Balamara defines Polish exploration targets
THE DRILL SERGEANT: Balamara Resources (ASX: BMB) has released copper and lead Exploration Targets for the company’s Bogdan copper project, located in south-west Poland.
The initial copper Exploration Target has come in at:
5.5 million tonnes to 19 million tonnes at grade range 0.5 per cent to 0.6 per cent copper and 15.5 grams per tonne to 19 grams per tonne silver, including a smaller higher grade zone of 7.5 million tonnes to 9.2 million tonnes at grade range 0.65 per cent to 0.8 per cent copper and 17g/t to 20g/t silver.
A lead Exploration Target has been defined at:
14 million tonnes to 17.5 million tonnes at grade range 0.9 per cent to 1.1 per cent lead, 0.3 to 0.4 per cent copper and 10g/t to 13.5g/t silver, including a smaller higher grade zone of 2.6 million tonnes at 2 to 2.5 per cent lead, 0.35 to 0.45 per cent copper and 18.9g/t to 20g/t silver.
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Bogdan concession showing holes, zone of mineralisation as well as the zone of interest for Balamar Source: Company announcement
“We have only drilled a few holes to date into a substantial 42 square kilometre area, and we now have an exploration target of considerable tonnage within the most likely target zone for copper,” Balamara Resources managing director Mike Ralston said in the company’s announcement to the Australian Securities Exchange.
Balamara is targeting an extension to an adjacent orebody which has been mined by KGHM for the past 40 years.
The company pointed out that KGHM does generally mine a higher grade material than indicated in the new exploration targets.
Balamara’s higher grade zone copper exploration target is more consistent with KGHM’s lower grade material mined, however the company considers it to be close to what might be considered feasible, especially if associated with any higher grade pocket located nearby.
“We have consistently located mineralisation throughout this concession with every hole drilled, and we are certainly getting better results for each hole as we progress, with the latest Hole B7 delivering a very credible 1.27 per cent copper and 44 grams per tonne silver over 0.5 metres, which is close to the mineralisation which KGHM is mining next door, both by location and by grade,” Ralston said.
Balamara said it has a number of options to consider regarding the progress of the Bogdan project.
These options include securing a joint venture partner to progress the next phase of exploration at Bogdan.
Other options include Balamara continuing exploration in its own right subject to the outcome of ongoing discussions regarding non-core asset sales.
“We believe the Bogdan concession may have significant value, but we need to be mindful of how we unlock this value moving forward after taking into account the available cash within the Company and the other Projects we are also developing within Balamara,” Ralston said.