Bacanora Provides Stage 2 Drilling Update for Fleur And El Sauz and
Announces Construction of a Pilot Plant for Sonora Lithium Project,
Mexico
CALGARY, ALBERTA--(Marketwired - Jan 29, 2014) - BACANORA
MINERALS LTD. (TSX-VENTURE:BCN) ("Bacanora" or the "Company") is
pleased to announce that its Stage 2 drilling program on the Fleur
and El Sauz concessions (the "Concessions") in northern Mexico
continues and is nearing completion. The Company has received
analytical results from an additional 7 holes, in addition to the 6
holes previously announced, of the Stage 2 drill program.
Furthermore, Bacanora has commenced construction of a pilot plant
to refine the metallurgical treatment process for the overall
Sonora Deposit.
Highlights:
- Results of additional 7 new holes show lithium values averaging
1,683 ppm (0.90% LCE)over 20.88 metres in the upper clay and 4,821
ppm Li (2.57% LCE) over 28.80 metres in Lower Clay, which are in
line with expectations.
- An additional 5 holes drilled further along strike to the
south-east have extended the deposit by 3 kilometres further than
previously drilled, with analytical results pending.
- Surface grades have now been recorded up to 16,410 ppm (1.64 %
Li or 8.7% LCE).
- Construction of new bulk testing pilot plant has
commenced.
- Drilling to be initiated on the new 94,815 hectare Megalit
concession (Joint Venture #2 Lands).
The Concessions form the lands under Bacanora's first joint
venture ("Joint Venture #1") with Rare Earth Minerals PLC ("REM")
(AIM:REM), pursuant to which REM has a 30% interest (with Bacanora
holding the remaining 70%).
The first 6 holes (ES-11 to ES-18) of the Stage 2 drilling
program (the results of which have been previously outlined in
Bacanora's news release dated December 10, 2013), tested a strike
length of 2,100 metres of the clay units by way of infill and step
out holes between the first 5 holes of Stage 1. Within the area
drilled, the average intercept length for the Upper Clay Unit was
33.691metres2 averaging 1,600 ppm Li (0.85% LCE3) and 25.734
metres2 averaging 4,375 ppm Li (2.33% LCE) for the Lower Clay
Unit.
The additional 7 assayed holes
(ES-17 to ES-23) and the 5 additional un-assayed holes (ES-24 to
ES-28) were drilled as infill and step-out holes to the south of
the first 6 Stage 2 holes (refer to Figure 1 herein). the strike
length of the clay units tested by drilling on the Joint Venture #1
Lands (as hereinafter defined) is now 6.3 kilometres, for a
total of approximately 10 km of drilled continuous clay beds from
the northern Ventana deposit to the southern portion of the Sauz
concession with both ends open to increase the potential strike
length. the last assayed 7 holes reported (ES-17 to ES-23) an
average intercept length for the Upper Clay Unit of 23.74 metres2,
with weighted average Li content of intercepts averaging 1,031 ppm
(0.55% LCE); for the Lower Clay Unit the intercept length average
was 15.7 metres2, with weighted average Li content of intercepts of
2,448 ppm (1.3%LCE).
The 5 un-assayed holes (ES-24
to ES-28) drilled southwards to the boundary of the Megalit
Concession have been completed and the Company is currently waiting
for assay results. for these holes the intercept length for the
Upper Clay Unit averages 18.3 metres2; and for the Lower Clay Unit
the intercept length averages 21.54 metres2.
In addition, several samples
from drilling on the Fleur and El Sauz Concessions have reported
lithium values in excess of 10,000 ppm and surface samples on the
Ventana concession (which is 100% owned by Bacanora) have reported
lithium values of up to 16,410 ppm (1.64 % Li or 8.7% LCE). Several
XRD analyses have reported a variety of clays minerals, including
polylithionite, hectorite, montmorillonite, virgilite and
lepidolite in various amounts.
Drilling will continue testing the southern extension of the
clays onto the Megalit claim, which is the subject of Bacanora's
Joint Venture #2 (as hereinafter defined) with REM (for further
details, please refer to the Company's press release dated December
5, 2013), and drilling of six shallow holes is planned for the
Ventana claim area in order to test the Lower Clay Unit with the
objective of upgrading the resource category. After completion of
drilling on Ventana, the drill rig will move back onto the Megalit
claim and continue drilling to the south.
Analysis of the drill core was
performed by ALS Chemex, in Vancouver, B.C., 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.
One tonne bulk samples have been collected from the different
clay units at both Ventana and Sauz-Fleur areas and shipped to
Bacanora´s laboratory in Hermosillo where a bulk testing pilot
plant is under construction to produce lithium carbonate from the
roast-leach process. Prior to the roast-leaching process, the clays
are going to be upgraded by standard washing and screening
processes.
Martin Vidal, President of Bacanora, commented;
"We are very pleased with the progress made in testing of what
is now 6.3 kilometres of the clay units in the joint venture
concessions and look forward to further results from the balance of
the Stage 2 drilling, as well as additional positive metallurgical
results regarding lithium recovery and lithium carbonate
precipitation from all of our Sonora Lithium Project."
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 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 NI
43-101 that has reviewed and approved the technical contents of
this news release.
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. |
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 Stage 2
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.
To view the map accompanying this press release please click the
following link: http://media3.marketwire.com/docs/BacMap129.pdf
Bacanora Minerals Ltd.Shane ShircliffChief Executive
Officer(306) 649-0602Bacanora Minerals Ltd.Martin
VidalPresident(+52 662) 210-0767www.bacanoraminerals.com
Bacanora Minerals Ltd. (TSXV:BCN)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Bacanora Minerals Ltd. (TSXV:BCN)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024