Balkan Mining and Minerals Ltd (“BMM” or “the Company”) (ASX: BMM) is pleased to
announce it has secured an exclusive option to acquire up to 100% of the Tango Lithium
exploration project located in the Georgia Lake Area, Thunder Bay North Mining District of Ontario, Canada (the “Tango Lithium Project” or “Project”). This agreement now provides the Company with two lithium projects in the Georgia Lake Area in Ontario.
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.
The Port of Thunder Bay is a major facility that ships a number of commodities and general cargo via the Great Lakes. The salient features below point to exploration potential of the Project:
• The Project covers known albite-spodumene-typepegmatites on the Island as well as just off the property boundary along the southwest (Point Area) and northeast boundaries (Georgia Area)
• The pegmatite dykes at Tango tend to be stacked as multiple parallel albite-spodumene type pegmatite bodies.
• The historical Island pegmatite sample weighing 213.2kg returned 1.4% Li2O, which was interpreted to be taken from a surface trench.
• This property is under explored, with 3 drill holes completed on the Island pegmatite in 1957 to a depth of 22.86m (75ft), each confirmed a presence of albite-spodumene.
The transaction allows the Company to expand its footprint in a wellknown, emerging highly prospective lithium region of Canada, a Tier 1 mining jurisdiction.
