Bacanora Minerals Ltd. (TSXV:BCN,AIM:BCN) has received $1 million from joint venture partner Rare Earth Minerals PLC (LSE:REM) relating to REM’s second stage option under the JV. The company also provided an update on its exploration activities at the Sonora Lithium Project in Mexico.
As quoted in the press release:
The funds received from REM will be used for exploration and drilling expenditures over the following year on the concessions held by Megalit. As noted in its August 18 press release, the Company is collecting surface bulk samples from trenches excavated in lithium-bearing clay horizons on the Buenavista concession, where lithium bearing clays have now been identified at surface with an exposure of over 6 kilometres in length and widths of over 1.25 kilometres. Metallurgical test work to determine lithium solubility and recovery from the clays there will be conducted as part of an initial program of drill testing of the clay units. Prospecting, geological mapping and rock sampling of lithium bearing clay horizons on the San Gabriel and large Megalit concessions are ongoing, with the focus of delineating basin configuration and planning the next drilling campaign to test the lithium-bearing clays found as a result of this ongoing work.
Bacanora president, Martin Vidal, said:
We are very pleased with REM’s continued support of exploration and development of the concessions that make up Sonora Lithium Project. Results to date continue to demonstrate the potential for finding additional lithium resources within the Sonora Lithium Project area. Work is progressing well on the plant design for a Lithium Carbonate project with a production target of up to 50,000 tonnes per annum and we are now planning a much larger drilling program on Sonora to not only provide detailed open pit design information, but to expand the lithium resources into Megalit. Further updates will be made on these developments in due course.