Balkan Mining and Minerals has signed a binding agreement to acquire 100% of the Barbara Lithium exploration project just 15km from Imagine Lithium’s aptly named Jackpot Deposit in the Barbara Lake Area, part of the emerging Thunder Bay North Mining District of Ontario, Canada.
The promising site is underlain by light muscovite grey granite, considered parental rock for lithium-bearing pegmatite.
It is also ideally situated in the Quetico Subprovince of the Superior Province, bounded by granite-greenstone.
Limited historic exploration revealed 26.5 m of copper mineralisation, averaging 1 % Cu over 5.82 m, while a second hole intersected 17.3 m of copper mineralisation grading 0.54 % Cu.
We are pleased to have secured the Barabara Project in the attractive Northwestern Ontario, Thunder Bay Lithium District,” Balkan Managing Director Ross Cotton said.
With this acquisition, we expand our portfolio footprint in Ontario to 120km2 further demonstrating our commitment to the region,” Mr Cotton said.
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,” he added.
