Balkan Mining and Minerals Ltd (ASX: BMM; “Balkan Mining” or “the Company”) is pleased to advise that it has satisfied the condition precedent to complete the acquisition of the highly prospective Barbara Lithium Project located in the Thunder Bay North Mining District of Ontario, Canada (the “Barbara Lithium Project” or “Project”).
- BMM completes 100% ownership of the Barbara Lake Lithium Project.
- The Project covers an area of approximately 42 km2.
- The acquisition expands BMM’s Ontario portfolio footprint to 120km2.
The Project is in the central portion of the Barbara Lake Area and encompasses the southwestern part of Georgia Lake. The Project is located approximately 37 km northeast of Nipigon and 150 km northeast of Thunder Bay, Ontario.
Balkan Mining Managing Director, Mr Ross Cotton, commented:
“We are pleased to have completed the Barbara Lake acquisition and expand across the well- known Georgia Lake spodumene-bearing pegmatite district.
The project is of particular interest due to its proximity to previously mapped areas in the 1950s and 1960s where recently significant discoveries have been made.
We now have a significant lithium portfolio covering 120 square kilometers across 4 projects in northwestern Ontario all of which are subject to exploration over the next 6 months. This complements our Corvette North and Northwest projects in Quebec, where we are currently planning our maiden exploration campaign.”
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