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Bacanora uses interims to highlight progress

Published: 18:44 28 Feb 2017 AEDT

Lithium-manufacture---Bacanora
Lithium plant at Sonora

Quite how active Bacanora Minerals Ltd (LON:BCN) is becomes apparent after a quick scan through the company’s interim results for the period to 31 December.

At the flagship Sonora lithium project, work continues with a feasibility study that’s expected to be completed in the summer of this year. At this stage the thinking is that Sonora will initially deliver 17,500 tonnes per year of battery-grade lithium carbonate (Li2CO3) for the first two years of operations, followed by 35,000 tonnes Li2CO3 thereafter.

Meanwhile, the company has also completed a 4,000 metre infill drilling programme to upgrade a portion of the resource, which is already substantial at 259 mln tonnes at 3,200 parts per million lithium for 4.5 mln tonnes of lithium carbonate equivalent (LCE).

The company is also refining the flow sheet developed at its pilot plant in Hermosillo and is continuing discussions with potential off-takers.

 

What’s more, post period end, Bacanora acquired an interest in the Zinnwald lithium project in southern Saxony. Bacanora will earn 50% of the project in return for a cash consideration of €5 million and the completion of a feasibility study which is anticipated to cost approximately €5 million and to take approximately 18-24 months to complete. 

 

Finally, at the corporate level, Bacanora boosted the strength of its board with the appointments of industry veterans Mark Hohnen and James Leahy.

 

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