Early stage exploration focused company Balkan Mining and Minerals (ASX:BMM) reports it has received ‘high-grade’ lithium (Li2O) assays from an initial channel sampling program at its Gorge Lithium Project in Ontario, Canada.
The results, generated by sampling of 7 channels located in the project’s Koshman and Nelson pegmatite dykes, indicate that the dykes at the Nelson pegmatite occurrences plunge to the southeast.
Results also identified a new area of evolved surface pegmatite dyke and extended the historically known dykes within the Koshman area.
Key assay results include channel CH-007-22 with 1.8m at 3.75% Li2O; CH-002-22 with 2.1m at 1.23% Li2O including 1.1m at 2.20% Li2O; and CH-006-22 with 2.7m at 0.87% Li2O including 1.5m at 1.30% Li2O.
The company notes the recently completed sampling program at the Gorge tenement was designed to test lithium-bearing spodumene mineralisation in various pegmatites on the property where previous sampling uncovered by previous sampling.
Speaking on the results, Balkan Mining and Minerals Managing Director, Ross Cotton says: “The channel sampling assay results received at this early stage of exploration have confirmed the exceptionally strong presence of open lithium mineralisation at both the Koshman and Nelson sites.
“The channel sampling assay results received at this early stage of exploration have confirmed the exceptionally strong presence of open lithium mineralisation at both the Koshman and Nelson sites”
The next phase of exploration will seek to extend channel sampling along strike which will assist with drill targeting.
Subject to further assay results, the geological team will aim to define drill ready targets in preparation for testing in H1 2023.”
The company also notes that due to the fact that both the Koshman and Nelson pegmatites remain open along strike, it will aim to conduct further stripping and channel sampling in order to identify extensions to define drill targets for future exploration.
In addition, these results come following the strengthening of its Canadian lithium portfolio with the acquisition of 6 new multi-cell claims in the Georgia Lake lithium district, as announced by the company earlier this month.
As of 10am (AWST) Balkan Mining and Minerals’ share price has increased by 8.064%.
Balkan Mining and Minerals is an ASX-listed company that is focused on the early-stage exploration through to development of borate and associated lithium in the Balkans. The company’s Gorge lithium tenement is located about 215km northeast of Thunder Bay in Ontario, Canada and boasts easy access via Trans Canada Highway 11, with entry points along well-graded gravel logging roads starting 40km north of Nipigon/Trans Canada Highway 14/11 intersection and Camp 51 Road.
The company has secured the exclusive option to acquire up to 100% interest in the tenement via a 4 staged earn-in acquisition over a period of up to 3.5 years.
Other projects held within the company’s arsenal include the Rekovac, Dobrinja and Pranjani Lithium-Borate projects, which are all located in the Republic of Serbia.
Images: iStock
