BMG Resources (ASX: BMG) today announced it has entered into a binding option agreement to acquire a 100% interest in the Bullabulling project – which is prospective for lithium and gold – located about 25km west of Coolgardie in the Eastern Goldfields of WA.
HIGHLIGHTS
- Bullabulling has a combined project area of 185 sq km with highly prospective lithium and gold targets
- Multiple lithium-caesium-tantalum (LCT) pegmatites mapped across the project tenure with a high priority +4km pegmatite corridor that remains open along strike
- Historic rock chip sampling returned numerous lithium values greater than 1% Li2O – and a peak value of 1.9% Li20 – confirming fertile LCT pegmatites that are yet to be fully drill tested
- Bullabulling project located immediately adjacent to and along strike from the multi-million ounce Bullabulling gold mine near Coolgardie
- Historic exploration has confirmed several gold occurrences across the project tenure with limited follow-up
- Exclusive option to acquire 100% of the project, with four-month evaluation period
- Multiple high-quality targets with immediate work program conducive to strong news-flow
BMG Managing Director, Bruce McCracken said
“The Bullabulling project is an excellent opportunity to secure a material foothold in a largely unexplored area of the highly attractive Coolgardie lithium and gold district and is a complementary addition to our portfolio of Western Australian exploration projects, including the high grade Abercromby Gold Project where the Company is targeting a maiden resource.
“This highly prospective project hosts confirmed lithium bearing pegmatites and gold and shares geological similarities to other Goldfields lithium deposits like Mt Marion to the east and Nepean to the south.
“Preparations are underway to assess and validate the potential for economic LCT pegmatite mineralisation and lay the groundwork for more extensive exploration post the Option period.
