Bora Bora Resources has entered into a binding Heads of Agreement with RS Mines Ltd to acquire an interest in its Queens Graphite Mine which adjoins Bora Bora’s exploration areas in central Sri Lanka. The acquisition will accelerate the company into potential production, mining the world’s purest know natural crystalline vein graphite at 90% to 99%.
The agreement would see Bora Bora acquire up to 50% of RS Mines with a first-right-of-refusal over the remaining 50%. The company has paid RS Mines a non-refundable deposit of Aus$100,000 in order to exclusively conduct due diligence over the producing Queens Graphite Mine and associated grapheme oxide production facilities 2km to the north of the Kahatagaha Graphite Mine near Kurunegala/Kandy.
The Queens mining lease covers 8.5 hectares. The land was purchased by RS Mines in 2011, is fully permitted and is currently mining graphite. RS Mines also owns additional land in other potentially high grade graphite-bearing areas of Sri Lanka.
Ore from the Queens Graphite Mine has a run-of-mine head grade of up to 99% total graphitic carbon and RS Mines has developed a process to manufacture graphene oxide, the precursor and building block to graphene technology.
A recent VTEM survey conducted by Bora Bora confirms a significant bullseye anomaly over the Queens mine with a similar intensity to the nearby Kahatagaha mine, which has been producing ultra-high grade graphite for more than 140-years. Independent analysis has rated graphite from the Queens mine as the best source, outperforming 50 other types of graphite.
The agreement will also involve RS Mines toll treating other potential Bora Bora discoveries in Sri Lanka at its value-added grapheme oxide processing facility in close proximity to Bora Bora’s Matale/Kurunegala project.
A drill rig is being sought to initiate drill programs for the Queens mine and also for follow-up of targets from the VTEM survey over the Matale/Kurunegala project where land access agreements are nearing completion. www.boraboraresources.com.au