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Bora Bora Finds Significant VTEM Anomaly At Matale/Kurunegala Graphite Project

Bora Bora Resources' (ASX:BBR) shares should open strongly after discovering a prospect at its Sri Lankan project that has similarities to the prolific Queens and Kahatagaha Graphite Mines.

The new bullseye was found by Versatile Time-Domain Electromagnetic (VTEM) anomaly at the northern end of its Matale/Kurunegala Graphite Project in Sri Lanka with a similarity to the Queens and Kahatagaha Graphite Mine VTEM signatures.

The Kahatagaha Mine is capable of mining high purity natural vein graphite where over 99 percent of carbon is in fully crystallised form and has produced over 700,000 tonnes of high graphite over 130 years.

Queens was a historical producer of exceptional quality, high grade natural crystalline vein graphite.

Sri Lanka is the only commercial source of carbon natural crystalline vein graphite.

Not surprisingly, an aggressive exploration is poised to begin at the newly named Kingfisher prospect by Bora Bora including ground geophysics, geochemistry and drilling.

Bora Bora Matale project

The company's Matale project surrounds the Kahatagaha Mine and is also acquiring a 50% interest in RS Mines, which owns the Queens Mine and associated graphene oxide production facilities.

The Company has secured land access over the Kingfisher anomaly.

Bora Bora will fast track an aggressive exploration program including drilling up to 20 drill holes at Kingfisher and Queens Mine over the next 6 months.

Ground geophysics are starting now with the drilling program possibly commencing as early as August.

Kingfisher Prospect

The Kingfisher Prospect was identified from the recently flown airborne Versatile Time-Domain Electromagnetic (VTEM) survey at the Matale/Kurunegala project.

This has a similar intensity and appearance to the anomalies associated with the Kahatagaha and Queens graphite mines that are located about 10 kilometres to south.

Mapping has located a number of historical pits coincident with the anomaly.

Bora Bora has also secured land access over Kingfisher allowing it to commence ground exploration work including geophysics, geochemical sampling and drilling immediately.

The prospect area is lightly covered by plantation agriculture, close to infrastructure, highly accessible and will not require any non-standard preparatory work by Bora Bora Resources to directly proceed with the planned ground geophysics, geochemistry and drilling program.

The VTEM results released to date represent approximately 15% of the VTEM area flown at this project and demonstrate a series of strong visual anomalies over the Kingfisher Prospect, Queens Graphite Mine and Kahatagaha Graphite Mine.

Bora Bora continues to work on land access arrangements at other areas of the Matale/Kurunegala Graphite Project that were covered by the recent airborne VTEM survey, as well as further processing VTEM data over other significant areas

Exploration Program

The ground geophysical survey over the Kingfisher Prospect and Queens Graphite Mine areas is intended to delineate detailed information on individual graphite vein structures.

These results will optimise the planned drilling program.

Bora Bora is also in the process of securing a drill rig to commence drilling as soon as possible at the Kingsfisher Prospect, as well as at the Queens Graphite Mine where the company is undertaking due diligence.

Queens Graphite Mine

The Queens Graphite Mine was a historical producer of exceptional quality, high grade natural crystalline vein graphite until it was abandoned in 1948.

RSM acquired the 21 acre mining lease in 2011 and is currently mining graphite after recommissioning the mine.

It has tested and assessed the quality of the high grade natural crystalline vein graphite, supplying potential off-take parties with graphite bulk samples. RSM converted graphite from the Queens Graphite Mine into graphene oxide, and supplied samples of graphene oxide to end users.

The same holds true for the graphene oxide produced from its ultra-high grade natural crystalline vein graphite, which demonstrates superior properties to other graphene products.

The company is acquiring a 50% interest in RS Mines. It has paid a non-refundable deposit of A$100,000, in order to exclusively conduct due diligence over the producing Queens Graphite Mine and its associated graphene oxide production facilities

Matale Project

Bora Bora has a 75% interest in the Matale Graphite Project near Kandy in Sri Lanka.

It is situated on 145 square kilometres of tenements and applications surrounding the historic Kahatagaha Graphite Mine (KGM), which has operated since 1872 and produced more than 300,000 tonnes of high-grade graphite.

The company has added to its Sri Lankan graphite project portfolio with the granting of licences for the Paragoda North and Paragoda South Graphite Projects in central Sri Lanka.


The discovery of a new bullseye anomaly similar in size, appearance and intensity to Kahatagaha and Queens Mine is exciting stuff.

Without pre-empting upcoming exploration by Bora Bora at the new Kingfisher anomaly, the prospects looks good given the find and that the Kahatagaha Mine produced over 700,000 tonnes of high purity natural vein graphite for over 130 years.

Queens was a historical producer of exceptional quality, high grade natural crystalline vein graphite.

So there will be all important news flow to come possibly drilling up to 20 holes on a prospect with a "signature" that has hallmarks of significant deposit and producing graphite mine.

Based on our previous calculations, we had estimated a price target of $0.73 - $1.05 on Bora Bora when the share price was $0.61. There is every reason to believe it will test and surpass the upper limit within the next 6-9 months.

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