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A bullish resource update from Bacanora Minerals (BCN) for its Sonora lithium project in Mexico has comforted fans who have fuelled the shares’ AIM rally from below 40p in late November to 88p now. Chaired by veteran sector player Colin Orr-Ewing and backed by equally entrepreneurial fellow AIM counter Rare Earth Minerals (REM) and its colourful Australian boss David ‘Gatwick Gusher’ Lenigas, the company says ubiquitous consultant SRK carried out the report on Sonora, identifying an indicated resource estimate of 1.2 million tonnes of lithium carbonate equivalent (LCE) with an average 2,200 parts of LCE per million parts of rock plus a more tentative inferred resource estimate of 6.3 million tonnes with 2,300 parts per million.
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