Increase In Measured And Indicated Resources For MSB Maricunga Stage One Lithium Project

VANCOUVER - Bearing Lithium Corp. reported that “Measured and Indicated (M&I)” resource for the Maricunga Stage One Lithium Brine Project in Chile confirmed an increase by 90 per cent compared with 2019 Definitive Feasibility Study. The M&I resource now estimated as 1,905,000 tonnes of Lithium Carbonate Equivalent (LCE) for the Stage One (Old Code) mining properties at an average grade of 953 mg/l lithium. This increase in M&I Resources is in addition to the M&I Resources (2018) of 979,000 tonnes LCE in the Litio 1-6 (New Code) concessions to a depth of 200 m. The Maricunga resource remains open at depth, with a new exploration target for further resource expansion between 400m-550m in the Stage One concessions. The DFS update for the Stage One continues as expected by Worley, GEA Messo and Atacama Waters. Latest drilling for the resource increase on the Stage One mining concessions at Maricunga has been completed, with the five exploration core holes each reaching target depth of 400m.

The updated resource estimate of 1,905,000 tonnes of lithium carbonate equivalent (LCE) represents close to double the initial resource of 1,020,000 tonnes of LCE in the equivalent area (Stage One) in the 2019 Definitive Feasibility Study (DFS). A resource equivalent to 4.95 Mt of KCl was also defined. The resource estimate was prepared in accordance with JORC and NI 43-101 international reporting standards.

The Stage One project comprises the Old Code properties of Cocina 19-27, Salamina, Despreciada and San Francisco, which have a total combined area of 1,125 hectares. These properties were constituted under the 1932 Chilean mining law and have grandfathered rights for the exploitation, production and sale of lithium.

It should be noted that the M&I Resources are in addition to the M&I Resources (2018) of 184 Kt Lithium (979 Kt LCE) in the Litio 1-6 (New Code) concessions to a depth of 200 m. The Maricunga resource remains open at depth. A new Exploration Target between 400m-550m has been defined for further resource expansion below the Old Code Concessions, and between 200m– 550m below the New Code concessions. They could potentially contain between 1.2Mt-2.1Mt of LCE.