Balkan Mining and Minerals (ASX:BMM) takes another chunk of Gorge in Ontario
Balkan Mining and Minerals has completed the first phase of drilling at its Gorge Lithium project in Canada, taking up half-ownership of the earn-in project.
The company’s diamond drill contractor Major Drilling Group International has completed phase 1 or about 1500 metres of a 2500m drill program at the 43 square kilometre project.
The drilling milestone allows Balkan to meet a milestone of its Tango Lithium Project exclusive option agreement.
Moving on the milestone, Balkan has taken its Gorge stake to 50% beneficial ownership by paying $A60,000 cash and $A100,000 in shares to the project’s vendor.
The company is 1.5 years into a 3.5-year agreement to snap up 100% of Gorge project.
Gorge is about 215km northeast of Thunder Bay and one of three projects Balkan holds in Ontario’s Georgia Lake pegmatite district.
Lithium potential
Balkan’s focus to date at Gorge has been testing its Koshman spodumene-bearing pegmatite outcrop.
Koshman is one of several pegmatite targets at the project 60km southwest of Ontario’s Geraldton.
Balkan Managing Director Ross Cotton said Major’s drilling had substantially increased drill-rate efficiency, with initial drill testing of Koshman proving an encouraging start to the campaign.
“We look forward to receiving assay results which we hope will validate our theory that Gorge has the potential to become a substantial lithium deposit,” Cotton said.
The MD said the company was hopeful the drilling program’s best results would be forthcoming, given the last hole it completed reached a 250m depth.
Balkan will spend the coming weeks working on a 3D model for Koshman, as it works a plan to identify further targets and extend the drill program beyond its 2500m goal.
First results from phase 1 drilling is expected in about three weeks, with full results within six weeks.
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