Balamara Resources updates Monty Resource

THE DRILL SERGEANT: Balamara Resources (ASX: BMB) has released an updated JORC Mineral Resource for its 100 per cent-owned Montenegro base metals project (Monty) in Central Europe.

The revised JORC report for the Brskovo deposit is summarised below:


Source: Company announcement


Balamara explained the Resource has incorporated the results of in-fill diamond drilling undertaken by the company last year, which included the results from 10 holes drilled at the Brskovo deposit, as well as at a newly discovered silver zone.

Balamara said the final seven holes from the Brskovo drilling program have pretty much been completed, with remaining drilling or assaying to be completed during 2013.

The company’s drilling in 2012 mainly focused on the main Brskovo deposit with only limited drilling undertaken to date at the nearby Visnjica deposit.

This resource upgrade is therefore based entirely on Brskovo, with further drilling planned during 2013 at the Visnjica and Zuta Prla deposits, which Balamara indicated may lead to a potential upgrade of the JORC resource estimates for these two deposits.

The company said its 2012 drilling program had exceeded expectations by upgrading a significant portion of the Brskovo resource from the Inferred into the Indicated category, and by providing valuable information on the deposit and highlighting the value of the higher grade silver zone – which has been incorporated into the resource for the first time.

“This is a solid result from a fairly limited program of 10 diamond holes, with a further seven holes still to be added Balamara Resources managing director Mike Ralston said in the company’s announcement to the Australian Securities Exchange.

“We are confident we will continue to enhance the value of the Monty project as we further develop this asset.

“We are also considering geophysical survey work in 2013 to identify new exploration targets, we have feasibility work underway including metallurgical samples to determine concentrate recoveries, and we have a further in-fill drilling program designed that will move to the other two Monty deposits, Visnjica and Zuta Prla, during 2013.”