LONDON (Alliance News) - Bacanora Minerals Ltd Tuesday said it began a drilling programme at its Magdalena borate project in Mexico on Monday with the aim of increasing its mineral resource and upgrading certain sections of the resource to the measured category.
The 1,000 metre drilling programme at Magdalena will define and outline the second borate bearing target at the El Cajon borate deposit, which is the main borate zone in the Magdalena project, it said in a statement.
Once completed, the drill rig will be moved from the Magdalena project to the La Ventana deposit to conduct a programme of infill drilling to support the pre-feasibility work that is ongoing at that site. Bacanora plans to drill 15 holes ranging between 80 and 120 metres and will try to upgrade certain sections of its resource to the measured category which will then be used to underpin the mine design and open pit mine plan, it said in a statement.
In addition, on Monday, Bacanora also moved a reverse circulation rig to the Buenavista concession, also within the Magdalena project, where it will drill 25 holes ranging between 30 and 50 metres with the aim of expanding its indicated mineral resource of 3.28 million tonnes of lithium carbonate equivalent on the La Ventana and Mexilit concessions.
"The drilling programme at La Ventana is designed to further advance and upgrade our lithium resource, as well as to support the pre-feasibility study as we advance the project towards commercialisation. In addition, the drilling at Magdalena further supports the pre-feasibility work being undertaken on the project," said Chairman Colin Orr-Ewing.
In a separate statement, Rare Earth Minerals, which has a 11.3% interest in Bacanora and is its joint venture partner for the Sonora project, reiterated a statement made by Bacanora in October, stating that a significant drilling programme is due to begin shortly at the Sonora lithium project in Mexico. The programme represents a five fold increase in drilling on the project since the last stage of drilling was undertaken, said Rare Earth.
The purpose of the drilling campaign at Sonora is to increase the indicated mineral resource of 3.28 million tonnes of carbonate equivalent and update certain aspects of it into the measured category, which again will define the mine design and open pit plan at Sonora.
"The commencement of this new drill programme at the Sonora Lithium Project is part of our strategy to potentially deliver a significant increase in the overall lithium resource in Mexico, whilst continuing to assess the optimum mining and plant design criteria for a potential lithium operation capable of up to 50,000 tonnes a year of lithium compounds," said Rare Earth Chairman David Lenigas.
Bacanora shares were untraded on Tuesday. The stock last traded at 0.940 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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