Bearing Lithium Corp. (“
Bearing” or the
“
Company”) (TSX Venture:BRZ) (OTCQB:BLILF) the
Company is pleased to provide a Maricunga project update.
Highlights
- 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 |
|
Li |
K |
Li |
K |
Li |
K |
Area (Km2) |
4.5 |
6.76 |
11.25 |
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 |
Concentration (mg/l) |
968 |
7,125 |
939 |
6,746 |
953 |
6,933 |
Resource (tonnes) |
154,500 |
1,140,000 |
203,500 |
1,460,000 |
358,000 |
2,600,000 |
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
|
M+I Resources |
|
LCE |
KCL |
Tonnes |
1,905,000 |
4,950,000 |
- 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
gplayford@bearinglithium.com
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.
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