Calgary, Alberta (FSCwire) - BACANORA MINERALS LTD. ("Bacanora Canada")
is pleased to provide an update on activities at its 50 per cent. owned Zinnwald lithium project ("Zinnwald Lithium Project") in
southern Saxony, Germany where a feasibility study is underway to develop a strategy to demonstrate the economic viability of
producing higher value lithium products for the European battery and automotive sectors. Bacanora Canada also gives an
update on corporate activity, including confirmation of its re-domicile to the UK.
Zinnwald Lithium Project
The feasibility study for the Zinnwald Lithium Project in Germany continues on schedule. Following the
completion of the infill drilling programme in December 2017, assay results are currently being collated. Work for the
purposes of updating the resource estimate in accordance with National Instrument 43-101 – Standards of Disclosure for
Mineral Projects ("NI 43-101") will commence in Q2 2018 and will be followed by mine design and mine planning
activities.
Work on the processing flow sheet has progressed through the crushing, grinding and magnetic separation stages and
roasting testwork is now underway. Once this work is completed the metallurgical testwork will focus on the production of
high value downstream lithium products, facilitated by access to product reagents from the chemical industries located in
Dresden. The feasibility study remains on track for completion in Q2 2019.
Re-domicile to the UK and AIM
At the Annual and Special Meeting of Bacanora Canada held in Canada on 19 March 2018, all resolutions were duly
passed. This included:
- a resolution to approve the proposed re-domicile of Bacanora Canada to the UK by means of a Plan of Arrangement
as set out in the circular sent to shareholders dated 16 February 2018 ("Circular"). This resolution was
approved with a 99% vote in favour by those attending in person or by proxy.
- resolutions to issue up to 365 million new shares in Bacanora Lithium plc ("Bacanora Lithium" or the "Company")
as part of the Sonora Project financing package. These resolutions were approved with a 94% vote in favour by those attending
in person or by proxy.
Effective at the close of business Friday 23 March 2018, the common shares of Bacanora Canada were delisted from
TSX Venture Exchange. Admission of and commencement of dealings in Bacanora Lithium shares on AIM took place on Monday 26
March 2018.
**ENDS**
For further information, please contact:
Bacanora Minerals Ltd.
|
Peter Secker, CEO
|
info@bacanoraminerals.com
|
Cairn Financial Advisers LLP, Nomad
|
Sandy Jamieson / Liam Murray
|
+44 (0) 20 7213 0880
|
Canaccord Genuity, Broker
|
Martin Davison / James Asensio
|
+44 (0) 20 7523 8000
|
St Brides Partners, Financial PR Adviser
|
Megan Dennison / Frank Buhagiar
|
+44 (0) 20 7236 1177
|
ABOUT BACANORA:
Bacanora Canada is the wholly-owned subsidiary of Bacanora Lithium, a London listed lithium exploration and
development company (AIM: BCN). The Company is exploring for, and developing a pipeline of international lithium projects, with a
primary focus on the Sonora Lithium Project. The Company's operations are based in Hermosillo in northern Mexico. The
Company is led by a team with lithium expertise and proven mine development, construction and operations experience.
The Sonora Lithium Project1, 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 a
Measured plus Indicated Mineral Resource estimate of over 5 Mt (comprising 1.9Mt of Measured Resources and 3.1Mt of Indicated
Resources) of LCE2 and an additional Inferred Mineral Resource of 3.7 Mt of LCE.
The Company's Feasibility Study (which was announced 12 December 2017) has established Proven Mineral Reserves (in
accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")) of 1.67 MT and
Probable Mineral Reserves of 2.85 Mt LCE and confirmed the economics associated with becoming a 35,000 tpa lithium carbonate and
30,000 tpa SOP producer in Mexico. In addition to the Sonora Lithium Project, the Company also has a 50% interest in the
Zinnwald Lithium Project and the Falkenhain Licence in southern Saxony, Germany. Each of the Zinnwald Lithium Project and
the Falkenhain Licence are located in a granite hosted Sn/W/Li belt that has been mined historically for tin, tungsten and
lithium at different times over the past 300 years. The strategic location of the Zinnwald Lithium Project and the Falkenhain
Licence provides close geographical proximity to the German automotive and downstream lithium chemical industries.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain "forward-looking information"
within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or
conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not
limited to: the updated estimation of resources, followed by mine design and mine planning activities and the completion of a
feasibility study for the Zinnwald Lithium Project in Q2 2019. Although we believe that the expectations reflected in the
forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot
guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved
will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are
made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to
differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the forward-looking information include, but are not limited to:
commodity price volatility; general economic conditions in Canada, the United States, Mexico and globally; industry conditions,
governmental regulation, including environmental regulation; unanticipated operating events or performance; failure to obtain
industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable
terms; the need to obtain required approvals from regulatory authorities; stock market volatility; competition for, among other
things, capital, skilled personnel and supplies; changes in tax laws; and the other risk factors disclosed under our profile on
SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors
should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary
statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or
to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to
place undue reliance on forward-looking information.
1 The Sonora Lithium Project is comprised of the following lithium properties: La Ventana lithium
concession, which is 100 percent owned by Bacanora and El Sauz and Fleur concessions, which are held by Mexilit S.A. de C.V.
("Mexilit") which is owned 70 percent by Bacanora and 30 percent by Cadence Minerals Plc.
2 LCE = lithium carbonate (Li2CO3) equivalent; determined by multiplying Li
value in percent by 5.324 to get an equivalent Li2CO3 value in per cent. Use of LCE is to provide data
comparable with industry reports and assumes complete conversion of lithium in clays with no recovery or process losses.
To view the original release, please click here
Source: Bacanora Minerals Ltd. (AIM:BCN)
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