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Last C$1.66 CAD
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bacanora minerals ltd (BCN) Details

Bacanora Minerals Ltd., a development stage company, engages in the identification, acquisition, exploration, and development of industrial mineral properties in Mexico. The company primarily explores for borates and lithium. It has interests in the Magdalena Borate property that consists of seven concessions covering a total of 16,503 hectares located in Sonora State; and the Sonora Lithium property, which comprises ten contiguous mineral concessions covering an area of approximately 10,000 hectares located in the Northeast of Sonora State. The company was founded in 2008 and is headquartered in Calgary, Canada.

Founded in 2008

bacanora minerals ltd (BCN) Top Compensated Officers

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Compensation as of Fiscal Year 2014.

bacanora minerals ltd (BCN) Key Developments

Bacanora Minerals Ltd. Announces Sonora Lithium Project Drilling Program and Updated Results

Bacanora Minerals Ltd. announced that it has mobilized a second drilling rig to site and also provides an update on the drilling program currently being undertaken as part of the pre-feasibility study ("PFS") at its Sonora Lithium Project1 in Mexico. Bacanora has now completed nine holes (totaling 1,850 metres) of the currently planned 18 hole drilling program (approximately 4,000 metres). As a result of the Company's recent agreement with Tesla Motors, a second rig has been mobilized to site to increase the speed of drilling, with the intention to complete the remaining holes in September 2015. Analyses received from the first four holes from the Fleur concession indicate that weighted averages for lithium content in the Upper Clay is 1,862 ppm Li over 24.15 metres in thickness and the Lower Clay averages 4,871 ppm Li over 24.15 metres.

Bacanora and Rare Earth Minerals plc Finalizes Conditional Long-Term Lithium Hydroxide Supply Agreement with Tesla Motors, Inc

Bacanora and Rare Earth Minerals plc (REM) (Bacanora and REM are collectively referred to as the Sonora Lithium Project Partners), have finalised a conditional long-term lithium hydroxide supply agreement with Tesla Motors Inc. The Sonora Lithium Project Partners are working to develop a mineral-rich, lithium-bearing clay deposit into a planned low-cost sustainable and environmentally conscious mining operation. It is estimated that the mine and processing facility will have an initial production capacity of approximately 35,000 tonnes of lithium compounds, with scaling potential of up to 50,000 tonnes per annum. To achieve this, the Sonora Lithium Project Partners will need to raise finances to design and construct a mine and processing facility. It is currently anticipated that lithium hydroxide and lithium carbonate would be among the materials produced by the mine. Lithium hydroxide is a key feedstock material in the manufacture of certain kinds of lithium-ion battery cells. On the condition that, over the next two years, the Sonora Lithium Project reaches certain performance milestones and successfully passes product specification qualifications, Tesla - or its authorised purchasers - will buy lithium hydroxide to feed the manufacturing of batteries at Tesla's Gigafactory in Nevada. One of the key milestones will be the confirmation that the Sonora Lithium Project will be able to supply lithium hydroxide in accordance with volumes and timeframes to be established by Tesla. The Supply Agreement has an initial five year term commencing from the date of the first order by Tesla, with an option to extend for a further five years. During the initial five years, and subject to certain terms and conditions in relation to project execution, product quality, pricing and timing of delivery, Tesla will purchase agreed minimum tonnages, with estimated forecasted maximum deliveries to be determined following delivery of future production orders from Tesla. Tesla will purchase minimum quantities in accordance with an agreed upon pricing formula, below current market prices, with actual prices and volumes that can only be finalised during the development phase in due course. The forecast tonnages and delivery dates are structured to coincide with Tesla's forecasted Gigafactory production. This agreement will form a portion of Tesla's anticipated lithium-based feedstock needs; the remainder of which is expected to come from other lithium peers. To meet both Tesla's minimum and forecasted tonnages and timelines and any other potential market demands, the Sonora Lithium Project Partners will need to design and construct a suitable mining and processing operation. This will require the Sonora Lithium Project Partners to secure significant financing through debt and/or equity. Tesla has the right to participate in any such financing or other capital transactions. Bacanora and REM will be pursuing next steps to raise finances in order to achieve this goal. There can be no assurance that the conditions to supply product under the supply agreement will be met or that the agreement will prove to be economic. Development work to be used for the pre-feasibility study for the Sonora Lithium Project is currently being carried out. The PFS alongside additional studies will establish a revised estimate of capital and operating costs, taking into account the new product mix that will be required to service Tesla's anticipated demands plus those of any additional potential customers.

Bacanora Minerals Ltd. Provides Update on Progress on Ongoing Development Work

Bacanora Minerals Ltd. provided an update on progress on the ongoing development work that is being conducted in connection with its upcoming pre-feasibility study at its Sonora Lithium Project. This ongoing development work and the resulting PFS are expected to be used to design a plant capable of potentially delivering up to 50,000 tonnes per year of lithium carbonate. This highlights Bacanora's strategy to continue the transition from an exploration company into a mine development company. This PFS program will initially be comprised of infill drilling, detailed metallurgical design work, process engineering and mine design, with a planned timetable of completing a PFS in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") by the end of first quarter of 2016. Commencement of a 4,000 metre drilling programme has begun on the Fleur and El Sauz concessions with the primary objective of significantly increasing the Indicated Mineral Resources within the Sonora Lithium Project. Indicated resources of 1.14 million tonnes ("Mt") lithium carbonate equivalent contained in 95Mt of clay, at lithium grade of 2,200 ppm Inferred resources of 6.3Mt LCE contained in 500 Mt of clay at a Li grade of 2,300 ppm The drill program will also test the continuity of higher grade, near surface mineralization in the northern area of the Fleur concession that immediately adjoins the southern end of the La Ventana concession with the objective of further expanding the current resource base; Upon completion of the drilling programme, an updated resource model will be developed for mine design purposes with an initial focus on the higher grade, open pit resources on the La Ventana and Fleur concessions; SGS Canada Inc. has been appointed to carry out lithium carbonate metallurgical testwork at their Lakefield site on a number of ore samples from the Sonora Lithium Project concessions.


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