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Bacanora making good headway with key study

Friday, November 11, 2016 6:22
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Work to upgrade the resource at the Sonora Lithium Project in Mexico is well underway, according to the deposit’s owner, AIM and TSX-Venture-listed  Bacanora Minerals Ltd (LON:BCN, CVE:BCN).

A near 4,000-metre infill drilling programme has been completed that will be crucial in this regard and 1,870 samples have been collected.

The results thus far have been encouraging.

The resource upgrade is an integral plank to a feasibility study being compiled for Sonora, in the north of the country, which is expected eventually to support a 35,000 tonne a year mine. Initial production will start at half that figure.

Work on this crucial document, which will include a preliminary reserve model and mine plan, is expected to be completed towards the end of the first quarter of next year.

Bacanora said consultant Ausenco is just over a third of the way through the process engineering for the feasibility study.

This means the initial flow sheet has been finalised, quotes are being sought for larger equipment and machinery and the development and optimisation of the preliminary operating cost models has begun.

At the same time, the expanded pilot plant that has been operating since May is producing battery-grade lithium carbonate samples.

Having this saleable material will help when it comes to engaging with potential buyers of Sonora’s output known as off-takers.

The market appears to be moving in the direction of companies such as Bacanora that have projects in development with a significant increase in the price of the mineral.

Demand has been driven by the electric car market with lithium a central element to batteries used the vehicles rolling off the Tesla, Toyota and Nissan production lines.

Bacanora said it is currently working with a firm called SignumBox to develop long-term lithium pricing scenarios and supply and demand models.

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