StockMarketWire.com - Bacanora Lithium said it had sent representative samples from its Sonora project in Mexico to Chinese partner Ganfeng Lithium, ahead of attempting to source additional funding for the project.

Bacanora Lithium recently sold a 29.99% stake in the company to Ganfeng Lithium, which had also bought a 22.5% stake in the project itself.

The Bacanora project team in Mexico continued to progress the final design work for the mine site, infrastructure, concentrator and kiln sections of the processing plant.

Ganfeng's technical review of the hydrometallurgical circuit had commenced with a view to potentially sourcing key sections of the lithium production equipment from their current equipment suppliers in China.

That work was expected to be completed in the first half of 2020.

As part of the technical review, both Bacanora and Ganfeng continued to mull the potential production of other downstream high-value lithium products in addition to the battery-grade lithium carbonate used in the feasibility study.

The results of that work would be reviewed over the next few months.

'Once Ganfeng completes its review, the company will deliver final engineering costs for stage one of the project, following which the company will look to finalise the funding package for the project,' Bacanora Lithium said.

'At this stage, the company believes that the engineering costs will remain in line with the 2018 feasibility study forecast of approximately US$420m.'

Cadence Minerals, which owns a stake in some of the mineral concessionsthat will support the Sonara project, welcomed Bacanora's announcement.

At 1:28pm: [LON:BCN] Bacanora Minerals Ltd Ord Npv di share price was 0p at 28p

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