Balkan (ASX:BMM) backs into new lithium frontier
October 31, 2022Balkan Mining and Minerals extended its footing into Canadas emerging lithium province securing an exclusive option to acquire up to 100% of the Tango Lithium exploration project located in the provinces tier-1 Georgia Lake Area in the Thunder Bay North Mining District of Ontario.
The acquisition further cements BMM’s growth strategy into highly prospective jurisdictions, holding good company located just 2.3 kilometres east of Imagine Lithium’s Jackpot project and 10km southeast of Rock Tech’s Georgia Lake Lithium Project.
The Project consists of 41 contiguous claims covering 864 hectares (8.64 km2). It is situated in the Quetico Subprovince, consisting of multiple albite-spodumene type pegmatites.
It remains under explored with only 5 drill holes from 1955 to 1957 and a trench sample, referred to as a bulk sample in the historic documents, from the same time period weighing 213.2 kg that returned 1.4% Li2O.
“The recent discoveries of lithium deposits in the Superior Province have attracted us to explore this fascinating emerging lithium province, Managing Director Ross Cotton said.
“In addition, the recently completed 2022 geological mapping and sampling program located new pegmatite outcrops on the claims, which allows us to fast track our planned work programs and hit the ground running on this very exciting project.
“Further, following BMM’s option to acquire the Gorge Lithium project, our portfolio is well set and diversified to add value to shareholders as our programs advance.”
Assay results for this program are pending as the samples were collected in August 2022.
In conjunction with the transaction, BMM is to raise up to $400,000. Sixty Two Capital has been appointed as lead manager to the capital raising.
Price Action
The Company’s ASx-listed shares have risen 9.09 per cent to 30c.
The Tango Lithium Project
The Tango Lithium Project comprises of 41 claim units (864ha) covering known pegmatite occurrences within the highly prospective Georgia Lake pegmatite field. The Georgia Lake pegmatite field includes Alix Resources’ Jackpot pegmatite located ~1km to the southwest and Rock Tech Lithium’s Newkirk pegmatite, which lies 3 km to the west of the Project. The Project is located along the southern shore of Georgia Lake, approximately 31km southwest of the Company’s Gorge Project, 143km northeast of Thunder Bay, 33km south of Beardmore, and 20km southeast of Macdiarmid. The property is accessible by following Highway #11 north of Nipigon, turning east onto Gorge Creek Road and then following dirt roads to the property.
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