Balkan Mining and Minerals (ASX:BMM) reports it and Ombakika Group have secured an additional 5 new claims in the surrounding area to the Gorge Lithium Project, located in Ontario, Canada.
The company says the new claims increase the project earn-in area to around 43km-square, and they are positioned directly to the north and east of the existing Gorge Project area, and while exploration is limited across the newly staked claims, Balkan says it is ‘well placed’ to continue a larger and scaleable exploration program over the entire area.
Balkan also states the ‘encouraging’ results of the due diligence program will strengthen the relationship with its earn-in partner to collaboratively increase the project land area within the scope of the current earn-in exploration arrangement, and will serve to benefit Balkan’s endeavours to systematically explore the larger area, with the existing earn-in terms remaining unchanged since being announced in July.
Balkan Mining and Minerals Managing Director Ross Cotton said: “The addition of the new claims adds significant scale to the prospective Gorge Project and demonstrates our capacity to move fast and secure locations in a highly competitive environment.
“We look forward to updating investors on the progress of our work program at not only Gorge, but also the recently optioned Tango Project”
We look forward to updating investors on the progress of our work program at not only Gorge, but also the recently optioned Tango Project.”
The Gorge Lithium Project is located around 215km northeast of the city of Thunder Bay in Ontario, Canada and comprises of 12 active multi-cell mining claims located within the larger Georgia Lake pegmatite district which hosts potential for the discovery of lithium bearing pegmatites.
Balkan reports the second phase of the work program has neared completion and the company expects to update the market on these activities shortly.
The company signed an option agreement with Ombakikia Group in July this year which enables Balkan to acquire up to 100% of the Gorge Lithium Project
At the Tango Lithium Project, also in Ontario, an airborne magnetic survey has been completed over the entire project area which will be used to identify lithological contacts and structure. Although a geophysical survey will not identify a pegmatite dyke, it will identify preferential structures and trends that assist in determining targets for the second phase of the ground work program, and the results of the analytical study of this survey are expected in around 6 weeks.
Balkan Mining and Minerals is an ASX-listed company focused on the early-stage exploration to development of borate and associated lithium in the Balkans, with assets in the Republic of Serbia including the Rekovac, Dobrinja and Pranjani Lithium-Borate Projects.
The company also has earn-in options for the Gorge and Tango Lithium Projects in Canada.
Images: iStock
