Rare Earth Minerals said Bacanora Minerals Ltd has issued an update on the Sonora Lithium Project. REM has an 11.90% shareholding in Bacanora, its JV partner in the Sonora Lithium Project in Mexico.
This interest, when aggregated with REM's 30% direct interest in the Fleur El-Sauz Lithium Joint Venture and the 30% direct interest in the Megalit Joint Venture, results in a total economic interest in the Fleur El-Sauz and Megalit Joint Ventures of approximately 38.3%.
David Lenigas, the Company's Chairman commented:
"This update on the Sonora Lithium project further shows the excellent progress that is being made toward the commercialisation of these assets.
"The true extent and size of this Lithium province is becoming more apparent, which along with the metallurgy, which confirmed that better than battery grade can be achieved, and the progression of the plant design for up to a 50,000 tonnes per annum Lithium Carbonate, underpins our belief that the Sonora Lithium Project has the potential to be the a globally significant Lithium producer."
Highlights from the Bacanora release include:
· Plant design is progressing well for a production facility with a capacity of up to 50,000 tonne per annum of Lithium Carbonate.
· Lithium bearing clay units on the Buenavista Concession (part of the Megalit joint venture) have been confirmed to be exposed at surface for 6 km along strike and outcrop over 1.25 km across dip and have returned surface samples of up 1,700 ppm Lithium.
· Detailed drill programme being planned for the Sonora Lithium Project to delineate the open pit design.
· Drilling results from the Megalit Joint Venture have intersected lithium bearing clay units 10 km south of the 2.01 million tonne indicated lithium mineral resource on the Fleur El-Sauz joint venture.
· A drill programme is being designed to expand to expand the current Lithium resources in to the Megalit Joint Venture.