First Six Holes of Stage 2 Drilling Results Demonstrate Consistent
Clay Thicknesses and Lithium Grades on Sonora Lithium Project,
Mexico
CALGARY, ALBERTA--(Marketwired - Dec 10, 2013) - 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 |
From |
To |
Length |
Lithology |
Li ppm |
LCE* % |
Li2O % |
Drill Hole ES-11 |
183.74 |
218.69 |
34.95 |
Upper Clay |
1,923 |
1.02 |
0.41 |
231.34 |
256.34 |
25.00 |
Lower Clay |
5,351 |
2.85 |
1.15 |
Drill Hole ES-12 |
188.06 |
221.74 |
33.68 |
Upper Clay |
1,966 |
1.05 |
0.42 |
233.63 |
240.49 |
6.86 |
Lower Clay |
4,050 |
2.16 |
0.87 |
Drill Hole ES-13 |
278.74 |
315.32 |
36.58 |
Upper Clay |
2,011 |
1.07 |
0.43 |
322.48 |
347.01 |
24.53 |
Lower Clay |
4,322 |
2.30 |
0.93 |
Drill Hole ES-14 |
13.72 |
59.74 |
46.02 |
Upper Clay |
1,342 |
0.71 |
0.29 |
65.53 |
95.10 |
29.57 |
Lower Clay |
4,733 |
2.52 |
1.02 |
Drill Hole ES-15 |
From |
To |
Interval |
Lithology |
Li ppm |
LCE* % |
Li2O % |
18.59 |
24.38 |
5.79 |
Upper Clay |
855 |
0.46 |
0.18 |
32.31 |
64.01 |
31.70 |
Lower Clay |
4,157 |
2.21 |
0.89 |
Drill Hole ES-16 |
34.21 |
62.18 |
27.97 |
Upper Clay |
793 |
0.42 |
0.17 |
69.34 |
95.40 |
26.06 |
Lower Clay |
3,426 |
1.82 |
0.74 |
|
|
|
|
|
|
|
(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°. |
(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. |
*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
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Provider (as that term is defined in the policies of the TSX
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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.
Bacanora Minerals Ltd.Shane ShircliffChief Executive
Officer(306) 649-0602(306) 649-0601www.bacanoraminerals.comBacanora
Minerals Ltd.Martin VidalPresident(+52 662) 210-0767
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