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Bacanora losses widen

By BFN News | 09:06 AM | Friday 18 November, 2016

Bacanora Minerals posts a loss of $2,566,423 for the three months to the end of September - up from $1,489,640 a year ago. During the quarter, the company issued 2,925,000 common shares following the exercise of warrants. The gross proceeds from the exercise totalled $3,938,211. Operational highlights: - The infill drilling programme to upgrade the resource classifications was completed in July with 3,896 metres in 31 NQ-Core infill holes drilled for resource estimations in the La Ventana area and 1,870 samples collected from the drill core. * Analyses received indicate that lithium content in the Upper Clay Unit varies from 25 ppm to 6,900 ppm Li with a weighted average of 1,791 ppm Li; for the Lower Clay Unit lithium content varies from 172 ppm to 10,000 ppm with a weighted average of 4,345 ppm Li. - The Company is continuing to work with the same consultants that prepared the pre-feasibility study, in preparing a feasibility study for a two stage mine and processing facility to produce up to 35,000 tonne per annum of lithium carbonate * As part of this study we have completed an infill reserve drilling programme, provided lithium carbonate samples to potential end-users, appointed international engineering and technical consultants to undertake geological resource modeling, metallurgical testwork, mine designs and process engineering, as well as recruited additional technical personnel with lithium development and operating expertise. * Ausenco Limited has now completed approximately 35% of the FS and is scheduled to have the FS completed in late calendar Q1 2017. * The Company is fully financed through to the FS, initial project development and the start of the construction stages. At 9:06am: (LON:BCN) Bacanora Minerals Ltd Ord Npv di share price was 0p at 75p Story provided by

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