BLILF - Resource Drilling at Maricunga is expected to expand current resource
(TheNewswire)
| HIGHLIGHTS
Vancouver, British Columbia -TheNewswire - March 18, 2021 - Bearing Lithium Corp. (“ BRZ ” or the“ Company ”) (TSXV:BRZ) (OTC:BLILF) is pleased to provide an update on exploration activitiesand the preliminary results from the Maricunga Project, located inChile. As announced on January 27, 2021, the Company commencedadditional exploration at the Maricunga Project with the aim ofexpanding the current resource, which is from near surface to 200mdepth, to include the interval between 200m and 400m. Minera Salar Blanco (“MSB”) has now completed thefirst two of five diamond core hole (S-25 and S-26) to the targetdepth of 400m ahead of schedule, with undisturbed core samplescollected and sent for analysis in 200m to 400m intervals forlaboratory measurement of drainable porosity and other hydraulicparameters. MSB has also undertaken positive preliminary fieldanalysis which will provide valuable information. The geologicalstructure expected have been confirmed for the interval, with thesequence of coarse grained NW Alluvial sediments, followed by theUpper Volcanoclastics, the Lower Sands and the Lower Volcanoclastics.These units confirm the existing hydrogeological model of the area,all with favourable specific yield and permeabilitycharacteristics. In addition, results from the samples collected at 12mintervals during the drilling have shown positive brine density, withpreliminary measurements at the wellhead indicating higher lithiumconcentrations. Holes S-25 and S-26 were completed as monitoring wellsto a depth of 400m, and will be used as observation wells during thelong-term pumping test planned in adjacent production well P-5. Drilling for the project’s 2019 DefinitiveFeasibility Study, established that there was a thick sequence ofvolcaniclastic material (established by MSB’s historical S-19exploration hole drilled to 362m, Figure 1) beneath gravel and nearsurface clay units in the “Old Code” concessions. This zone hashigh drainable porosity and permeability that is considerably higherthan near surface units. It is expected that the new expansion ofproject brine reserve supports the 20 year-plus mine life for theproject. |
Figure 1 - West to East section,looking north, through historical drilling, with the target for the400 m holes the lower volcaniclastic. Historical MSB hole S19 drilledto 362 m
Figure 2 – Drilling activities areahead of schedule as displayed on Exploration Timetable
Optimisation of the production process continues withGEA Messo in Germany, with basic engineering already commenced for there-sizing of the plant. Detailed scope of work for Worley alreadydefined. Activities expected to commence during April.
| Figure 3 – Core samples recoveredfrom the first completed hole |
| Figure 4 – Shift one Drilling crewon site |
Minera Salar Blanco’s ChiefExecutive Officer, Cristobal Garcia-Huidobro, commented:
We are pleased with the positive preliminary results onthe resource expansion and field analysis, with the completion of thefirst two drill holes. This confirms theexpected geological structure for the exploration interval, as well as the existing hydrogeological model of the area.Activities are continuing as planned and we remain ahead of schedulefor exploration program.
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 million has been invested by the partners in the MSB Joint-Venture(Maricunga Project) to date including 2 million in March 2021. AllProject Expenditures through to the delivery of a DefinitiveFeasibility Study in January 2019 have been fully funded by the 51%earn-in joint-venture partner, Lithium Power International.
ON BEHALF OF THE BOARD
Signed "Gil Playford”
Gil Playford, Chairman
gplayford@bearinglithium.com
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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 may differmaterially. There can be no assurance that such statements will proveto be accurate, and actual results and future events could differmaterially from those anticipated in such statements. Forward-lookingstatements reflect the beliefs, opinions and projections on the datethe statements are made and are based upon a number of assumptions andestimates that, while considered reasonable by the Company, areinherently subject to significant business, economic, competitive,political and social uncertainties and contingencies. Many factors,both known and unknown, could cause actual results, performance orachievements to be materially different from the results, performanceor achievements that are or may be expressed or implied by suchforward-looking statements and the parties have made assumptions andestimates based on or related to many of these factors. Readers shouldnot place undue reliance on the forward-looking statements andinformation contained in this news release concerning these times.Except as required by law, the Company does not assume any obligationto update the forward-looking statements of beliefs, opinions,projections, or other factors, should they change, except as requiredby law.
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