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Interim Financial Report Half Year Ended 31 December 2022
Balkan Mining and Minerals Ltd (ASX: BMM; “Balkan Mining” or “the Company”) is pleased to present its Half Year Report.
The Directors’ present their report together with the financial report of Balkan Mining & Minerals Limited (BMM, Balkan Mining or the Company) (ASX: BMM) and its controlled entities (the Group, or Consolidated Entity) for the half year ended 31 December 2022.
The names and the particulars of the Directors who held office during and up to the date of this report are disclosed below.
Sean Murray (Non-Executive Chairman; appointed 12 July 2021)
Ross Cotton (Executive Director; appointed 18 December 2020)
Karl Simich (Non-Executive Director) appointed 13 February 2023)
Luke Martino (Non-Executive Director) appointed 18 December 2020)
BMM is a mineral exploration company which is presently focused on the exploration of EV metals such as lithium and boron in the Balkans region of Serbia and Ontario and Quebec, Canada.
Significant changes in the state of affairs
In the opinion of the Directors, there were no significant changes in the state of affairs of the Group which have not been disclosed elsewhere in this report.
Review of Operations
Balkan Mining and Minerals is an ASX listed company focused on the exploration of highly prospective lithium and associated battery mineral projects across Canada and the Balkan region. These projects will be advanced in support of the Electric Vehicles revolution by building a global lithium supply for the European & North American markets.
The Company has secured a portfolio of highly prospective projects in a world-class lithium jurisdiction in the Georgia Lake pegmatite district, Thunder Bay North Mining District of Ontario, Canada and staked two projects more recently in the emerging lithium district of James Bay in Quebec, Canada. The Ontario assets within the Georgia Lake region are located within the Quetico Subprovince of the Superior Province, bounded by the granite-greenstone Wabigoon Subprovince to the north and Wawa Subprovince to the south. Pegmatites in the wider Georgia Lake region are intimately associated with granite intrusions, often within a few hundred feet of the contact zone. The host rocks of spodumene pegmatites are metasediments, typically meta-sandstone described as muscovite schist with observed bedding. Various stages of metamorphism are present, including migmatisation imparting a gneissic texture. The Company’s Quebec assets include rock types of the La Grande Greenstone Belt are dominated by amphibolite facies, mafic to ultramafic metavolcanic and intermediate to mafic paragneiss units.
The Company’s Serbian projects cover three Neogene aged sedimentary basins in the north-west trending portion of the Vardar Zone, forming part of the Vardar-Izmir-Ankara Suture, which stretches from Iran to Bosnia and host to numerous lithium and borate deposits, of which several lithium-boron deposits have been identified and are focused on exploration in recent years, mainly within Serbia. These include Rio Tinto Limited’s (ASX: RIO) Jadar Deposit discovered in 2004, which has a JORC compliant Probable Ore Reserve of 16.6 Mt at 1.81% lithium oxide (Li2O) and 13.4% boron trioxide (B2O3), and a Mineral Resource comprising 55.2 Mt of Indicated Resource at 1.68% Li2O and 17.9% B2O3 with an additional 84.1 Mt of Inferred Resource at 1.84% Li2O and 12.6% B2O3 and ranks as one of the largest unmined lithium-boron resources globally. In addition to the lithium potential, the Vardar Zone hosts a number of borate projects, of which a number are mined in Turkey, which is the second largest producer of borates and hosts the largest borate reserves globally.
The Company is advancing its strategy of becoming a leading Lithium and associated battery minerals exploration company by building a strategic portfolio and continuing its disciplined exploration campaigns across its projects.
This article includes content from Balkan Mining and Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.