VANCOUVER – Bearing Lithium Corp. [BRZ-TSXV; BLILF-OTCQB; B6K1-FSE] provided an update on the Maricunga lithium project in the Atacama Desert, Chile. The Maricunga project is the highest grade, undeveloped lithium salar in the Americas.
The updated measured and indicated resource for the Maricunga stage one lithium brine project in Chile confirmed an increase by 90% compared with the 2019 definitive feasibility study. Measured and indicated (M&I) resource now estimated as 1,905,000 tonnes of lithium carbonate equivalent (LCE) for the stage one (old code) mining properties at an average grade of 953 milligrams/litre lithium.
This increase in M&I resources is in addition to the M&I resources (2018) of 979,000 tonnes LCE in the Litio 1-6 (new code) concessions to a depth of 200 metres. The Maricunga resource remains open at depth, with a new exploration target for further resource expansion between 400 metres and 550 metres in the stage one concessions.
The DFS update for the stage one continues as expected by Worley, GEA Messo and Atacama Waters. The latest drilling for the resource increase on the stage one mining concessions at Maricunga has been completed with the five exploration core holes each reaching target depth of 400 metres. Access to the full technical report prepared by Atacama Water Consultants is available on SEDAR and the BRZ website.
The updated resource estimate of 1,905,000 tonnes of lithium carbonate equivalent (LCE) represents close to double the initial resource of 1.02 million tonnes of LCE in the equivalent area (stage one) in the 2019 definitive feasibility study. A resource equivalent to 4.95 million tonnes of KCl was also defined. The resource estimate was prepared in accordance with JORC and NI 43-101 international reporting standards.
The Maricunga resource remains open at depth. A new exploration target between 400 m and 550 m has been defined for further resource expansion below the old code concessions, and between 200 metres and 550 metres below the new code concessions. They could potentially contain between 1.2 million tonnes and 2.1 million tonnes of LCE.
financial institutions and private funds for debt and equity financing of the project.”
Bearing Lithium’s chairman, Gil Playford, said, “Increasing the 100%-owned stage one old concession resources by 90% solidifies the viability of the definitive feasibility study scheduled for Q4 2021. Having exploration potential at depth for both the old and new concessions portends future growth for the Maricunga salar.”
Bearing Lithium is a lithium-focused mineral exploration and development company. Its primary asset is a 17.14% interest in the Maricunga lithium brine project. Over US$67-million has been invested in the Maricunga project to date.