mining and Minerals (ASX:BMM) has satisfied the condition precedent to complete the acquisition of the ‘highly prospective’ Barbara Lithium Project in Ontario, Canada.
Balkan Mining reports it has executed a claim purchase agreement with 1361707 B.C. to acquire a 100% interest in the project, which will expand its Ontario portfolio footprint to 120km-square. The project is located in the central portion of the Barbara Lake area and encompasses the southwestern part of Georgia Lake, covering a total area of 42km-square.
The company notes the project is situated about 37km northeast of Nipigon and 150km northeast of Thunder Bay, Ontario.
Key terms of the acquisition include Balkan issuing 3 million fully paid ordinary shares in the company, and granting 1361707 B.C. a 1.5% net smelter return royalty in respect of any mineral production from the mining claims acquired by the company.
Commenting on the acquisition, Balkan Mining and Minerals Managing Director, Ross Cotton says: “We are pleased to have completed the Barbara Lake acquisition and expand across the well-known Georgia Lake spodumene-bearing pegmatite district.
“We are pleased to have completed the Barbara Lake acquisition and expand across the well-known Georgia Lake spodumene-bearing pegmatite district”
The project is of particular interest due to its proximity to previously mapped areas in the 1950s and 1960s where recently significant discoveries have been made.
We now have a significant lithium portfolio covering 120 square kilometres across 4 projects in northwestern Ontario all of which are subject to exploration over the next 6 months. This complements our Corvette North and Northwest projects in Quebec, where we are currently planning our maiden exploration campaign.”
No systematic exploration for lithium has been undertaken over the Barbara project, with exploration in the immediate area being limited to 8 diamond drillholes completed to the immediate east of the project by Anglo American Nickel Mining in 1968, as announced by Balkan last month.
With the acquisition of the Barbara Project now complete, Balkan Mining and Minerals announces it will move forward with a mapping and soil sampling program at the project beginning in the Canadian summer.
Results generated from this program are expected to assist in the planning of winter exploration activity across the entirety of the company’s Canadian portfolio.
Balkan Mining and Minerals is an ASX-listed company focused on early-stage exploration through to development of borate and associated lithium in the Balkans. The company is also working to expand its Canadian-based portfolio.
Other projects held within the company’s arsenal include the Rekovac, Dobrinja, and Pranjani Lithium-Borate projects located within the Republic of Serbia.
Images: iStock
