Balkan Mining and Minerals (ASX:BMM) is looking to test vertical plunge extensions of outcropping ‘high-grade’ lithium pegmatites at its Gorge Lithium Project in Ontario through a phase one drilling program.
The $14.44 million market capitalisation company says it plans to drill up to 12 diamond holes for a total downhole length of up to 1,000m at both the Nelson and Koshman occurrences.
This area has provided ‘very favourable’ initial results from systematic sampling programs which have identified multiple targets.
Drilling will also comprise 6 diamond drillholes at each prospect, which both returned lithium grades up to 3.75% and 4.28% lithium oxide (Li2O) respectively.
Clearing of access trials and site preparation works are expected to begin in hopes of starting drilling in the first half of September this year, reports Balkan.
The company notes active engagement and communication with local First Nation communities has enabled the acceleration of pre-drilling and preparation activities.
Commenting on the planned exploration, Balkan Mining and Minerals Managing Director Ross Cotton says: “Our technical team is very excited to be embarking on our maiden drilling campaign at the Gorge Lithium Project in Ontario. Since acquiring option rights over the project in July 2022, our highly encouraging preliminary exploration work has seen Gorge become rated as a high priority lithium exploration opportunity.”
Balkan Mining and Minerals is focused on the early-stage exploration through to development of borate and associated lithium in the Balkans and Canada.
The company’s Gorge project consists of 11 multi-cell and a single mining claim covering an area of 43km-square about 215km northeast of Thunder Bay, Ontario, Canada.
Balkan Mining and Minerals had $2.12 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Balkan Mining and Minerals
