Bacanora Lithium has secured the Altenberg Licence, an additional exploration licence for its 50%-owned subsidiary Deutsche Lithium, covering an area of around 42km² in the Erzgebirge region of Saxony, Germany.
Deutsche Lithium secured the five-year Altenberg Licence from Sächsisches Oberbergamt, the Saxony State Mining Authority.
Completely enclosing Deutsche Lithium’s existing Zinnwald Lithium Project, the Altenberg Licence has the potential to increase the life of mine at Zinnwald.
It forms part of the same geological unit that hosts the historic deposits of lithium, stannum and tungsten at Zinnwald and Falkenhain.
Bacanora Lithium CEO Peter Secker said: “Hosting deposits that have historically produced lithium and 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.
“Located in the heart of the European battery and automotive sectors, Zinnwald is strategically positioned to become a leading supplier of high value lithium products to the rapidly emerging European electric vehicle sector.”
Bacanora is also focused on completing funding for its Sonora project in Mexico in the second quarter of this year to commission an initial 17,500tpa lithium carbonate operation. Production is expected to start in the second half of 2021.
Over the next five years, Deutsche Lithium plans to investigate the deposits on the Altenberg Licence and will combine its exploration and development with its Zinnwald and Falkenhain licences.
The work is expected to increase the resource base already delineated at Zinnwald, which currently comprises 142,240t of contained lithium.