15th Jan 2015 09:07
LONDON (Alliance News) - Bacanora Minerals Ltd and Rare Earth Minerals PLC Thursday said the drilling campaign at the Buenavista concession in the Sonora Lithium project in Mexico has been completed, confirming the presence of clay with significant thickness and lithium grades.
Bacanora holds a 70% stake in the concession, whilst Rare Earth holds the remaining 30%.
The drilling campaign was focused on the southern part of the concession, with 24 holes being drilled in total. Significant lithium values of over 1,000 parts per million were discovered in 13 of the holes. Of the 13 holes, 11 of them reported significant thicknesses and grades of lithium-bearing clays.
The lithium bearing clays crop out at surface and dip to the east, providing potential for a low strip ratio, open pit mining of the clays, said the companies.
The holes that produced significant results were as follows:
- 12 metres at 1,421 parts per million of lithium at a grade of 0.76%
- 6 metres at 1,057 parts per million of lithium at a grade of 0.56%
- 3 metres at 1,107 parts per million of lithium at a grade of 0.59%
- 10 metres at 1,043 parts per million of lithium at a grade of 0.56%
- 15 metres at 1,032 parts per million of lithium at a grade of 0.55%
- 21 metres at 1,118 parts per million of lithium at a grade of 0.60%
- 23 metres at 1,077 parts per million of lithium at a grade of 0.57%
- 24 metres at 1,107 parts per million of lithium at a grade of 0.59%
- 22 metres at 1,063 parts per million of lithium at a grade of 0.57%
- 16 metres at 1,035 parts per million of lithium at a grade of 0.55%
- 12 metres at 1,277 parts per million of lithium at a grade of 0.68%
- 4 metres at 1,018 parts per million of lithium at a grade of 0.54%
The results are currently being analysed and both companies have stated further drilling may be conducted before preparing a resource statement for the Buenavista and adjoining concessions.
Bacanora and Rare Earth also think the northern part of the Buenavista concession, which remains untested, will yield a similar deposit as the southern section.
"We are very pleased with the rapid progress made in discovering and testing these additional lithium deposits in the Sonora Lithium Project. These results have confirmed that significant thicknesses and grades of lithium-bearing clays occur within the southern part of Buenavista," said Bacanora Chairman Colin Orr-Ewing.
"The results prove that there are other continuous lithium deposits within the Sonora Lithium Project, which will add to the already substantial Indicated Lithium Resources," said Rare Earth Chairman David Lenigas.
Rare Earth shares were up 1.8% on Thursday morning to 0.931 pence per share, having touched 0.98p earlier, whilst Bacanora shares up 5.4% at 54.80p.
By Joshua Warner; [email protected]; @JoshAlliance
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Related Shares:
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