Investing News NetworkAUSTRALIA
Balkan Mining and Minerals Ltd (ASX: BMM; “Balkan Mining” or “the Company”) is pleased to announce it has entered into a binding purchase and sale agreement to acquire 100% of the Barbara Lithium exploration project located in the Barbara Lake Area, Thunder Bay North Mining District of Ontario, Canada (the "Barbara Lithium Project" or "Project").
HIGHLIGHTS
- BMM secures an agreement to acquire 100% of the Barbara Lithium Project located in the Barbara Lake Area, Thunder Bay North Mining District of Ontario, Canada.
- The Project is located ~15km southeast of Imagine Lithium's Jackpot Deposit.
- The Project consists of 212 claims covering an area of approximately 42 km2.
Figure 1 – Project Location Map
Balkan Mining Managing Director, Mr Ross Cotton, commented:
“We are pleased to have secured the Barabara Project in the attractive Northwestern Ontario, Thunder Bay Lithium District. With this acquisition, we expand our portfolio footprint in Ontario to 120km2 further demonstrating our commitment to the region. I am pleased with our team in Canada and their achievements, with planning begun to undertake exploration activities in the emerging Thunder Bay Lithium District in 2023.”
Project Geology
The Barbara Lithium Project lies in the Quetico Subprovince of the Superior Province, bounded by the granite-greenstone Wabigoon Subprovince to the north and Wawa Subprovince to the south.
Figure 2 – Project Geology Map
This Quetico Subprovince consists dominantly of clastic metasediments with inter‐formational chemical metasediments, which deposited between 2.70 and 2.69 Ga. The clastic metasediments represent a strongly metamorphosed turbidite sequence varying from arenaceous to argillaceous with local conglomerates units. Banded iron formations within the metasediments consist of ferruginous chert, oxide (magnetite‐chert) and sulphide (sulphide‐ chert) facies with localised graphite. There are numerous pegmatite and diabase dykes cross- cutting the clastic and chemical metasediments. General younging is to the north, but there are local south overturns. The rocks of the Quetico Subprovince have undergone lower amphibolite metamorphism.
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