Bora Bora Resources has signed a drilling contract with the Geological Survey and Mines Bureau (GSMB) for a maiden drilling program at the Kingfisher prospect of its Matale/Kurunegala Graphite Project in Sri Lanka. Kingfisher is a VTEM anomaly that could host graphite vein swarm mineralization similar to that found 13km to the south at the Kahatagaha Graphite Mine.
The company has recently completed the second tranche of its $3.5 million placement, ensuring it is funded for exploration in Sri Lanka.
GSMB has ordered a new drill rig to undertake the program, which will have a minimum of 10 holes of between 200 metres and 400 metres depth.
“We are excited to lock in a drill rig to undertake the drilling program at our Kingfisher Prospect,” Bora Bora's executive director Chris Cowan said. “It is pleasing to be able to secure a new drill rig for the program and the commitment from the GSMB to start drilling as soon as practically possible.”
Bora Bora plans to use supervisory experts with experience in vein-style mineralization once the rig is mobilized to the Kingfisher site during the December quarter to provide assistance, training and oversight for the drilling program. This follows the successful renewal of two key exploration licences at the Matale/Kurunegala Graphite Project for an additional two years.
Sri Lanka is the only commercial source of carbon natural crystalline vein graphite. It is host to high grade projects with mineralisation grading 90% to 99% total graphitic carbon.
The Kingfisher Prospect was identified from the recently flown airborne Versatile Time-Domain Electromagnetic (VTEM) survey at the Matale/Kurunegala project. This has a similar intensity and appearance to the anomalies associated with the Kahatagaha and Queens graphite mines that are located to the south. Mapping has located a number of historical pits coincident with the anomaly.
Bora Bora has also secured land access over Kingfisher allowing it to commence ground exploration work including geophysics, geochemical sampling and drilling immediately. 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 Resources to directly proceed with the planned ground geophysics, geochemistry and drilling program.
The VTEM results released to date represent approximately 15% of the VTEM area flown at this project and demonstrate a series of strong visual anomalies over the Kingfisher Prospect, Queens Graphite Mine and Kahatagaha Graphite Mine.
Bora Bora continues to work on land access arrangements at other areas of the Matale/Kurunegala Graphite Project that were covered by the recent airborne VTEM survey, as well as further processing VTEM data over other significant areas.
Meantime, Bora Bora has received renewals for its two key exploration licences at the Matale/Kurunegala project. Having completed a significant work program over the initial term the licences were approved for renewal by the Ministry for Environment and Renewable Energy and the Geological Survey and Mines Bureau of Sri Lanka for an additional period of two years for graphite exploration by Bora Bora.
This paves the way for the company to continue its exploration program over the newly discovered VTEM anomaly, the Kingfisher prospect.