First Six Holes of Stage 2 Drilling Results Demonstrate Consistent Clay Thicknesses and Lithium Grades on Sonora Lithium Proj...
December 10 2013 - 12:10PM
Marketwired Canada
BACANORA MINERALS LTD. ("Bacanora" or the "Company") (TSX VENTURE:BCN) is
pleased to announce that it has received the analytical results from the first 6
holes of the Stage 2 drill program on the Fleur and El Sauz concessions (the
"Concessions") in northern Mexico. The two concessions form the lands under the
joint venture #1 with Rare Earth Minerals PLC ("REM"). Significant
lithium-bearing intervals were intersected in all of the drill holes. The
weighted average values for these intercepts are listed below (Table 1).
The first 6 holes of Stage 2 tested by way of infill and step out holes between
the first 5 holes of Stage 1 a strike length of 2,100 metres of the clay units
south from the southern boundary of the La Ventana concession across the Fleur
and onto the El Sauz concession (refer to attached map). Within the area
drilled, the average intercept length for the Upper Clay Unit was 35.84(1)
metres (33.69 m estimated true thickness(2)) averaging 1,600 ppm Li (0.85%
LCE(3)) and 27.37(4) metres (25.73 m estimated true thickness) averaging 4,375
ppm Li (2.33%LCE) for the Lower Clay Unit.
The average length of sample intervals in the Upper Clay is 1.47 metres and Li
values range from 27 to 5,910 ppm Li, averaging 1,404 ppm Li for individual
samples. For the Lower Clay Unit, the average length of sample intervals is 1.49
metres and Li values in individual core samples range from 1,250 to 9,660 ppm
Li, averaging 4,177 ppm Li.
Table 1. Lithium intercept lengths in metres for Upper & Lower Clay Units
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From To Length Lithology Li ppm LCE(i) % Li2O %
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Drill Hole ES-11
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183.74 218.69 34.95 Upper Clay 1,923 1.02 0.41
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231.34 256.34 25.00 Lower Clay 5,351 2.85 1.15
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Drill Hole ES-12
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188.06 221.74 33.68 Upper Clay 1,966 1.05 0.42
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233.63 240.49 6.86 Lower Clay 4,050 2.16 0.87
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Drill Hole ES-13
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278.74 315.32 36.58 Upper Clay 2,011 1.07 0.43
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322.48 347.01 24.53 Lower Clay 4,322 2.30 0.93
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Drill Hole ES-14
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13.72 59.74 46.02 Upper Clay 1,342 0.71 0.29
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65.53 95.10 29.57 Lower Clay 4,733 2.52 1.02
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Drill Hole ES-15
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From To Interval Lithology Li ppm LCE(i) % Li2O %
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18.59 24.38 5.79 Upper Clay 855 0.46 0.18
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32.31 64.01 31.70 Lower Clay 4,157 2.21 0.89
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Drill Hole ES-16
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34.21 62.18 27.97 Upper Clay 793 0.42 0.17
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69.34 95.40 26.06 Lower Clay 3,426 1.82 0.74
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(1) Excludes ES-15 in which the Upper Clay Unit was cut off erosion.
(2) True thickness is estimated to be 94% of intercept length based on
assumed dip of the clay units of 20 degrees.
(3) LCE = lithium carbonate (Li2CO3) Equivalent: determined by multiplying
Li value in percent by 5.324 to get an equivalent Li2CO3 value in
percent. Use of LCE assumes 100% recovery and no process losses in
conversion of Li to Li2CO3.
(4) Excludes ES-12 where the Lower Clay Unit was faulted off.
(i)LCE = lithium carbonate (Li2CO3) Equivalent: determined by multiplying Li
value in percent by 5.324 to get an equivalent Li2CO3 value in percent. Use of
LCE assumes 100% recovery and no process losses in conversion of Li to Li2CO3.
Li2O = lithium oxide and is determined by multiplying Li value in percent by
2.153 to get an equivalent Li2O value in percent.
Clay units continued to exhibit anomalous values in other alkali metals,
including K, Na, Cs, and Rb, as well as alkali earth metals: Mg, Ca and Sr.
Analysis of the drill core was performed by ALS Chemex, in Vancouver, BC, a
member of ALS Global, an internationally recognized assay service provider. The
Company followed industry standard procedures for the work carried out during
the drill program, with a quality assurance/quality control (QA/QC) program.
Internal standard samples were inserted into each drill core sample sequence
sent to the laboratory for analysis. Bacanora detected no significant QA/QC
issues during review of the data.
Martin Vidal, President of Bacanora, commented "we are very pleased with the
lithium values obtained in the first six holes of the Stage 2 drilling campaign.
These step-out and infill holes demonstrate an increase in thickness of the
upper clay unit as well as an increase in grade of Li within the clays when
compared to previously reported results (please refer to press release dated
October 11, 2013)."
The Stage 2 program is continuing, completion is expected in late February or
early March 2014, with final results of drill core analyses to follow shortly
thereafter. The Company will continue to keep investors informed of drilling
progress with periodic announcements of results as they become available.
About the Sonora Lithium Project:
The Sonora Lithium Project consists of the La Ventana, La Ventana 1 and the San
Gabriel, Buenavista and Megalit concessions, which are owned 100% by Bacanora,
along with the contiguous El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1
concessions (the "Joint Venture #1 Lands") which are owned 70% by Bacanora and
30% by REM under Joint Venture #1. The Company has declared inferred resources
on each of the La Ventana concessions and the Joint Venture #1 Lands, in respect
of which reports have been prepared in accordance with National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") (please
refer to the Company's SEDAR filings for copies of these reports and related
press releases). Inferred resources have been estimated for the La Ventana
Lithium Deposit totaling 60 million tonnes, averaging 3,000 ppm Li (equivalent
to 1.6% lithium carbonate equivalent(5) assuming 100% recovery and no process
losses). Inferred resources for the El Sauz and Fleur concessions total
88,271,000 tonnes, averaging 3,163 ppm Li at a 2,000 ppm cut-off (1.68% lithium
carbonate equivalent assuming 100% recovery and no process losses). The resource
on the Joint Venture #1 Lands is open down dip to the east and to the south. For
further details concerning the Company's first agreement with REM and details of
Joint Venture #1, please refer to the Company's press release dated May 22,
2013. The Buenavista, Megalit and San Gabriel concessions are subject to a
Memorandum of Understanding (Joint Venture #2) between Bacanora and REM - for
details on this agreement please refer the Company's press release dated
December 5, 2013.
Carl G. Verley, P.Geo. is the Qualified Person pursuant to National Instrument
43-101 that has reviewed and approved the technical contents of this news
release.
Reader Advisory
Except for statements of historical fact, this news release contains certain
"forward-looking information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions "may" or "will"
occur. In particular, forward-looking information in this press release
includes, but is not limited to periodic updates of results and anticipated
completion date of the drilling. Although we believe that the expectations
reflected in the forward-looking information are reasonable, there can be no
assurance that such expectations will prove to be correct. We cannot guarantee
future results, performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same, in whole or in
part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those anticipated in the forward-looking information.
Some of the risks and other factors that could cause the results to differ
materially from those expressed in the forward-looking information include, but
are not limited to: commodity price volatility; general economic conditions in
Canada, the United States, Mexico and globally; industry conditions,
governmental regulation, including environmental regulation; unanticipated
operating events or performance; failure to obtain industry partner and other
third party consents and approvals, if and when required; the availability of
capital on acceptable terms; the need to obtain required approvals from
regulatory authorities; stock market volatility; competition for, among other
things, capital, skilled personnel and supplies; changes in tax laws; and the
other risk factors disclosed under our profile on SEDAR at www.sedar.com.
Readers are cautioned that this list of risk factors should not be construed as
exhaustive.
The forward-looking information contained in this news release is expressly
qualified by this cautionary statement. We undertake no duty to update any of
the forward-looking information to conform such information to actual results or
to changes in our expectations except as otherwise required by applicable
securities legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
(5) LCE = lithium carbonate equivalent (Li2CO3): determined by multiplying
Li value in percent by 5.324 to get an equivalent Li2CO3value in
percent. Use of LCE is to provide data comparable with industry
standards.
A map is available at the following address:
http://media3.marketwire.com/docs/916966a.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bacanora Minerals Ltd.
Shane Shircliff
Chief Executive Officer
(306) 649-0602
(306) 649-0601 (FAX)
www.bacanoraminerals.com
Bacanora Minerals Ltd.
Martin Vidal
President
(+52 662) 210-0767
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