Bora Bora Resources (ASX:BBR) shares look like rising to new highs after the proposed acquisition of a 50% stake in RS Mines.
RS Mines owns the producing Queens Graphite Mine and associated graphene oxide production facilities in Sri Lanka.
Shares equalled their all time high of $0.70 yesterday before settling at $0.65.
Notably, the mine of interest is located just 2 kilometres from the Kahatagaha Graphite Mine in central Sri Lanka that is surrounded by its Matale Graphite Project.
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 mining lease in 2011 and is currently mining graphite.
Its ore has a run of mine head grade of up to 99% total graphitic carbon while RSM have developed a process to manufacture graphene oxide, the precursor and building block to graphene technology.
