Bacanora Reports Infill Drill Results Re La Ventana Concession, Sonora Lithium Project, Mexico
04 Marzo 2014 - 2:53PM
Marketwired
Bacanora Reports Infill Drill Results Re La Ventana Concession,
Sonora Lithium Project, Mexico
CALGARY, ALBERTA--(Marketwired - Mar 4, 2014) - BACANORA
MINERALS LTD. ("Bacanora" or the "Company") (TSX-VENTURE:BCN) is
pleased to announce that it has received the analytical results
from 5 recently completed holes drilled into the lower clay unit on
the La Ventana concession (the "Concession") in northern Mexico.
The Concession is owned 100% by Bacanora. 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 5 holes were drilled in order to upgrade the lithium
resource in the up-dip section of the lower clay unit on the
Concession (refer to attached map, Figure 1). Within the 3.5
kilometre exposure of clays on the Concession, a strike length of
2.4 kilometres of the lower clay unit was tested during the recent
program. Within the area drilled, the lower clay unit ranges from
16.92 to 26.21 metres in intercept length, averaging 19.57 metres
(18.4 m estimated true thickness(1)). The weighted average of
lithium values in samples taken across the intercepts range from
1,377 to 5,809 ppm Li (0.73 to 3.09% LCE(2)).
Table 1. Lithium intercept lengths in metres for Lower
Clay Unit |
|
From |
To |
Length |
Li ppm |
LCE % |
Li2O(3) % |
Drill Hole LV-13 |
11.58 |
34.59 |
23.01 |
5,047 |
2.69 |
1.09 |
Drill Hole LV-14 |
14.17 |
32.00 |
17.83 |
5,809 |
3.09 |
1.25 |
Drill Hole LV-15 |
19.05 |
35.97 |
16.92 |
4,213 |
2.25 |
0.91 |
Drill Hole LV-16 |
16.31 |
42.52 |
26.21 |
2,729 |
1.45 |
0.59 |
Drill Hole LV-17 |
20.24 |
34.14 |
13.90 |
1,377 |
0.73 |
0.29 |
|
|
(1) |
True
thickness is estimated to be 94% of intercept length based on
assumed dip of the clay units of 20°. |
(2) |
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. |
(3) |
Li2O
= lithium oxide and is determined by multiplying Li value in
percent by 2.153 to get an equivalent Li2O value in percent. |
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.
Martin Vidal, President of
Bacanora, commented "we are very pleased with the lithium values
obtained from the infill drill holes on La Ventana. The up-dip
portion of the lower clay unit has been further validated as a high
priority target and continues to provide further potential for
additional tonnage to be added to our existing resource
estimates."
Additional work is being
undertaken on the Concession that is expected to be used to update
and upgrade the lithium resource estimate for the La Ventana
deposit from the inferred resource category to the indicated
resource category, though there can be no assurance at this stage
that such an upgrade will be declared. Pilot scale testing of a
process to produce lithium carbonate from the clays on La Ventana
is underway at the Company's facility in Hermosillo. In addition,
verification work on the process is being undertaken by
Inspectorate Exploration and Mining Services Ltd. in Richmond, B.C.
The Company will continue to keep investors informed of progress
with further periodic announcements of results as they become
available.
The Company also advises that
Rare Earth Minerals PLC ("REM"), Bacanora's joint venture partner
in respect of the El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1
concessions, has reported that REM has acquired shares of Bacanora
through public market purchases that have resulted in REM's
holdings of Bacanora's shares increasing to 5% of the total number
of issued and outstanding shares of Bacanora. Bacanora expresses
its thanks to REM for its continued support of Bacanora and its
interest in the Sonora Lithium Project.
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 Concession 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 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 potential
tonnage additions to the Company's resource estimates, the
upgrading of resources from inferred to indicated categorization,
and periodic updates of drilling results, analysis and verification
work. 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 Figure 1. Drill Hole Location Map, please
visit the following link:
http://media3.marketwire.com/docs/931300a.pdf.
Bacanora Minerals Ltd.Shane ShircliffChief Executive
Officer(306) 649-0602(306) 649-0601Bacanora Minerals Ltd.Martin
VidalPresident(+52 662) 210-0767www.bacanoraminerals.com
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