Balkan Mining & Minerals picks up 100% of ‘Tango’ lithium project in Ontario, Canada

Mon 31 Oct 22, 2:06pm (AEST)
A small estuary-like inlet is featured in the foreground, in the background, the city skyline of Ontario is featured in the morning light
Source: Unsplash

Key Points

  • Balkan Mining has executed an option to secure 100% of Tango project from Exiro Minerals over three years
  • Balkan will pay some CAD$0.5m for the project; a separate CAD$400,00 raising has commenced
  • Tango makes this Balkan’s second Canadian lithium project; fourth lithium project overall

Balkan Mining and Minerals (ASX:BMM) shares have risen to 30c, a rise of 12%, as the company flags its purchase of 100% of a lithium project in Ontario, Canada. Tango is the second Canadian lithium project Balkan has picked up; its first is the Gorge project. 

Balkan Mining is so named given its other two existing lithium projects in Serbia.

The company states its Tango project is located in the Georgia Lake area, describing the project as being located in the “Thunder Bay Mining District.”

Tango is buying the project from Canada’s Exiro Minerals Corp under a 3 year option. 

Assuming the move goes ahead under its intended design, Balkan will end up issuing Exiro: 

  • Shares worth CAD$370,000 (A$423,000) by late 2025, and,

  • CAD$140,000 in cash (A$160,000).

What does the Tango project include? 

Tango comprises 41 claims covering approximately 8.64km² and, geologically speaking, straddles the Quetico Subprovince, known for containing spodumene-type pegmatite mineralisation. 

Balkan states the Tango project site is “largely under explored” with exploration works listed by the company last completed in 1957, meaning no progress has occurred at Tango for 65 years. 

A trench sample collected in 1957 returned 213kg of material which was determined to contain lithium concentrations at 1.4%, reflecting (for that one sample) a high-grade result. 

Balkan notes its acquisition is part of a long-term lithium acquisition strategy targeting Tier 1 jurisdictions; the company will also raise CAD$400,000 to fund developments at Tango. 

That figure is separate to the roughly CAD$0.5m Balkan will hand to Exiro before by 2026. 

Busy lithium mining district 

Looking at nearology, the area’s advertised status as a mining district checks out.

A number of other projects are located in the Georgia Lake region, including Ultra Lithium’s Georgia Lake Lithium Pegmatites play. Ultra Lithium is listed on the US-based OTC market, an equities trading platform that is privately owned and less regulated than the major US markets. 

Located some 2km east of Tango is another project by another company called Imagine Lithium, which is listed on the XTSX (similar to but not to be confused with the Toronto Stock Exchange, or TSX.) 

Further away, 10km to the southeast, is Rock Tech’s Georgia Lake Lithium Project; Rock Tech is also listed on the XTSX. A third company, Alix Resources, is also active in the area. 

All companies are targeting spodumene-type pegmatites.

"Emerging lithium province"

"The recently completed 2022 geological mapping and sampling program located new pegmatite outcrops on the claims, which allows us to fast track our planned work programs and hit the ground running on this very exciting project," Balkan Mining and Minerals MD Ross Cotton said. 

"The recent discoveries of lithium deposits have attracted us to explore this fascinating emerging lithium province."

Balkan's six month charrs
Balkan's six month charrs


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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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