BLILF - Maricunga Resource Expansion Activity Update
(TheNewswire)
Vancouver ,British Columbia – TheNewswire – April 26,2021 - Bearing Lithium Corp. ( “Bearing” or the “Company” ) (TSXV:BRZ) (OTC:BLILF) is pleased to provide a Maricungaresource expansion activity update on as announced by Minera SalarBlanco (“MSB”) .
Highlights
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- Drilling program ahead of schedulewith three exploration core holes (s-25, S-26 and S27) completed tothe target depth of 400m and core hole #4 now passing 300m. Completionnow expected by early May.
- A total of 31 undisturbed coresamples collected from core holes S-25 and S-26 have been sent toGeoSystems Labs in the US for drainable porosity and other hydraulicparameters.
- 56 brine samples collected and sentto Andes Analytical Assay Labs for chemical analysis. Positivepreliminary sample analysis indicates average lithium concentratesabove 1,000 ppm and positive for improvement have beendetected.
- Activities for the DFS update withWorley commenced during the first week of April. Several opportunitiesfor improvement have been detected.
- Optimisation of the productionprocess continues with GEA Messo in Germany. Final tests for the SXRemoval plant and the Ion Exchange plant now finalized (Outotec andEurodia respectively). Basic engineering already commenced by GEA forthe re-sizing of the plant.
Bearing Lithium Corp. is pleased to provide an updateon exploration activities and the preliminary results from theMaricunga Lithium Brine Project, located in Chile.
As announced on January 27, 2021, Minera Salar Blancocommenced additional exploration at the Maricunga Project with the aimof expanding the current resource, which is presently just from nearsurface to 200m depth, but will now include the interval between 200mand 400m.
Minera Salar Blanco has now completed three out of fivediamond core holes (S-25, S-26, and S-27) to the target depth of 400m.The fourth core hole is now being drilled with completion of the fifthexploration hole is expected for early May, two weeks ahead ofschedule.
The first set of 31 undisturbed core samples collectedfrom holes S-25 and S-26 have been sent to the GeoSystems Analysislaboratories in Tucson, Arizona and the results of drainable porosityand other hydraulic parameters are expected by the middle ofMay.
Of a total of 56 brine samples collected at 12mintervals during the drilling, 20 samples have been sent to AndesAnalytical Assay for analysis. Preliminary analysis shows averagelithium concentrations above 1,000 ppm and positivelithium/calcium/magnesium ratios.
Optimisation of the production process continues withGEA Messo in Germany, with basic engineering already commenced for there-sizing of the plant to 15, 000 t/a LCE production. Final tests forthe Solvent Extraction (SX)Removal plant and for the Ion Exchangeplant were finalized with Outotec (Finland) and Eurodia (France)respectively.
Exploration activities are on schedule as shown on theExploration Program below (Figure 1).
A 200m water well was also drilled by Andinor earlyApril for freshwater testing activities. Drilling of a 400m deepproduction well for the long-term pump test planned continues and hasreached a 35% stage of advancement. A third shift was now added byAndinor to continue with the schedule as projected.
The kick-off meeting for the DFS update of the StageOne was conducted with Worley the first week of April. Severalpossible areas of improvement have been identified. Engineering workwill focus initially on the re-sizing of the evaporation ponds whereopportunities to reduce the capital expenditure related to this itemhave already been detected.
Minera Salar Blanco’s ChiefExecutive Officer, Cristobal Garcia-Huidobro, commented:
“We are very pleased with the positive results todate and the progress of the drilling activities with more 70% of thework completed. Commencement of the DFS update by Worley and the basicengineering by GEA will allow the planned schedule to beachieved.”
About Bearing Lithium Corp.
Bearing Lithium Corp. is a lithium-focused mineralexploration and development company. Its primary asset is a 17.35%interest in the Maricunga Lithium Brine Project in Chile. TheMaricunga Project represents one of the highest-grade lithium brinesalars globally and the only pre-production project in Chile. Over 60 million has been invested in the MaricungaProject. All Project Expenditures through to the delivery of aDefinitive Feasibility Study in January 2019 have been fully funded bythe 51% earn-in joint-venture partner , LithiumPower International.
ON BEHALF OF THE BOARD
Signed "GilPlayford”
Gil Playford, Chairman
gplayford@bearinglithium.com
Neither the TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
Cautionary Statements RegardingForward Looking Information
This press release includes certain"forward-looking information” and "forward-lookingstatements” (collectively "forward-looking statements”)within the meaning of applicable Canadian and United States securitieslegislation including the United States Private Securities LitigationReform Act of 1995. All statements, other than statements ofhistorical fact, included herein, without limitation, statementsrelating the future operating or financial performance of the Company,are forward-looking statements.
Forward-looking statements arefrequently, 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 maydiffer materially. There can be no assurance that such statements willprove to be accurate, and actual results and future events coulddiffer materially from those anticipated in such statements.Forward-looking statements reflect the beliefs, opinions andprojections on the date the statements are made and are based upon anumber of assumptions and estimates that, while considered reasonableby the Company, are inherently subject to significant business,economic, competitive, political and social uncertainties andcontingencies. Many factors, both known and unknown, could causeactual results, performance or achievements to be materially differentfrom the results, performance or achievements that are or may beexpressed or implied by such forward-looking statements and theparties have made assumptions and estimates based on or related tomany of these factors. Readers should not place undue reliance on theforward-looking statements and information contained in this newsrelease concerning these times. Except as required by law, the Companydoes not assume any obligation to update the forward-lookingstatements of beliefs, opinions, projections, or other factors, shouldthey change, except as required by law.
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