BGS says new discovery could add “additional tonnages”
Published 11-AUG-2016 12:11 P.M.
2 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
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.
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.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.