24th Nov 2015 11:59
LONDON (Alliance News) - Bacanora Minerals Ltd, a lithium and borates company, on Tuesday said the Sonora lithium project in Mexico has a "clear" status a large high-grade deposit, following a recent mineral resource update.
That came in an update for the first quarter, spanning the three months ended September 30, which showed that the company's net loss widened to CAD1.4 million from CAD489,156 in the corresponding quarter the prior year.
That mineral resource update included indicated lithium resources of 5.0 million tonnes lithium carbonate equivalent contained in 364 million tonnes of clay at a lithium grade of 2,600 parts per million.
Chairman Colin Orr-Ewing said that together with its consultants, Bacanora now wants to complete the pre-feasibility study to design a plant with the potential to deliver up to 50,000 tonnes per annum of lithium carbonate.
"Thanks to the successful private placement post quarter end, which saw the addition of a first top tier institutional investor to our shareholder register, we are well placed to maintain the momentum behind the project. Subject to the results of the [pre-feasibility study], we are in a position to immediately commence the next phase of the development of Sonora, including a fully funded bankable feasibility study," the chairman said.
Shares in Bacanora were down 4.3% at 78.00 pence on Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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