Graphite explorer Bora Bora Resources has discovered a new bullseye anomaly after studying results from a recently flown airborne Versatile Time-Domain Electromagnetic (VTEM) survey at its Matale/Kurunegala Graphite Project north of Kandy in central Sri Lanka.
The anomaly has been named Kingfisher and site about 10km north of the Kahatagaha and Queens graphite mines, the latter of which Bora Bora has signed a Heads of Agreement with RS Mines to acquire up to a 50% interest.
The company has also secured land access over Kingfisher which will allow it to begin ground exploration work, including geophysics, geochemical sampling and drilling immediately.
The VTEM revealed a clear bullseye anomaly with a similar intensity and appearance to the anomalies associated with the nearby Queens and Kahatagaha mines. Mapping has uncovered a number of historical graphite pits coincident with the Kingfisher anomaly.
The prospect area is lightly covered by plantation agriculture, close to infrastructure, highly accessible and will not require any non-standard preparatory work by Bora Bora to directly proceed with the planned exploration program.
The company is commissioning a ground geophysical survey over the Kingfish prospect and Queens mine areas, which aims to delineate detailed information on individual graphite vein structures. It expects these results to optimize the planned drilling program.
Bora Bora is securing a drill rig to commence drilling as soon as possible at Kingfisher as well as at Queens where the company is undertaking due diligence.