Balkan (ASX:BMM) claim more promise in emerging Ontario
Balkan Mining and Minerals has added more ground showing significant potential for sizeable hard rock lithium deposits with the acquisition of the Arrel Project nestled between its exciting Gorge Lake tenements and the recently acquired Tango Project located in Ontario, Canada.
Arrel’s 129 new multi-cell claims, just over 27 square kilometres in the rapidly emerging Georgia Lake lithium district accessible to the Nipigon highway nearby.
Arrel, Gorge & Tango Projects Location Map
The news comes as the Company awaits results from uncovering a promising swarm of fertile pegmatites from its Gorge Project, which are expected to arrive in the coming days.
The Company said Arrell had up until now been the subject of short modern exploration, unlike its neighbouring areas.
“Thunder Bay region of Ontario has been the focus of lithium pegmatite exploration works with the delineation of hard rock lithium deposits including Rock Tech Lithium Inc’s Georgia Lake project and Imagine Lithium Inc’s (TSX.V ILI) Jackpot Lithium project,” the Company said.
About the Acquisition
The Company has entered into a Deed of Assignment with 1361707 B.C. Ltd (an entity incorporated in Canada), pursuant to which the Company has acquired 100% of the Arrel Lithium Project on the following key terms:
- BMM making a cash payment of CAD$54,000 (~AU$58,900); and
- BMM granting a 1.5% net smelter royalty
Price Action
The Company’s ASX-listed shares are 27.5c at Market Open.
Next Steps
Follow-up work is recommended to seek to expand the pegmatite exposures along the strike and explore the newly identified pegmatites.
About Balkan Mining and Minerals
ASX-listed Balkan Mining and Minerals is a globally focused lithium and borate exploration and development company after recently extending its prospecting activities from The Republic of Serbia in Eastern Europe to the Tier 1 mining district in Ontario, Canada.
The Company has reported promising indications on a due diligence work program at its recently secured Gorge Lithium exploration project located in the emerging Georgia Lake Area, part of the Thunder Bay North Mining District of Ontario. Since then, it has gained an exclusive option to acquire 100% of the also highly prospective Tango Lithium Project just 31km southwest of the Gorge Project.
Early-stage exploration through the development of borate and associated lithium in the Balkans remains a priority for the Company. It is advancing geophysics and is looking towards recommencing ground exploration at its Rekovac project in Q3 2023.