Australian company renews Sri Lanka graphite licenses, starting exploration
Saturday, 18 October 2014 02:00
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Sydney: Bora Bora Resources Ltd., an Australian graphite exploration company, has renewed two key exploration licenses for graphite mining at the Matale/Kurunegala Graphite Project in central Sri Lanka for an additional two years.
The Sydney-based graphite explorer said in a disclosure to Australian Security Exchange today that the company is poised to continue a much anticipated exploration at the exciting Kingfisher prospect after it successfully renewed the licenses.
Kingfisher is a newly discovered VTEM anomaly that has the potential to host graphite vein swarm mineralisation similar to that found about 13 km to the south at the Kahatagaha Graphite Mine.
Land clearing at Kingfisher has been completed for detailed ground geophysics and drilling.
The company has also completed the second tranche of its $3.5 million placement, ensuring it is funded for its exploration program in Sri Lanka.
Sri Lanka is the only commercial source of carbon natural crystalline vein graphite. It is also host to high grade projects with mineralisation grading 90% to 99% total graphitic carbon.
“We are pleased to have received the support of the Ministry of Environment and Renewable Energy and the GSMB (the Geological Survey and Mines Bureau) for the renewal of EL/211 and EL/212, which give Bora Bora Resources the ability to immediately commence our on ground active exploration program at the Kingfisher Prospect at the Matale/Kurunegala Graphite Project,” Executive Director Chris Cowan said.
“It serves to demonstrate the strong commitment by the Sri Lankan Government and GSMB to continue to promote foreign investment in the sector which will help serve to reinvigorate the graphite industry in Sri Lanka back towards its former status as a major producer and exporter of value added graphite products globally. We are excited to now be able to focus on our continued exploration at Matale/ Kurunegala,” Cowan added.
