BGS bags “spectacular” results at lithium play

Published at Jul 28, 2016, in Mining

Birimian Limited is a very high risk stock. Getting mining projects up and running in countries such as Mali is no simple feat for political and social reasons, and there may be challenges ahead. You need to fully inform yourself of all factors and information relating to this company before engaging with it.

Birimian Limited (ASX:BGS) has gone deep at Bougouni and come back with “spectacular” results.

The ASX-listed lithium play told its shareholders in a note today that diamond drilling done on the northern part of the main Goulamina deposit confirmed lithium-bearing pegmatite at depth.

To date, five of eight planned diamond holes have been drilled, but those drilled so far have found “spectacular zones of densely crowded spodumene”.

Those zones were hit in three of the holes drilled up dip – deliberately drilled to try and come up with a resource estimation for the Goulamina deposit.

While the estimates are visual in nature, corresponding holes as part of a previous RC drilling campaign returned intervals including 18m @2.1% lithium oxide, within a 50m zone with an average grade of 1.62% Li2O.

Notably, geological and mineralogical observations from the core sampling indicated low mica content – meaning that low-cost industry standard processing would be technically feasible at Goulamina.

A sample of core taken from diamond drilling

A sample of core taken from diamond drilling

The Goulamina main zone remains open to the north, with BGS saying that there is “good potential” to extend the zone north with more drilling.

One diamond hole in particular confirmed that there was broad and continuous mineralisation of more than 150m down dip from surface.

Three more step-out holes are due to be drilled, with analytical results from drilled holes set to drift in over the coming weeks.

About Birimian Limited (ASX:BGS)

Birimian Limited is a multi-commodity mineral exploration company holding substantial interests in several lithium and gold projects in West Africa.

The company is actively exploring in excess of 2000km2 of highly prospective tenure in Mali and Liberia, and continues to work to secure additional high potential projects in the region.

Birimian’s projects include the Bougouni Lithium Project, the advanced Massigui Gold Project, and the Dankassa Gold Project, all situated in southern Mali. The company also operates the Basawa Gold Project in Liberia.

The plan at Bougouni is to target a resource of 15 million to 18 million tonnes at an average grade of between 1.8% and 2.2% lithium oxide.

The exploration target is conceptual in nature and is based on previous work done by mining consultancy CSA Global as part of a program funded by the World Bank aimed at stimulating the economy of Mali.

The drilling is being done to try and fast-track an initial resource estimate and a JORC Resource – which it has said would more than likely come before the end of the year.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

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S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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