Bacanora Minerals: "World Class Potential" of the Sonora Lithium Project

PUBLISHED: 19 May 2015 @ 07:18 | Comments (0) |

Update in Lithium Resources at Sonora Lithium Project, Mexico

Bacanora Minerals, the Canadian and London listed (AIM:BCN) lithium and borates company focussed on Mexico, has announced that it has updated the Mineral Resource Estimate for its lithium properties, consisting of its 100 per cent. owned La Ventana lithium concessions, its El Sauz and Fleur concessions, which are held by Mexilit S.A. de C.V. and its Megalit concession, which is held by Megalit S.A de C.V.

Mexilit and Megalit are owned 70 per cent. by Bacanora and 30 per cent. by Rare Earth Minerals PLC (AIM:REM). The MRE was carried out by SRK Consulting (UK) Limited (“SRK”), an independent consultant.

Highlights:

· Indicated portion of the MRE is 1.12 million tonnes (“Mt”) lithium carbonate equivalent (“LCE”) contained in 95 Mt of clay, at lithium (“Li”) grade of 2,200 ppm;
· Inferred portion of the MRE is 6.3 Mt LCE contained in 500 Mt of clay at a Li grade of 2,300 ppm;
· This updated MRE has been developed using a 3D geological model and Kriged grade estimates. The indicated portion of the MRE will be used for initial open pit mine design while we further develop the inferred portion of the MRE;
· Conceptual extensions within current pit shell have the potential to add 2.4 to 4.6 Mt LCE contained in 300 to 350 Mt of clay at a Li grade of approximately 1,500 to 2,500 ppm;
· This MRE (which has been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)) does not include identified grade and tonnages contained within the Buenavista concession, as further metallurgical testing is required on this deposit; and
· Update is in line with Bacanora’s strategy to demonstrate the world class potential of the project, which benefits from high grades and scalability.

Colin Orr-Ewing, Chairman of Bacanora, commented: “The updated MRE underpins the potential of the Sonora Lithium Project in terms of scale and grade. Importantly, SRK’s report also highlights additional conceptual extensions to potentially further expand upon this MRE. Importantly, with Sonora’s close proximity to infrastructure, its location in a supportive jurisdiction and the increasing role of lithium products in industry, we believe that our Company is well placed to capitalize on world demand as it strengthens and to build value for our shareholders.”

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