BACANORA MINERALS LTD. ("Bacanora" or the "Company") the Canadian and London listed lithium and borates development company focused on Mexico, is pleased to provide an update on the Company's upcoming milestones relating to its on-going transition from an exploration to a mine development company.
During the last few weeks Bacanora has announced an update to the Mineral Resources for the Sonora Lithium Project and the appointment of a new CEO. Over the next six months, commencing 1 July, 2015, the Company expects to undertake the following project development tasks at the Sonora Lithium Project:
- Commencement of an expansion and infill drilling program at the Sonora Lithium Project which is expected to be followed by a further Mineral resource update and mining design and scheduling;
- Continued optimization of the lithium pilot plant operations and finalization of the process flowsheet designs and mass balances;
- Utilization of the lithium pilot plant flowsheet designs to continue the Pre-Feasibility Study ("PFS"); and
- Production of lithium marketing samples in order to continue discussions with a number of global lithium end user groups and potential off-take partners, with which non-disclosure agreements have been signed.
During this development phase, the Company will continue to grow its project management team in Hermosillo, Mexico, as it builds its internal lithium operating expertise. This team will then lead the Definitive Feasibility Study following the completion of the PFS. At the same time, the project team will continue to finalise the PFS for the Magdalena Borates Project in Sonora State, Mexico, and review potential cashflows from this project as a source of working capital for the Company.
A new corporate presentation which highlights the Company's ongoing transition from explorer to mine developer can be found on the Company's website at www.bacanoraminerals.com.
Bacanora is a Canadian and London listed minerals explorer (TSX VENTURE:BCN)(AIM:BCN). The Company explores and develops industrial mineral projects, with a primary focus on lithium and borates. The Company's operations are based in Hermosillo in northern Mexico and it currently has two significant projects under development in the state of Sonora. The two main assets of Bacanora are:
- The Sonora Lithium Project, which consists of ten mining concession areas covering approximately 100 thousand hectares in the northeast of Sonora State. The Company, through drilling and exploration work to date, has established an Indicated Mineral Resource (in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101")) of 1.12 Mt LCE contained in 95 Mt of clay at a Li grade of 2,200 ppm and an Inferred Mineral Resource of 6.3 Mt LCE contained in 500 Mt of clay at a Li grade of 2,300 ppm.
- The Magdalena Borate Project, covering 16,503 hectares in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has an Indicated Resource (in accordance with NI 43-101) of 1.17 Mt of B2O3, at an eight per cent. cut-off grade. The Company has completed a number of measures to determine the geological and commercial potential of the project and is undertaking a prefeasibility exercise to determine the economic benefit of developing the mine and constructing a processing plant on site in order to become a supplier of boric acid.