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Birimian Gold Ltd lifts off on lithium find in Mali

Published: 15:30 03 Jun 2016 AEST

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Birimian Gold Ltd (ASX: BGS) has intersected broad zones of spodumene (lithium) bearing pegmatite in its RC (reverse circulation) drilling campaign at the Goulamina lithium deposit of the wholly owned Bougouni Lithium Project in southern Mali.

The maiden 5000 metres drilling program commenced in early May. First assay results are expected by the end of June/early July.

Drilling also confirmed the geological continuity of the mineralised body along the northern portion of the Goulamina zone.

Birimian may test new targets in the current drilling program following the identification of multiple additional lithium bearing pegmatites in the deposit outcrop and its vicinity.

The Goulamina lithium deposit is located close to a sealed highway and has access to grid power and abundant water supply.

The initial exploration target at the deposit is estimated in the range of 15 to 18 million tonnes grading between 1.8% and 2.2% Li20.

The deposit has significant high grade and bulk tonnage potential.

Testing on a 3-tonne bulk sample, conducted as part of a World Bank Development Project, has confirmed that the Goulamina pegmatite can produce a high quality chemical grade (6.7%) spodumene concentrate.

The company is hoping the drilling program will provide enough data for the estimation of an initial JORC compliant resource at the Goulamina deposit, with potential to quickly advance to a scoping study and thereafter, a pre-feasibility study.

The lithium market has recently seen strong demand with tight supply placing an upward pressure on lithium prices.

Last quarter, Birimian completed a $3 million rights issue for funding its lithium exploration and evaluation activities at Bougouni.

Shares in Birimian are up 463%.

 

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