90 Per Cent Increase in Measured & Indicated Resources for MSB Maricunga Stage One Lithium Project
VANCOUVER, British Columbia, Sept. 29, 2021 (GLOBE NEWSWIRE) — Bearing Lithium Corp. (“Bearing” or the “Company”) (TSX Venture:BRZ) (OTCQB:BLILF) the Company is pleased to provide a Maricunga project update.
- Updated Measured and Indicated resource for the Maricunga Stage One Lithium Brine Project in Chile confirmed an increase by 90 per cent compared with 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 mg/l 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 m.
- The Maricunga resource remains open at depth, with a new exploration target for further resource expansion between 400m-550m 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 400m.
Access to the full technical report prepared by Atacama Water Consultants is available on SEDAR.com and the BRZ website at https://www.bearinglithium.com/research-reports/
Resource Estimate Highlights
The updated resource estimate of 1,905,000 tonnes of lithium carbonate equivalent (LCE) represents close to double the initial resource of 1,020,000 tonnes of LCE in the equivalent area (Stage One) in the 2019 Definitive Feasibility Study (DFS). A resource equivalent to 4.95 Mt of KCl was also defined. The resource estimate was prepared in accordance with JORC and NI 43-101 international reporting standards. Results are summarized in Table 1.
Table 1: Mineral Resource Estimate for Lithium Metal (Li) and Potassium
|Measured (M)||Indicated (I)||M+I|
|Aquifer volume (km3)||1.8||1.8||3.6|
|Mean specific yield (Sy)||0.09||0.12||0.1|
|Brine volume (km3)||1.162||0.216||0.378|
|Mean grade (g/m3)||87||641||111||794||99||708|
Table 2 shows the total resources of the Stage One concessions (Old Code concessions) expressed as Lithium Carbonate Equivalent (LCE) and Potash (KCL).
Table 2: Mineral Resource Estimate for Lithium Carbonate Equivalent (LCE) and Potash
- Lithium is converted to lithium carbonate (Li2CO3) with a conversion factor of 5.32.
- Potassium is converted to potash with a conversion factor of 1.91
- Numbers may not add due to rounding.
The Stage One project comprises the Old Code properties of Cocina 19-27, Salamina, Despreciada and San Francisco, which have a total combined area of 1,125 hectares (Figure 1). These properties were constituted under the 1932 Chilean mining law and have grandfathered rights for the exploitation, production and sale of lithium.
It should be noted that the M+I Resources described above in Tables 1 and 2 are in addition to the M+I Resources (2018) of 184 Kt Lithium (979 Kt LCE) in the Litio 1-6 (New Code) concessions to a depth of 200 m.
The Maricunga resource remains open at depth. A new Exploration Target between 400m-550m has been defined for further resource expansion below the Old Code Concessions, and between 200m– 550m below the New Code concessions. They could potentially contain between 1.2Mt-2.1Mt of LCE1. Figure 2 illustrates the geological exploration target for all of the Maricunga concessions.
1 An Exploration Target is not a mineral resource. The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource in the volume where the Exploration Target is outlined. It is uncertain if further exploration drilling will result in the determination of a Mineral Resource in this volume
Figure 1: Maricunga project – Old Code and New Code properties is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8fd5fea2-7028-46b4-a8a7-5a06ddd7f55e
Figure 2: Geological Exploration Target is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe0a445e-dae3-4e1b-a5ee-5060aa9bdcd0
Minera Salar Blanco SA’s Chief Executive Officer, Cristobal Garcia-Huidobro, commented:
“We are very pleased with these updated results, which confirm Maricunga as one of the world’s richest lithium brine deposits. Technical activities continue towards the completion of an updated DFS in Q4 2021. The financing for Stage One is now a priority, with preliminary indications of interest received from international financial institutions and private funds for debt and equity financing of the project.”
Bearing Lithium Corporation’s Chairman, Gil Playford commented:
“Increasing the 100% owned Stage 1 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.”
Competent Person Statements
I, Frederik Reidel, CPG, as author of this report entitled “NI 43-101 Technical Report: Lithium Resources Update, Blanco Project- ‘Old Code’ Concessions, III Region Chile, prepared for Minera Salar Blanco S.A., dated September 20, 2021 do hereby certify that:
- I am employed as Principal Hydrogeologist and General Manager by Atacama Water-Chile, residing at Badajoz 45, OF 1701, Las Condes, Santiago, Chile.
- I am a graduate of New Mexico Institute of Mining and Technology with a Bachelors of Science Degree in Geophysics, 1986
- I am a registered Certified Professional Geologist (#11454) with the American Institute of Professional Geologists
- I have worked as hydrogeologist for more than 30 years since my graduation. My relevant experience for the purpose of the Technical Report is:
- Qualified Person for the Sal de los Angeles Project, Salta Argentina for LiX Energy Corp (2016 – to date).
- Qualified Person and Member of the technical committees of Li3 Energy Ltd and Minera Salar Blanco for the development of the Maricunga Lithium Project in Chile (2011 – to date).
- Co-author of the NI 43-101 Technical Report on the lithium and potash resources in Salar de Maricunga for Li3 Energy Ltd (2012).
- Evaluation of lithium and potash resources in Salar de Olaroz for Orocobre Ltd. in support of the project’s DFS and NI 43-101 Technical Report (2010-2011).
- Evaluation of lithium and potash resources in Salar de Cauchari for Lithium Americas Corporation; NI 43- 101 Technical Report preparation; member of the company’s Technical Advisory Panel (2009-2010).
- Evaluation of brine resources in Salar de Hombre Muerto for FMC (1992-1993)
- Consulting hydrogeologist in the evaluation and development of groundwater resources for international mining companies in North- and South America (1989-2012).
- I have read the definition of “qualified person” set out in National Instrument 43-101 (NI 43-101) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101.
- I have visited the Salar de Maricunga and the Blanco Project area numerous times between August 2011 and to date. I was present on site on a regular basis during the 2011 – 2021 drilling and testing programs.
- I have been involved as a QP with the property since 2011.
- I am responsible for the overall preparation of this report.
- I am independent of the Issuer applying the test set out in Section 1.4 of NI 43-101.
- I have read NI43-101, and the Technical Report has been prepared incompliance with NI43-101 and Form43- 101F1.
- To the best of my knowledge, information, and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading.
Dated this 20th day of September 2021.
Frederik Reidel, CP
About Bearing Lithium Corp.
Bearing Lithium Corp. is a lithium-focused mineral exploration and development company. Its primary asset is a 17.14% interest in the Maricunga Lithium Brine Project in Chile. The Maricunga Project represents one of the highest-grade lithium brine salars globally and the only pre-production project in Chile. Over $US 67 million has been invested in the Maricunga Project to date.
ON BEHALF OF THE BOARD
Signed “Gil Playford”
Gil Playford, Chairman
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
This press release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.