Bear­ing re­leases Mar­i­cunga NI 43-101 re­source es­ti­mate

Stockwatch Daily - - MINES & METALS - Mr. Jeremy Poirier re­ports

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.

High­lights:

• 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.

Cor­po­rate up­date

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 (karenb@stock­watch.com).

Amar Balag­gan, Pa­trick Cussen, Ti­mothy Wil­liam Heenan, Jeremy Poirier, Kirk Ed­ward Shaw

(BRZ) Shares: 29,553,612

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