BGS says new discovery could add “additional tonnages”

Published at Aug 11, 2016, in Mining

Birimian Limited (ASX:BGS) has found a new zone of lithium mineralisation at its flagship Bougouni project – and it could add “additional resource tonnages”.

It released the next set of drilling results to its investors today, following up on both the Goulamina main zone and Goulamina West – previously identified on technical work.

The high grade and broad hits from reverse circulation drilling at the West zone included:

  • 47m @ 1.86% lithium oxide from 48m, including 10m @ 1.79% Li2O from 6m and;
  • 11m @ 2.19% Li2O

BGS said it was pleased by the drilling, saying the new discovery had the potential to “significantly expand[s] scope for additional resource tonnages.”

While the West zone drilling is the headline, BGS continues to firm up its prospects at the main zone, with the latest results confirming that high grade mineralisation continues for at least 700m of strike.

It said that given the “highly continuous nature” of the Goulamina pegmatite, it is quite possible will continue along strike and at “considerable” depth outside the present limits of drilling.

A cross section of the drilling

A cross section of the drilling

About 90% of the planned diamond drilling at the Goulamina main zone has been done – with BGS so excited by the Goulamina West zone that it said it would move the diamond drilling rig over to the new zone as soon as it’s done at the main zone.

In other news, it said it would have a JORC-compliant resource in the bag by October.

This is yet to occur, so take a cautious approach to any investment decision you make with regard to this stock and seek professional financial advice for further information.

About BGS and Bougouni

Interestingly, the project has a conceptual target of 15 million to 18 million tonnes at an average grade of between 1.8 and 2.2% Li2O.

The target was based on drilling and analysis carried out by CSA Global and funded by the World Bank aimed at finding resources which could stimulate the economy of Mali – where mining projects can be difficult to bring to fruition because of internal issues.

The drilling, however, is not JORC-compliant, meaning BGS needs to conduct its own program before putting together a resource.

It had previously said that a resource would come before the end of the year, but today’s release narrows it down to October.

Birimian Limited itself 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.

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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