Initial results from a recent airborne Versatile Time-Domain Electromagnetic (VTEM) survey have been received for the area located over and adjacent to the Kahatagaha Graphite Mine (KGM) in central Sri Lanka. They show a large anomaly extending east onto granted exploration licences held by Bora Bora Resources at the Matale Graphite Project.

The clear late time electromagnetic anomaly correlates with the exact position of the operating KGM. An obvious source of the anomaly is conductive graphite at depth with initial interpretation and modelling indicating a depth of 50 to 150 metres to the top of the conductive body.

In response to these results, Bora Bora commissioned an independent surveyor to travel to the area to determine, with the use of traditional surveying and differential GPS equipment (to within 1-2cm accuracy), the exact boundaries of the mine site relative to Bora Bora's surrounding exploration licences.

The results have confirmed the VTEM anomaly, most probably caused by extensions of the Kahatagaha Mine’s graphite mineralization, extends into the Matale project.

The VTEM results indicate the strong potential for high grade graphite mineralization extensions onto the Matale licences similar to that found at the KGM where grades exceed 90% total graphitic carbon (TGC).

Bora Bora’s executive director Chris Cowan says, “These results suggest a strong potential for the Kahatagaha-style, high-grade graphite mineralization to extend into the company’s Matale tenements. It is also pleasing to have confirmed that the VTEM system has been highly successful in isolating the high grade graphite mineralization unique to Sri Lanka from its host rock.

“This gives me great confidence that Bora Bora Resources will be able to achieve further exciting results and continue to identify any additional major anomalies to target for on-ground follow up when the remainder of the VTEM datasets has been interpreted.”

The VTEM surveys were the first ever to be successfully flown in Sri Lanka. The initial VTEM data was commissioned as part of Bora Bora’s commitment to fulfil its exploration program and licence obligations to the Sri Lankan Geological Survey & Mines Bureau (GSMB). In addition, given the high level of interest in the first VTEM survey flown in the country, the company has been making regular presentations to the GSMB in relation to the commencement and progression of the survey.

Executive director Chris Cowan and technical director Andrew Johnstone presented their latest update to the GSMB at the conclusion of their recent trip to Sri Lanka in late February. As a further part of this most recent trip, the company has now met all necessary conditions for the granting of its outstanding exploration licence applications at the Matale project. The issue of these exploration licences is expected from the GSMB subject to standard timeframes for documentation and ministry approval.

The VTEM data received to date represents less than 10% of the total area flown by the company. Further results from the surveys will be released as data processing is completed.

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