Balkan Mining and Minerals Limited (ASX: BMM) has acquired six new multi-cell claims (129 cells) totalling 27.05 sq. km in the Georgia Lake lithium district, situated in between the company’s existing Gorge and Tango projects in Ontario. This development further solidifies Balkan’s presence in the region.
The Arrel Project is located approximately 15km southwest of the company’s Gorge Project, 158km northeast of Thunder Bay and 30km south of Beardmore.
The property is accessible by Highway 11 north of Nipigon and then via logging and sealed dirt roads to the property.
There has been minimal modern exploration completed on the Arrel project. However, the 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 Jackpot Lithium project.
Key Terms and Conditions
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:
(a) BMM making a cash payment of C$54,000 (~A$58,900); and
(b) BMM granting a 1.5% net smelter royalty.
For further information please visit: https://www.balkanmin.com/