Balkan (ASX:BMM) turbocharge Gorge lithium hunt

Balkan Mining and Minerals is to expedite its exploration of the Gorge Lithium project in Canada by investing $1.47 million, which includes a notable contribution of $170,000 from esteemed director Mr Karl Simmich.

The Company issued 8,647,059 new fully paid ordinary shares at $0.17 per share through a Placement, raising $1.3 million.

The funds will be used for a diamond drill program at the Gorge Lithium Project in September 2023.

The program will test promising targets at Koshman and Nelson for high-grade spodumene-bearing pegmatites. Soil sampling shows up to 110.5 ppm Li, correlating with Cs, Ta, and Sn, confirming the existence of LCT-type pegmatites causing surficial geochemical anomalies.

“The support shown by both new investors and BMM’s recently appointed Director, Karl Simich, validates the strong potential of the Gorge Project and the great work performed by our technical team over the last 12 months,” Balkan Managing Director Ross Cotton said.

“We look forward to completing our site works and commencing our drill campaign at the highly prospective Gorge Project, which has delivered encouraging rock, soil and channel samples.

“We welcome our new shareholders and thank all our existing shareholders for their support since our IPO in July 2021.”

Shareholder approval is needed for 1 million shares subscribed to by Director Karl Simich.

ABOUT THE PLACEMENT

Shaw and Partners Limited recently served as the Sole Lead Manager for a capital-raising effort. As compensation, they will receive a fee equal to 6% of the gross amount raised and 3,000,000 unlisted new options. These options have an exercise price of $0.30 each and an expiry date of 3 years from issuance. However, the distribution of these options is contingent on shareholder approval at the Company’s 2023 Annual General Meeting (AGM), which ASX Listing Rule 7.1 requires.

BALKAN MIN FPO [BMM]

Sector: Basic Materials

Industry: Other Industrial Metals & Mining

Employees:

Balkan Mining and Minerals Limited, a mineral exploration company, engages in the exploration and development of lithium and borates in Canada and the Balkans region of Serbia. The company holds 100% interest in the Gorge Lithium project comprises of 12 claims covering 45.1 square kilometers, the Tango Lithium project consists of 41 contiguous claims covering 8.64 square kilometers, the Arrel Lithium project consists of 6 claims covering 27.13 square kilometers, and the Barbara Project consists of 212 exploration claims covering 45 square kilometers, located in Ontario, Canada. It also holds 100% interest in the Corvette North and Corvette Northwest projects, covering approximately 22 square kilometers and located near the district of James Bay in Quebec, Canada. In addition, the company holds 100% interest in the Rekovac lithium-borate project comprising three separate licenses with an aggregate land area of 273 square kilometers located in Serbia; the Dobrinja exploration project that covers an area of approximately 38 square kilometers located in Serbia; and the Pranjani exploration project that covers an area of approximately 26 square kilometers located in Serbia. Balkan Mining and Minerals Limited was incorporated in 2020 and is based in Perth, Australia.

BMM.AX

BALKAN MIN FPO [BMM]

ASX

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