BMG Resources (ASX:BMG) has entered into a binding option agreement to acquire a 100 per cent interest in the Bullabulling project in the Eastern Goldfields of WA.
The project, which is prospective for lithium and gold, is about 25 kilometres west of Coolgardie.
Multiple lithium-caesium-tantalum (LCT) pegmatites have been mapped across the project, with a high-priority pegmatite corridor more than 4 kilometres long that remains open along strike.
Historic rock chip sampling has returned numerous lithium values greater than one per cent lithium – and a peak value of 1.9 per cent – confirming fertile LCT pegmatites that are yet to be fully drill tested.
Bullabulling is immediately adjacent to and along strike from the multi-million ounce Bullabulling gold mine. and historic exploration has confirmed several gold occurences across the project with limited follow-up.
BMG Managing Director Bruce McCracken said: “The Bullabulling project is an excellent opportunity to secure a material foothold in a largely unexplored area of the highly attractive Coolgardie lithium and gold district and is a complementary addition to our portfolio of Western Australian exploration projects, including the high grade Abercromby gold project where the company is targeting a maiden resource.
“This highly prospective project hosts confirmed lithium bearing pegmatites and gold and shares geological similarities to other Goldfields lithium deposits like Mt Marion to the east and Nepean to the south.
“Preparations are underway to assess and validate the potential for economic LCT pegmatite mineralisation and lay the groundwork for more extensive exploration post the Option period.”
