RE: old but says it all6 Feb 2018 10:48
LONDON (Alliance News) - AIM-listed Bacanora Minerals Ltd said Wednesday its 50%-owned subsidiary Deutsche Lithium GmbH has been granted a five-year exploration licence covering 295 hectares of the previously mined Falkenhain Lithium deposit in southern Saxony.
Falkenhain, which is within five kilometres of Bacanora's 50%-owned Zinnwald lithium project, lies in a geological setting of granite hosted tin-tungsten-lithium belts that have been historically mined for all three metals, Bacanora said.
Historical exploration data indicates that several ore bodies should still contain tin, tungsten, and lithium, but the data has not been confirmed. However, Bacanora said, it believes "the historical work at Falkenhain and the geological context of the deposit support the case for investing in the licence and conducting further work to investigate the deposit and its potential for economic extraction."
Bacanora, which is also listed on the Toronto Stock Exchange, said that Deutsche Lithium plans to explore the Falkenhain deposit over the next five years and to combine its exploration and development with Zinnwald.
The lithium miner said a feasibility study is underway at the Zinnwald project "to develop a strategy to demonstrate the economic viability of producing higher value lithium products for the European battery and automotive sectors".
"The issue of the exploration licence is a key milestone for Bacanora's activities in Germany. Falkenhain will supplement our two significant lithium assets at Zinnwald and Sonora, each of which have the potential to become major suppliers of high value products to fast growing end markets, such as electric vehicles and energy storage, in the strategically important European and Asian lithium markets," said Bacanora Chief Executive Peter Secker.
Bacanora shares were 6.1% down at 133.40 pence each on Wednesday.
By Toby Woodall; tobywoodall@alliancenews.com
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