Eye on Lithium: Investors seem to like Balkan Mining's Canadian pivot

Scorpion Minerals expands lithium footprint with 100pc acquisition of Youanmi Project
DMC Mining completes review of historical geological data at Fraser Range tenements
MetalsGrove Mining completes maiden RC program at Upper Coondina Lithium Project

All your lithium news, Monday December 19.

Canada’s James Bay region is the place to be if you’re a hard rock lithium explorer.

In recent times, the region in Quebec has attracted a flurry of advanced lithium players including Sayona (ASX:SYA) with the Moblan Lithium Project, Allkem (ASX:AKE) with its James Bay Project, Nemaska Lithium’s Whabouchi Project and Critical Elements’ Rose Project.

Industry pioneers like former Pilbara Minerals (ASX:PLS) boss Ken Brinsden is among them, with his new vehicle Patriot Battery Metals’ (ASX:PMT) recently returning hits of up to 113.4m at 1.61% Li2O at the Corvette property.

Today, shares in ~$19.14m market cap minnow Balkan Mining and Minerals (ASX:BMM) caught some wind after staking two licences – Corvette North and Corvette Northwest, in James Bay.

BMM, which continues to diversify outside the troubled jurisdiction of Serbia, says the licences in the upper James Bay area are a stone’s throw from some notable lithium deposits.

“We are pleased to add Corvette North and Corvette Northwest to our Canadian exploration portfolio, further demonstrating our commitment to the region,” BMM managing director Ross Cotton says.

“These projects are in a highly prospective emerging lithium province – we aim to conduct an internal desktop study during the winter, with the outcome of this work to guide our field programs in 2023.”

This comes only two short months after Balkan Mining secured an option to buy the Tango Lithium Project – also in Canada, covering 8.64km in Ontario’s Thunder Bay North mining district known for the multiple albite-spodumene type pegmatites. The largely under-explored project consists of 41 claims.

Here’s how ASX lithium companies are tracking:

CODE	COMPANY	PRICE	% TODAY	MARKET CAP
FTL	Firetail Resources	0.165	14%	$9,425,000
BMM	Balkanminingandmin	0.38	12%	$14,623,657
LRD	Lordresourceslimited	0.22	10%	$6,656,924
GW1	Greenwing Resources	0.295	9%	$34,084,984
XTC	Xantippe Res Ltd	0.006	9%	$52,002,691
NWM	Norwest Minerals	0.054	8%	$11,105,369
EPM	Eclipse Metals	0.015	7%	$28,339,596
SCN	Scorpion Minerals	0.076	6%	$24,026,846
WR1	Winsome Resources	1.045	5%	$139,192,021
NVA	Nova Minerals Ltd	0.645	4%	$129,989,989
WC8	Wildcat Resources	0.027	4%	$17,212,591
LLL	Leolithiumlimited	0.4925	4%	$468,662,033
A11	Atlantic Lithium	0.62	3%	$363,444,996
AS2	Askarimetalslimited	0.33	3%	$15,788,519
MQR	Marquee Resource Ltd	0.037	3%	$11,779,470
LRS	Latin Resources Ltd	0.1075	2%	$217,866,861
MXR	Maximus Resources	0.044	2%	$13,712,948
KAI	Kairos Minerals Ltd	0.0225	2%	$43,210,057
KZR	Kalamazoo Resources	0.23	2%	$33,484,359
CHR	Charger Metals	0.5	2%	$21,366,957
LEL	Lithenergy	0.78	2%	$46,014,750
DTM	Dart Mining NL	0.061	2%	$9,315,610
CXO	Core Lithium	1.0775	2%	$1,948,618,584
LKE	Lake Resources	0.8525	1%	$1,168,984,916
EMH	European Metals Hldg	0.7	1%	$82,477,611
SGQ	St George Min Ltd	0.07	1%	$55,988,968
ESS	Essential Metals Ltd	0.355	1%	$93,473,343
IGO	IGO Limited	14.09	1%	$10,541,167,957
RDT	Red Dirt Metals Ltd	0.44	1%	$181,014,733
LPI	Lithium Pwr Int Ltd	0.455	1%	$176,040,507
GL1	Globallith	1.915	1%	$404,126,686
INR	Ioneer Ltd	0.4725	1%	$986,218,985
RIO	Rio Tinto Limited	115	0%	$42,522,817,314
MIN	Mineral Resources.	81.46	0%	$15,413,955,966
WES	Wesfarmers Limited	47.04	0%	$53,263,624,390
ADV	Ardiden Ltd	0.008	0%	$21,506,683
AGY	Argosy Minerals Ltd	0.585	0%	$821,578,386
1MC	Morella Corporation	0.015	0%	$89,273,337
AML	Aeon Metals Ltd.	0.029	0%	$31,795,618
AVZ	AVZ Minerals Ltd	0.78	0%	$2,752,409,203
EUR	European Lithium Ltd	0.072	0%	$104,345,221
INF	Infinity Lithium	0.145	0%	$67,075,853
LIT	Lithium Australia	0.0455	0%	$55,564,221
LPD	Lepidico Ltd	0.014	0%	$106,928,797
QPM	Queensland Pacific	0.115	0%	$200,830,011
PSC	Prospect Res Ltd	0.12	0%	$55,471,135
PAM	Pan Asia Metals	0.42	0%	$61,679,348
AM7	Arcadia Minerals	0.22	0%	$10,273,536
FRS	Forrestaniaresources	0.125	0%	$7,601,413
MMC	Mitremining	0.27	0%	$7,312,977
CTN	Catalina Resources	0.009	0%	$11,146,382
TMB	Tambourahmetals	0.125	0%	$5,149,075
TEM	Tempest Minerals	0.024	0%	$12,114,388
WCN	White Cliff Min Ltd	0.014	0%	$10,545,993
WML	Woomera Mining Ltd	0.02	0%	$19,123,224
AZL	Arizona Lithium Ltd	0.062	0%	$149,415,385
CRR	Critical Resources	0.045	0%	$71,002,723
PNN	Power Minerals Ltd	0.485	0%	$34,996,768
MTM	Mtmongerresources	0.08	0%	$4,561,938
ENT	Enterprise Metals	0.009	0%	$6,345,726
AVW	Avira Resources Ltd	0.003	0%	$6,401,370
GT1	Greentechnology	0.77	0%	$146,868,563
MRR	Minrex Resources Ltd	0.031	0%	$33,630,893
A8G	Australasian Metals	0.225	0%	$9,263,361
SRZ	Stellar Resources	0.013	0%	$13,060,202
LSR	Lodestar Minerals	0.0055	0%	$9,561,405
VMC	Venus Metals Cor Ltd	0.13	0%	$23,150,229
RAS	Ragusa Minerals Ltd	0.115	0%	$15,561,587
G88	Golden Mile Res Ltd	0.022	0%	$4,500,975
THR	Thor Mining PLC	0.007	0%	$10,095,490
MM1	Midasmineralsltd	0.19	0%	$10,855,035
M2R	Miramar	0.081	0%	$5,725,221
WMC	Wiluna Mining Corp	0.205	0%	$74,238,031
ALY	Alchemy Resource Ltd	0.022	0%	$25,917,678
KTA	Krakatoa Resources	0.05	0%	$17,235,496
DAF	Discovery Alaska Ltd	0.032	0%	$7,175,510
IR1	Irismetals	1.305	0%	$81,862,650
DAL	Dalaroometalsltd	0.11	0%	$3,286,250
AKE	Allkem Limited	12.28	-1%	$7,881,453,943
AUN	Aurumin	0.072	-1%	$12,887,809
BNR	Bulletin Res Ltd	0.095	-1%	$28,088,746
DRE	Dreadnought Resources Ltd	0.09	-1%	$279,707,751
SYA	Sayona Mining Ltd	0.2125	-1%	$1,867,066,780
MNS	Magnis Energy Tech	0.39	-1%	$383,280,936
PLS	Pilbara Min Ltd	4.045	-1%	$12,291,228,714
LLI	Loyal Lithium Ltd	0.3	-2%	$16,009,450
NMT	Neometals Ltd	0.875	-2%	$491,939,647
CAI	Calidus Resources	0.265	-2%	$118,241,560
PLL	Piedmont Lithium Inc	0.77	-2%	$414,143,078
AOU	Auroch Minerals Ltd	0.051	-2%	$22,168,647
LTR	Liontown Resources	1.5	-2%	$3,360,546,086
ZEO	Zeotech Limited	0.05	-2%	$83,675,989
GSM	Golden State Mining	0.045	-2%	$5,382,653
GLN	Galan Lithium Ltd	1.07	-2%	$333,504,020
STM	Sunstone Metals Ltd	0.039	-3%	$104,817,857
OCN	Oceanalithiumlimited	0.39	-3%	$14,130,000
ASN	Anson Resources Ltd	0.19	-3%	$229,759,710
TON	Triton Min Ltd	0.035	-3%	$49,780,230
LRV	Larvottoresources	0.17	-3%	$9,345,963
AAJ	Aruma Resources Ltd	0.065	-3%	$10,516,421
AX8	Accelerate Resources	0.028	-3%	$9,019,804
EFE	Eastern Resources	0.027	-4%	$32,296,644
VUL	Vulcan Energy	6.52	-4%	$970,379,988
EMS	Eastern Metals	0.077	-4%	$3,125,153
CY5	Cygnus Gold Limited	0.375	-4%	$71,710,943
MLS	Metals Australia	0.046	-4%	$29,137,737
TYX	Tyranna Res Ltd	0.023	-4%	$57,730,208
LIS	Lisenergylimited	0.34	-4%	$58,899,536
CMD	Cassius Mining Ltd	0.022	-4%	$9,395,337
ARN	Aldoro Resources	0.21	-5%	$24,840,710
VSR	Voltaic Strategic	0.021	-5%	$6,741,474
TUL	Tulla Resources	0.31	-5%	$65,192,639
TKM	Trek Metals Ltd	0.072	-5%	$27,659,826
CZL	Cons Zinc Ltd	0.017	-6%	$8,332,586
SRI	Sipa Resources Ltd	0.033	-6%	$7,944,507
EMC	Everest Metals Corp	0.08	-6%	$9,046,814
RAG	Ragnar Metals Ltd	0.015	-6%	$6,066,958
EVR	Ev Resources Ltd	0.015	-6%	$14,863,745
QXR	Qx Resources Limited	0.043	-7%	$40,565,667
RGL	Riversgold	0.028	-7%	$28,364,031
KGD	Kula Gold Limited	0.026	-7%	$10,113,934
IPT	Impact Minerals	0.0065	-7%	$17,369,594
JRL	Jindalee Resources	1.89	-7%	$117,053,091
BYH	Bryah Resources Ltd	0.025	-7%	$7,593,844
ZNC	Zenith Minerals Ltd	0.245	-8%	$93,098,363
AOA	Ausmon Resorces	0.006	-8%	$5,572,381
AZI	Altamin Limited	0.083	-8%	$35,254,508
FG1	Flynngold	0.105	-9%	$7,482,021
RLC	Reedy Lagoon Corp.	0.01	-9%	$6,233,916
VKA	Viking Mines Ltd	0.01	-9%	$11,277,843
RMX	Red Mount Min Ltd	0.0045	-10%	$9,941,744
IMI	Infinitymining	0.255	-11%	$21,787,771
PGD	Peregrine Gold	0.51	-11%	$22,088,577
TKL	Traka Resources	0.008	-11%	$6,198,971
LNR	Lanthanein Resources	0.022	-12%	$24,070,639

Only 32 lithium companies finished in the green while another 57 tumbled in the red zone.

Who else has news out?

SCORPION MINERALS (ASX:SCN)

SCN has also expanded its lithium footprint after entering into a binding option agreement to acquire a 100% in the Youanmi Project in WA.

Individual pegmatites are up to 1000m long and surface exposures suggest widths from 5m to 15m wide. The pegmatites are shallow east dipping and exhibit mineral zonation both of which are important characteristics of significant LCT systems, the company says.

“With all required approvals in place and a drilling program to commence in early Q1 2023, this is a highly strategic and cost-effective pathway to build upon Scorpion’s already robust lithium footprint in WA,” SCN executive chairman Bronwyn Barnes says.

DMC MINING (ASX:DMM)

A comprehensive review of historical geological and geochemical data for the Fraser Range tenements in WA supports DMC’s observations that geological units might hold the potential to host pegmatites.

This is supported with pegmatite observations on geological maps and drill logs surrounding DMC’s tenements.

More than 31,000 historical geochemical data points were reviewed from the region to develop a detailed understanding of some of the geochemical relationships.

Lithium exploration will be incorporated into an overall exploration plan for a cost effective, outcomes focused field program to further improve knowledge of the Fraser Range tenement package.

METALSGROVE MINING (ASX:MGA)

A maiden 4,200m drill program at the Upper Coondina Lithium Project, 80km south of Marble Bar, has been completed.

The program was designed to test the priority lithium targets at the recently discovered Chola prospect in the south-east of the main Upper Coondina Project area.

MGA says drilling has successfully intersected the main target zone at Chola with first assays expected to be reported in Q1 2023.

“Our DGPR survey has also highlighted a host of new potential pegmatite structures nearby to the Chola Prospect which is highly encouraging,” MGA managing director Sean Sivasamy says.

“MetalsGrove is well positioned to hit the ground running in early 2023 with a busy pipeline of activity planned across the portfolio.”

ENTERPRISE METALS (ASX:ENT)

Infill soil sampling has advanced over four of the high grade lithium-in-soil prospects – Alpha, Bravo, Charlie and Delta.

A further 51 samples have been collected to add to the existing 235 soil samples from which assays were reported on November 21.

Results are expected to further define the location and tenor of the recently discovered high grade Li rich soil zones.

While undertaking the infill soil sampling, Enterprise’s geological team located several new pegmatite occurrences which add confidence to the developing geological interpretation.

Detailed large-scale geological mapping of the pegmatite occurrences will begin in January, to assist planning of drill targets.

KULA GOLD (ASX:KGD)

KGD has wrapped up a field reconnaissance trip as part of due diligence to acquire and add the Kirup Project to its portfolio.

The 70% acquisition in the project is subject to the completion of financial, legal, and technical due diligence to the satisfaction of Kula, the purchase of 100% of Merchant Ventures (owned by Stowell) by Sentinel via an option agreement, and regulatory approvals.