Bearing releases Maricunga NI 43-101 resource estimate
BEARING LITHIUM Corp. has released results from a resource estimate prepared in accordance with National Instrument 43-101 on the Maricunga lithium brine project in Chile. Bearing has entered into a definitive agreement to acquire Li3 and its interest in the Maricunga project. An Li3 shareholder vote is scheduled for Sept. 28, 2017, for which Bearing has already secured in excess of 60 per cent of the votes in favour of the transaction where only a simple majority is required. Li3 currently holds a 23.9-per-cent interest in the Maricunga project, along with Minera Salar Blanco and Lithium Power International Ltd. at 43.6 per cent and 32.5 per cent, respectively, pursuant to a joint venture arrangement. Under the terms of the Maricunga joint venture, Lithium Power has agreed to finance exploration and development costs with both Li3 and MSB having a free carry until the completion of a definitive feasibility study.
• The Maricunga project represents one of the highest brine concentration undeveloped lithium projects in the world.
• The M&I (measured and indicated) resource has tripled in size to 1,725,000 tonnes LCE (lithium carbonate equivalent) and the inferred resource has increased to 425,000 tonnes LCE with the average lithium concentration above 1,100 milligrams per litre.
• The updated resource is defined to a depth of 200 m. A significant exploration target has been identified between 200 m and 400 m depth through borehole S-19 (TD 360 m) with a potential for a further 1.0 million to 2.5 million tonnes LCE.
• Process testwork remains continuing which will be incorporated in a prefeasibility study (PFS) anticipated in the fourth quarter of 2017 and a definitive feasibility study in the first half of 2018.
• Favourable porosity and permeability make the resource amenable to extraction by conventional pumping methods.
“We are extremely pleased with the NI 43-101 resource estimate completed by the Maricunga joint venture under the direction of the project operator, Minera Salar Blanco (MSB). This resource estimate demonstrates the true potential of this project. The results have significantly increased the size of the re--
source, confirmed the grade, and demonstrated further exploration potential. M&I resource lithium concentration of 1,100 mg/l Li and inferred resource lithium concentration above 1,200 mg/l Li rank the Maricunga joint venture as the highest lithium concentration preproduction project. Development activities remain on schedule with process testwork, preliminary engineering and design ad v ancin g to ward s a prefeasibility study (PFS) anticipated later this year and a definitive feasibility study (DFS) in the first half fo 2018,” said Jeremy Poirier, president and chief executive officer of Bearing.
Maricunga project — updated resource estimate
The Maricunga joint venture has released an updated resource estimate, incorporating the results from recent drilling and pumping tests since the publication of the 2012 resource estimate. A measured and indicated resource of 325,000 tonnes of lithium at an average concentration of 1,143 mg/l lithium plus an inferred resource of 80,000 tonnes of lithium at an average concentration of 1,289 mg/l lithium. A breakdown of the resource is presented in the associated table.
(See BRZ Table 1 on page 8)
Expressed as mineral compounds, the measured and indicated resources total 1.7 million tonnes of lithium carbonate equivalent; the inferred resource is 400,000 tonnes of LCE. In addition, there is a significant potash resource of 4.5 million tonnes within the measured and indicated category and an inferred potash resource of 1.2 million tonnes.
An exploration target has been identified between a depth of 200 mand 400m (immediately below the current resource) based on the results of borehole S-19 (TD 360 m), which bottomed in mineralized lithium brine. This exploration target may contain potentially an additional 195,000 to 470,000 tonnes lithium (1.0 million to 2.6 million tonnes of LCE) and 1.53 million to 3.47 million tonnes potassium (3.0 million to 6.6 million tonnes of potassium chloride equivalent) between 200 m and 400 m depth.
Kirk Shaw has resigned from the board of directors of the company to pursue other matters.
We seek Safe Harbor.
Karen Baxter condensed this news release (email@example.com).
Amar Balaggan, Patrick Cussen, Timothy William Heenan, Jeremy Poirier, Kirk Edward Shaw
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