Bacanora Lithium has reported a 30% increase in the resource estimate at its 50%-owned Zinnwald lithium project in southern Saxony, Germany.

The measured and indicated resource base at the project has increased from 96,200t to 124,974t.

The total resource estimate for the project now stands at 142,240t tonnes of contained lithium.

The mineral resource estimate is part of an ongoing feasibility study (FS) for the project. The FS will evaluate the potential for a high value lithium product operation at Zinnwald for supply to the European battery and automotive sectors.

Bacanora noted that the FS remained on track for completion in the second quarter of next year.

Bacanora Lithium CEO Peter Secker said: “The NI 43-101 compliant resource upgrade to 142,240t confirms Zinnwald’s status as one of the most advanced lithium projects in Europe.

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“With a strategic location in the heart of the important German battery and automotive sectors, Zinnwald is ideally situated to become a major supplier of high-value lithium products to Europe’s rapidly emerging electric vehicle and energy storage industries.”

“Bacanora is on track to become the international lithium production company we set out to build.”

He also noted that the company is continuing negotiations to secure funding for the development of its Sonora lithium project in Mexico.

Secker added: “With Zinnwald targeting key European markets and Sonora, the large and important Asian market, Bacanora is on track to become the international lithium production company we set out to build.”

Zinnwald is located 35km from Dresden in southeast Germany in a granite hosted tin/tungsten/lithium belt.