22nd May 2015 06:33
LONDON (Alliance News) - Bacanora Minerals Ltd and Rare Earth Minerals PLC Friday said they have identified possible resource expansion targets at the Sonora lithium project in Mexico after Bacanora drilled 22 holes on the La Venta concession.
Bacanora owns all of the La Venta concession, with Rare Earth holding a 15.4% stake in Bacanora.
Results from 18 of the 22 holes drilled indicate that the lithium content of both upper and lower clays increases to the south on La Ventana, as well as maintaining grade and thickness down dip at depth, Bacanora said.
In the upper clay unit, weighted averages for lithium content varies from 995 parts per million over 41.6 metres to 3,215 parts per million lithium over 17.48 metres. The lower clay unit produced results varying from 1,143 parts per million over 19.2 metres to 5,830 parts per million lithium over 20.42 metres.
Some individual 1.5 metre long samples of clay range up to 10,000 parts per million lithium, it added.
One further hole was drilled on the Fleur concession at the project, intersecting 7.16 metres of the upper clay unit, which averaged 3,107 parts per million lithium and 25.30 metres of the lower clay unit which averaged 4,242 parts per million lithium.
"These assay results have confirmed the recently published mineral resource estimate for the project, with an estimated 1.12 million tonnes LCE contained in 95 million tonnes of clay, at a lithium grade of 2,200 parts per million within indicated resource and a further 6.3 million tonnes LCE contained in 500 million tonnes of clay at a lithium grade of 2,300 parts per million within inferred resource," said Bacanora Chief Executive Peter Secker.
"Over the coming months, we will continue to progress the pre-feasibility study for this exciting asset and look forward to further informing the market as additional updates become available," he added.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
BCN.LRare Earth Metals