Resumen de Bacanora Minerals: : Backing borates
Bacanora may have been hitting the headlines with its lithium news recently, but the company's interest in the Magdalena borates project goes back to 2009 and its CEO says that cash from this development will help Bacanora to fund its plans for the Sonora lithium property.
The indicated resource for the concessions stand at 95m tonnes, grading at 2,200 parts per million (ppm) lithium, or 1.14m tonnes contained lithium carbonate equivalent (LCE). A further 500m tonnes at 2,300ppm lithium for 6.3m tonnes LCE is contained in the inferred portion of the resource and another 300-350m tonnes grading at 1,500-2,500ppm lithium for 2.5-4.6m tonnes LCE is contained within a conceptual target at the project, which may be included in the resource pending further exploration.
Like its lithium project, the Magdalena borate project is also located in Sonora state - 17km east of the town of Magdalena de Kino. The property consists of two concession blocks covering a total of 15,508 ha (155.08 km[superscript]2 ). Bacanora owns both blocks in their entirety, subject to a 3% royalty to Rio Tinto subsidiary, California-based US Borax, and a 3% royalty to Bacanora's chairman and director, Colin Orr-Ewing.
