International minerals company Balamara Resources Limited (ASX: BMB) (“Balamara” or the “Company”) is about to commence a new resource in-fill and extensional drilling program at its advanced Monty Polymetallic Project in Montenegro. The program, comprising 15 diamond drill holes for 3,025m, is designed to upgrade a part of the current resource of 9.2Mt @ 3.8% Zn, 1.2% Pb and 0.4% Cu to the Indicated category, which is then available for conversion to Ore Reserves, and also to increase the overall size of the resource.
The drilling program, which will take 4-6 months to complete, is expected to become an integral part of the current Feasibility Study on the Monty Project, which is currently focusing on metallurgical sample test work with a view to developing the optimum process flow sheet to recover all of the valuable metals.
Monty is a zinc-lead-copper-silver Project located near the town of Mojkovac in Central Montenegro. Balamara acquired 100% of the rights to explore and mine at the Project for €100,000 in late 2010. The asset was mined historically in the late 1970s to early 1990s; as a result, Balamara has secured a substantial database of previous drilling and other technical 2information, enabling it to fast-track Monty through to the Feasibility Study stage much quicker than would normally be the case with a typical exploration project.
Balamara is targeting re-commencement of production at Monty in late 2013, which would be less than three years from acquisition of the Project.
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