Bora Bora Resources increases Sri Lankan graphite footprint

Thursday, 23 May 2013 00:28 - - {{hitsCtrl.values.hits}}

Proactive Investors) Bora Bora Resources has strengthened its graphite portfolio in Sri Lanka adding two exploration licences granted covering 11 square kilometres in Sri Lanka.

Sri Lanka is known to host some of the world’s highest grade graphite, averaging 90% total graphite content (TGC), where the global average grade is 15% TGC.

Bora Bora’s footprint now covers 41 square kilometres of licence area, with the company’s 75%-owned Sri Lankan subsidiary Plumbago Lanka Ltd., having been issued the exploration licences (EL/229 and EL/230).

The Matale project (EL/229) is prospective for graphite mineralisation of 90% or greater total graphitic carbon and located adjacent to Plumbago’s existing tenements in the Matale region (EL/211 and EL/212) near Kandy, and increases exposure by two square kilometres.

Highlighting the potential of the project, it is adjacent to the historical Kahatagaha Kolongaha Graphite Mine, which has operated since 1872 and produced >300,000 tonnes of high-grade graphite.

Bora Bora said that it will commence exploration at Matale in the June quarter, including rock chip sampling, trenching and a VTEM survey.

EL/211 and EL/212 were granted in October 2012 and cover 30 square kilometres surrounding the existing Kahatagaha-Kolongaha Graphite Mine, one of the deepest and oldest mines in Sri Lanka, extracting vein graphite at between 90-98% total graphite content.

Bora Bora held around $2.5 million in cash at the end of March 2013.