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Balamara Resources: New drill results from Monty: very good

Contributed by Fox-Davies Capital

Balamara Resources has released its latest drill results from the Brskovo deposit, part of the Monty project in Montenegro. The new results will be incorporated into a new JORC resource for the project.

The two additional holes were drilled from one collar location 40m along strike from the initial two holes and both intercepted the three mineralised stratigraphic horizons.

Hole DH4-12 intercepted 9m @ 2.43% Zn, 1.74% Pb, 0.25% Cu and 340.4g/t Ag from 161m with a higher grade 4m zone from 163m. The upper zone gave 11 m from 137m yielding a higher grade zone. The intermediate zone yielded 18m @ 3.75% Zn, 2.71% Pb, 0.06%Cu and 12.5g/t Ag from 134m.

Hole DH10-12 intercepted 21m @ 3.04% Zn, 2.59% Pb, 0.18% Cu and 10.2g/t Ag from 109m which included two higher grade zones of 8m from 110m and 5m from 124m.

These drill holes highlight the continuation of the high-grade zone beneath the historic open pit. The current drilling has intersected the upper and middle high-grade zinc horizons and the lower high-grade silver horizon at depths ranging from 80 to 150 metres below the base of the previous open pit in locations that Balamara considers to be mineable. All three horizons are open at depth and along strike to the north-east.

The grades in the upper and middle horizons for both zinc and lead are higher than the equivalent grades in the inferred JORC resource and in the Montenegrin state balance. The Company will incorporate the new results into a revised JORC Mineral Resource estimate for the Monty Project which will also provide an estimate of the silver grade for the first time.

A third drilling programme is already under way, to test logical extensions to this zone and a second rig has been added.