Bacanora has a 50% interest in, and joint operational control of, the Zinnwald Lithium Project, located approximately 35km south east of Dresden in the eastern part of Germany.Zinnwald represents a strategic asset located in close proximity to a thriving market for lithium and energy products, which is being fuelled by Germany’s electric automotive industry and the rise of renewable energy storage. Therefore, the acquisition from SolarWorld AG complements Bacanora’s existing lithium portfolio of pipeline projects and provides exposure to an exciting new market at both the project and geographic level.
The Zinnwald Lithium Project is located adjacent to the border of the Czech Republic and within 5km of the towns of Altenberg and Freiberg. It is located in a world-class granite hosted Sn/W/Li belt that has been mined historically for tin, tungsten and lithium at different times over the past 300 years.
The project currently hosts a PERC resource comprising 36.4Mt of Indicated and Inferred Resources at a grade of 3,600ppm Li (PERC is the Pan European Reserves and Resources Reporting Committee, which is not NI-43-101 compliant but could be updated to NI-43-101 standard with additional drilling).
|Resource Category||Tonnes* (000)||Li Grade (ppm)||Contained LCE** (Tonnes)|
Bacanora believes that both historic work at Zinnwald and the geological context of the deposit demonstrates its potential for economic extraction of lithium products, as well as potential by-products of tin, tantalum and SOP. Bacanora’s investment and expertise will facilitate further development in order to achieve higher-value, downstream lithium products which command higher prices in the market.
Subject to the successful completion of a Feasibility Study, expected to take 18-24 months, Bacanora has the option to acquire the outstanding 50% held by SolarWorld.