Bacanora Lithium plc (Bacanora Minerals)

Description:

Bacanora Minerals Ltd. (Bacanora) is an exploration-stage mining company, with a primary focus on lithium and borates. It engages in the identification, acquisition, exploration and development of lithium properties in Mexico. Its main project is the Sonora Lithium Project, located 190km northeast of Hermosillo. Currently, the company's only other primary asset is the Magdalena borate project, wholly-owned by Bacanora, and covering an area of 16,503ha. The Sonora lithium project is made up of 10 mining concession areas covering approximately 104,064ha, in the northeast of the Sonora state. The concessions are held through three subsidiaries —Minera Sonora Borax S.A. de C.V.(MSB); Mexilit S.A. de C.V., a joint venture with Rare Earth Minerals (REM); and Megalit S.A de C.V, also a JV with REM. Indicated mineral resource in the area is estimated at 259Mt averaging 3,200 ppm Li for 4.5Mt of Lithium Carbonate Equivalent. The Magdalena project consists of seven concessions, with three borate zones discovered: Cajon; Bellota and Pozo Nuevo. The highlight is Cajon, with indicated resources of 11.06Mt at 10.6% grade for 1,17Mt of boron trioxide. The company built a pilot plant for lithium ore upgrading and processing. Founded in 2008, Bacanora Minerals is headquartered in Calgary, and has offices in London and Sonora.