Bacanora
Minerals (TSX:BCN),
a Canadian miner developing a lithium mine in Mexico,
Sonora,
first to enter in a conditional supply agreement with Tesla
(NYSE:TSLA)
The
Sonora Lithium Project is comprised of the following lithium
properties: La Ventana lithium concession, which is 100 percent
owned by Bacanora, and the El Sauz and Fleur concessions, which are
held by Mexilit S.A. de C.V. ("Mexilit"). The Megalit
concession, which is held by Megalit S.A de C.V ("Megalit"),
is not included in the Sonora Project Technical Reports at this
time. Mexilit and Megalit are owned 70 percent by Bacanora and 30
percent by Rare Earth Minerals Plc (now Cadence
Minerals plc).
With
an Indicated Mineral Resource estimate of 4.5 million tonnes of
lithium carbonate equivalent (‘LCE’) and an Inferred Mineral
Resource of 2.7 Mt of lithium carbonate equivalent (‘LCE’),
Sonora is regarded as one of the world’s larger known clay lithium
deposits. Hanwa acquired
an initial 10% interest in Bacanora following a private placement.Bacanora
announced in November 2017 that its jointly controlled entity,
Deutsche Lithium GmbH , has been granted a mining licence covering
256.5 hectares of its Zinnwald Lithium Project which is located in
southern Saxony, Germany, close to the key German automotive and
downstream lithium chemical industries. The 30 year Licence has been
issued by the Saxony State Mining Authority (Sächsisches
Oberbergamt) in accordance with §8 of the German Mining Act
(Bundesberggesetz). Zinnwald is located in a granite hosted Sn/W/Li
belt that has been mined historically for *n, tungsten and lithium.
Recent testwork on Zinnwald concentrates has shown that a number of
downstream lithium products can be produced from the Zinnwald ores,
utilising chemicals and infrastructure available in the Dresden area.
As part of the ongoing development of Zinnwald, a Feasibility Study
is underway to develop a strategy to demonstrate the economic
viability of producing higher value downstream lithium products for
the European battery and automotive sectors and is expected to be
completed in mid-2019.
