BCN.L Share News (BCN)

(ShareCast News) - Mexico lithium and borates-focused company Bacanora Minerals posted an update for the first quarter 30 September on Friday - a period in which the infill drilling programme to upgrade the resource classifications was completed.The AIM-traded firm said a total of 3,896 metres in 31 NQ-Core infill holes for resource estimations were drilled in the La Ventana area, and a total of 1,870 samples were collected from the drill core.Analyses received indicated that lithium content in the Upper Clay Unit varies from 25 ppm to 6,900 ppm Li with a weighted average of 1,791 ppm Li.For the Lower Clay Unit lithium content varies from 172 ppm to 10,000 ppm with a weighted average of 4,345 ppm Li."The company is continuing to work with the same consultants that prepared the pre-feasibility study, in preparing a feasibility study for a two stage mine and processing facility to produce up to 35,000 tonne per annum of lithium carbonate," Bacanora's board said in a statement."As part of this study we have completed an infill reserve drilling programme, provided lithium carbonate samples to potential end-users, appointed international engineering and technical consultants to undertake geological resource modeling, metallurgical testwork, mine designs and process engineering, as well as recruited additional technical personnel with lithium development and operating expertise."It also reported that Ausenco completed approximately 35% of the feasibility study and is scheduled to have the study completed in late calendar Q1 2017.The company claimed it is fully financed through to the feasibility study, initial project development and the start of the construction stages.As part of its financing during the quarter, the company issued 2,925,000 common shares as a result of warrants exercise, for gross proceeds of $3.9m."The company's strategy is to position itself to satisfy ongoing strong growth for lithium carbonate in the fast growing sectors of electric vehicles and energy storage," the board said of its outlook."[We are] fully financed with approximately $25m in the bank at the date of this MD&A and are therefore fully funded through to the initial project development and the start of the construction stages."In the immediate term, a number of activities are underway to support this future development."