This compares to the global average grade of 15% TGC.
The new licenses are over the Baduraliya, Neluwa and Paragoda project areas in central and southern Sri Lanka, and cover in total 156 square kilometres. Bora Bora has a plan to fly Airborne Electromagnetics over central projects.
With these additional exploration licences, Bora Bora has secured a significant ground position over and around several known historical producing, high grade graphite regions including the areas directly to the south of the Kahatagaha-Kolongaha Graphite Mine.
This mine has been in production since 1872 and produced more than 300,000 tonnes of graphite at 90% or TGC.
Bora Bora's Matale Project is directly contiguous to the Kahatagaha Kolongaha Graphite, with the project strategically positioned to potentially capitalise on export markets in China, Japan, South Korea and India.
Exploration to commence
Bora Bora now holds close to 200 square kilometres of exploration licences in Sri Lanka, with the new licenses paving the way for the company to commission airborne electromagnetic surveys.
These surveys will determine the graphite potential of the central project areas. The Matale, Paragoda North and Paragoda South projects will be the first areas targeted for airborne EM surveys.
The company said that expects to announce the commissioning of the airborne EM survey imminently.
Bora Bora has around $2.5 million in cash.
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