Matale/Kurunegala Graphite Project

Matale Graphite Project

The Matale/Kurunegala project is the company’s flagship asset and is situated on 145km2 of tenements and applications surrounding the Kahatagaha Graphite Mine (KGM) near Kandy, Sri Lanka. The government owned KGM is the world’s oldest and highest-grade vein graphite mine, having produced more than 300,000 tonnes of graphite since 1872 from a swarm of 32 individual high grade graphite veins.

Figure 1: Location of the Matale/Kurunegala Graphite Project in central Sri Lanka

In November 2013, the company undertook an airborne Versatile Time-Domain Electromagnetic (VTEM) survey over the Matale/Kurunegala Graphite Project area. Resulting from the VTEM survey, the company was able to delineate a very strong visual VTEM anomaly at the northern end of the Matale/Kurunegala Project. This anomaly has been named the “Kingfisher Prospect” and is similar in both shape and intensity to the VTEM signatures of the KGM and the Queens Graphite Mine. The Kingfisher VTEM signature overlays an area with historical pits and workings with vein graphite visible at surface. The Company plans to follow up with a detailed ground exploration program over Kingfisher including geophysics and drilling with further details available in the Exploration Timeline.

Figure 2: The Kingfisher Prospect visual VTEM anomaly

The company signed a drill contract in October 2014 with the Geological Survey and Mines Bureau (GSMB) of Sri Lanka to complete a maiden drilling program at Kingfisher. Bora Bora Resources has committed to complete a minimum program of 10 holes of between 200m to 400m depth at the Kingfisher Prospect to test for graphite vein swarm mineralisation similar to that found at the KGM.

The company successfully received renewal of its two key exploration licences at the Matale/Kurunegala Project in October 2014. Having completed a significant work program over the initial term, EL/211 and EL/212 were approved for renewal by the Ministry for Environment and Renewable Energy and the Geological Survey and Mines Bureau (GSMB) of Sri Lanka for an additional period of two years for graphite exploration by Bora Bora Resources.