LONDON (Alliance News) - Shares in Bacanora Lithium PLC on Wednesday climbed as it was awarded further licensing in Germany near its existing Zinnwald project.
The stock was 12% higher early Wednesday, at 23.45 pence each.
Bacanora has been granted the Altenberg licence in the German region of Saxony, covering around 42 kilometres of the Erzgebirge, or "Ore Mountain", region.
Altenberg completely encloses the Zinnwald lithium project, and Bacanora said the new acreage could significantly add to the life-of-mine of Zinnwald.
It is part of the same geological formation as Zinnwald, and historical data suggest Altenberg could hold lithium, tungsten, and tin.
Bacanora plans to investigate Altenberg over the next five years alongside Zinnwald and the nearby Falkenhain licence.
Chief Executive Peter Secker commented: "Hosting deposits that have historically produced lithium and lying on the same geological play as other mines in the area, the Altenberg licence is an excellent addition to our existing Zinnwald lithium project.
"Located in the heart of the European battery and automotive sectors, Zinnwald is strategically positioned to become a leading supplier of high value lithium products to the rapidly emerging European electric vehicle sector. The decision to apply for further acreage that has the potential to extend the life of mine at Zinnwald was therefore an easy one."