Bacanora Minerals Planning to Move to Feasibility as Soon as PFS is Complete

In its interim results for the six months ended December 31 2015, Bacanora Minerals (TSXV:BCN,LSE:BCN) stated that it is planning to move directly to a definitive feasibility study once its prefeasibility study is complete for its Sonora lithium project in Mexico.
Peter Secker, CEO of Bacanora, stated that the company is fully funded through to completion of a definitive feasibility study:

“Subject to the results of the PFS, we will look to immediately embark on a Definitive Feasibility Study. Thanks to the successful private placement during the period, which brought our first top tier institutional investor onto our shareholder register, not only is the DFS fully funded, but we are also able to expand and upgrade the Company’s lithium pilot plant in Hermosillo, Mexico. This will allow us to produce battery grade lithium carbonate marketing samples for distribution to potential off-take partners in Europe and Asia later this year. 2016 is shaping up to be a pivotal year in the transformation of Bacanora into a supplier to the rapidly growing lithium market and I look forward to providing further updates on our progress.

As quoted in the press release, other highlights from the company included:

• Excellent progress made with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) standard Pre-Feasibility Study (“PFS”) focused on designing a plant potentially capable of delivering up to 35,000 tonnes per annum of lithium carbonate at Sonora Lithium Project – on course to be completed in the near term
• 337% increase in the Indicated portion of the Mineral Resource Estimate (‘MRE’) at Sonora to 5.0 million tonnes (“Mt”) lithium carbonate equivalent (“LCE”)1 contained in 364 Mt of clay, at a Li grade of 2,600 ppm compared to previous Indicated resource of 1.14 Mt LCE contained in 95 Mt of clay, at a Li grade of 2,200 ppm
  • Major positive implications for mine planning and life of mine
  • MRE prepared in accordance with NI 43-101 • Latest MRE upgrade follows a 19 hole infill drilling programme (approximately 4,000 metres) which was completed during the period and forms part of the ongoing PFS
• First long-term lithium hydroxide supply agreement signed – negotiations with a number of additional potential partners are ongoing
• Lithium market dynamic remains highly positive – demand is expected to continue to grow rapidly thanks to lithium’s key role in highly innovative industries such as smartphones, electric vehicles and energy storage
• Completion of a private placement financing of approximately CAD$17.8 million (£8.8 million) via the placing of 11,476,944 new common shares at a price of CAD$1.56 (77.0 pence) per share to fund lithium engineering designs, pilot plant upgrade, definitive feasibility study (“DFS”) (assuming successful completion of the PFS), project work and metallurgical testwork during 2016 o First major institutional shareholder secured through the financing.

Click here for the full press release.