Cadence Minerals CEO Kiran Morzaria commented: “To echo the words of Bacanora CEO Peter Secker – ‘lying on the same geological play as other mines in the area, the Altenberg Licence is an excellent addition to our existing Zinnwald lithium project.
“Cadence are also pleased to note Bacanora’s comments that with the FS at Zinnwald on course to be completed in Q2.'”
Bacanora Lithium (BCN) announces that an additional exploration licence
has been granted for Zinnwald lithium project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement yesterday by Bacanora Lithium (AIM:BCN) (“Bacanora”) that its 50%-owned subsidiary, Deutsche Lithium GmbH, (‘Deutsche Lithium’), has been granted an additional Exploration Licence (‘the Altenberg Licence’) covering approximately 42km² in the Erzgebirge (Ore Mountain) region of Saxony, Germany. The Altenberg Licence, which completely encloses Deutsche Lithium’s existing Zinnwald Lithium Project (‘Zinnwald’), has the potential to significantly increase the life of mine at Zinnwald.
The Altenberg Licence forms part of the same geological unit that hosts the historic Li-Sn-W deposits at Zinnwald and Falkenhain, where Deutsche Lithium has existing mining and exploration licences. The deposits on the Altenberg Licence have been explored and mined historically for tin, tungsten and lithium. Historical exploration data indicates additional exploration targets are present within the Altenberg Licence that could host lithium, tin and tungsten mineralisation.
Deutsche Lithium plans to investigate the deposits on the Altenberg Licence over the next five years and to combine its exploration and development with its Zinnwald and Falkenhain licences. The 5-year Exploration Licence was issued to Deutsche Lithium by Sächsisches Oberbergamt, the Saxony State Mining Authority.
Bacanora believes this work has the potential to increase the resource base already delineated at Zinnwald, which currently comprises 142,240 tonnes of contained Li (NI43 101, Measured + Indicated + Inferred). A Feasibility Study (‘FS’) focused on developing a strategy to produce higher value downstream lithium products from the Zinnwald concentrates for the European battery and automotive sectors remains on track for completion in Q2 2019. In tandem with the FS, the Company is in discussions with financial advisors and potential strategic partners with regards to a potential spin-off and separate listing of Deutsche Lithium. This is being considered to assist in the funding of the construction of a high value lithium operation at Zinnwald.
The full release can be found at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BCN/14009146.html
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