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 32.78 pence on Tuesday.
Mining company Bacanora owns 50% of the project and said that the national instrument 43-101 compliant total resource estimate at Zinnwald is now 142,240 metric tons of contained lithium, up 7% from the previous 132,740 tons estimate.
The measured and indicated resource has been raised to 124,974 tons, up 30% from the previous 96,200 tons estimate.
The mineral resource estimate forms part of the feasibility study for Zinnwald, which is to supply lithium for use in the European battery and automotive sectors.
Peter Secker, Bacanora's chief executive, said that the upgrade confirmed that Zinnwald is "one of the most advanced lithium projects in Europe".
"Zinnwald is ideally situated to become a major supplier of high-value lithium products to Europe's rapidly emerging electric vehicle and energy storage industries," he added.
Bacanora said work is also continuing at its other lithium project at Sonora in Mexico where a feasibility study has confirmed the possibility of a 17,500 ton per annum lithium carbonate operation.
"We are in advanced discussions with several potential partners both at the corporate and project level to secure, on attractive terms, the remaining funds that are required to commence the 18-month construction phase," said Secker.
