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Bacanora Minerals makes solid progress in first quarter

Fri, 18th Nov 2016 12:31

(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."

More News

13 Feb 2019 08:26

Bacanora Lithium closes in on Sonora funding as loss deepens

(Sharecast News) - Bacanora Lithium said on Wednesday its interim losses had widened, but it expected to finalise its financing package for the Sonora project in the second half of the year.

17 Jan 2019 16:00

Cadence Minerals Acquires 5.9% Holding In Bacanora Lithium (ALLISS)

LONDON (Alliance News) - Bacanora Lithium PLC said on Thursday that mining-focused investment company Cadence Minerals PLC now holds a 5.9% stake in the company with effect on in the lithium were

11 Dec 2018 12:16

Bacanora Lithium Reiterates Cadence Not Involved In Funding Matters

LONDON (Alliance News) - Bacanora Lithium PLC said Tuesday its "significant" shareholder Cadence Minerals PLC does not have insider information of a potential Bacanora Lithium equity to

26 Oct 2018 14:26

Bacanora Lithium makes good progress at Sonora

(Sharecast News) - Lithium exploration and development company Bacanora Lithium updated the market on its activities at its two projects in Sonora, Mexico and at Zinnwald, Germany on Friday, reporting that a number of recent milestones in the front-end engineering design had been completed at Sonora.

15 Oct 2018 16:54

Bacanora Lithium Annual Loss Narrows On Decreased Impairments

LONDON (Alliance News) - Bacanora Lithium PLC on Monday reported a narrowed annual loss on decreased impairments of exploration & evaluation assets in the period.For the year ended a of

9 Oct 2018 11:12

UPDATE: Cadence Notes Upgraded Estimate At Bacanora Lithium Project

LONDON (Alliance News) - Bacanora Lithium PLC on Tuesday said the total resource estimate for its Zinnwald project in Germany has been upgraded.Cadence Minerals PLC, which holds 7.5% of it

9 Oct 2018 10:17

Resource Estimate At Bacanora Lithium's Zinnwald Project Gets Upgraded

LONDON (Alliance News) - Bacanora Lithium PLC on Tuesday said the total resource estimate for its Zinnwald project in Germany has been upgraded.Shares in Bacanora Minerals were up 6.6% at a

28 Sep 2018 13:47

Cadence Minerals Swings To Loss As Bacanora Investment Value Falls

LONDON (Alliance News) - Cadence Minerals PLC said Friday it swung to a loss from a profit in the first half of the year due to a drop in the market price of its investments in Bacanora Lithium a

19 Jul 2018 12:09

Bacanora Lithium Decides Against Placing To Raise Funds For Sonora (ALLISS)

LONDON (Alliance News) - Bacanora Lithium PLC said Thursday it will not go ahead with its proposed placing to raise funds for the development of its Sonora lithium project in Mexico due to in was

5 Jul 2018 12:52

Bacanora Lithium Secures Debt Funding For Sonora Lithium Project

LONDON (Alliance News) - Bacanora Lithium PLC said Thursday it has entered into a USD150 million senior debt facility with RK Mine Finance for the development of stage 1 of its Sonora Lithium in a

2 Jul 2018 11:20

Bacanora Lithium In Discussions With Potential Financiers For Sonora

LONDON (Alliance News) - Bacanora Lithium PLC said on Monday it is currently in the final stages of talks with several financing and offtake partners, over funding for construction of stage one of

24 May 2018 14:34

Bacanora Quarterly Loss Slumps As It Proceeds On Lithium Projects

LONDON (Alliance News) - Bacanora Lithium PLC on Thursday said its quarterly loss widened sharply as it progresses on lithium projects in Mexico and Germany.The lithium exploration company

20 Dec 2016 08:03

Bacanora Minerals In Asian Offtake Talks For Sonora Lithium

11 Nov 2016 12:54

Upgrade work at Bacanora Minerals' lithium project ongoing

(ShareCast News) - Bacanora Minerals reported that work to upgrade the lithium resource is ongoing at its Sonora project in Mexico As part of the AIM-listed company's feasibility study, which is due to finish by the end of first quarter of 2017, a production plan for a 35,000 tonnes per annum lit

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