Bacanora Updates Drill Results and Exploration on Joint Venture
Lands With Rare Earth Minerals (REM) and Metallurgical Test Work on
the Sonora Lithium Project, Mexico
CALGARY, ALBERTA--(Marketwired - May 5, 2014) - BACANORA
MINERALS LTD. ("Bacanora" or the "Company") (TSX-VENTURE:BCN) is
pleased to provide an update of recently completed operational
activities, ongoing exploration work and future plans for the
Sonora Lithium Project in Mexico.
Highlights:
- Drilling and Exploration
- Joint Venture #1 with Rare Earth Minerals PLC ("REM")
- Stage 3 drill program was recently completed on the El Sauz -
Fleur concessions ("Joint Venture #1"); and
- Mapping and prospecting have discovered new clay exposures on
the Fleur concession.
- Joint Venture #2 with REM
- Diamond drilling has commenced on the Penasco lithium clay
prospect on the Megalit concession ("Joint Venture #2");
- Mapping and prospecting have discovered new clay exposures on
the Megalit concession; and
- Trenching of lithium clay surface showings on the Buenavista
concession will be initiated shortly as a part of the drilling
program on Megalit.
- Engineering and Pilot Plant
- After achieving lithium carbonate product with over 99.5%
purity (for further information, please refer to Bacanora's news
release dated April 22, 2014), contact with engineering groups
concerning the potential design of a lithium carbonate plant has
been initiated with the aim of scoping a 35,000 to 50,000 tonne per
year lithium carbonate plant;
- Pilot plant continues to produce lithium carbonate samples for
potential buyers; and
- Test work on the clay units from Ventana and Sauz-Fleur areas
was conducted in order to determine suitability for use in drilling
mud.
El Sauz and Fleur Concessions (Joint Venture #1) Update
Stage 3 diamond drilling, consisting of 1,096.48 metres in 11
holes, was completed in April 2014 (refer to attached Figure 1),
with analytical results having been recently received for three of
the eleven holes. To date, a total of 4,997.51 metres have been
drilled in 41 holes by the Company on Joint Venture #1 lands.
Results for significant lithium intercepts in Stage 3 holes for
which analyses have been received varied from 1,369 ppm Li to 3,623
ppm Li across 6.63 metres and 15.24 metres respectively in the
upper clay unit and from 1,713 ppm to 4,997 ppm Li across 17.37
metres and 34.14 metres respectively in the lower clay unit (Table
1).
Table 1. Significant Lithium Analyses Stage 3 Holes to
Date |
|
Hole |
Unit |
From (m) |
To (m) |
Length (m) |
Li ppm |
LCE(1) % |
ES-31 |
Upper Clay |
17.91 |
27.99 |
10.08 |
1,472 |
0.78 |
Including |
22.10 |
27.13 |
5.03 |
2,218 |
1.18 |
Upper Clay |
43.89 |
59.13 |
15.24 |
3,623 |
1.93 |
Lower Clay |
69.49 |
103.63 |
34.14 |
4,997 |
2.66 |
ES-35 |
Upper Clay |
93.35 |
99.97 |
6.63 |
1,369 |
0.73 |
Lower Clay |
106.68 |
124.05 |
17.37 |
1,713 |
0.91 |
San Gabriel, Buenavista and
Megalit Concessions (Joint Venture #2) Update
The Company has commenced
diamond drilling to test a new lithium bearing clay prospect
(Penasco) located on the Megalit concession, to the south of El
Sauz. In addition, a clay occurrence, Cieneguita, to the east of
the Penasco prospect will be drill tested. The seven hole, 1,500
metre diamond drill program is being 100% funded by REM (in
accordance with the Joint Venture #2 terms) and is expected to be
completed in late May, with results to follow in roughly late
June.
In conjunction with the
drilling, mapping and prospecting will continue on the large
(94,815 hectare) Megalit concession in order to locate and sample
additional exposures of the lithium-bearing clay basin. Trenching
is also planned for lithium-bearing clays exposed in a northerly
striking direction along 6 kilometres on the Buenavista concession.
Previous sampling by the Company returned lithium values ranging
from 121 to 1,350 ppm Li from surface clay samples collected on
Buenavista (see the Company's press release dated December 5, 2013
for further details).
Engineering and Lithium Pilot
Plant Update
Along with the surface work
that is ongoing on the Sonora Lithium Project, the Company is
initiating contact with engineering companies for the designing of
a lithium carbonate plant capable of producing between 35,000 and
50,000 tonnes per year of lithium carbonate. The combined La
Ventana, El Sauz and Fleur concessions have been estimated to
contain inferred lithium resources totaling 148,271,000 tonnes
averaging 3,097 ppm Li, a resource potential equivalent to 2.45
million tonnes of lithium carbonate, assuming no process losses and
100% recovery of lithium from the clays. The Company continues to
run bulk samples through its pilot plant in order to produce
lithium carbonate samples for prospective buyers.
(1)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.
Further to the lithium
carbonate testing, the Company submitted clay samples to Grinding
Solutions Ltd. ("Grinding Solutions"), a metallurgical and mineral
processing consultancy and laboratory services company based in the
United Kingdom. Grinding Solutions has performed initial test work
on the clays from the Sonora Lithium Project (La Ventana and
Sauz-Fleur clay zones) in order to determine whether the mineral
characteristics of the clays contain properties that would allow
commercial drilling mud to be produced. Based on such testing,
Grinding Solutions concluded that a commercial drilling mud product
could be produced from the clays, subject to the formulation of a
specific process to produce such mud. Grinding Solutions has
recommended that further tests be carried out in order to formulate
a process for the production of a marketable drilling mud
product.
Martin Vidal, President of
Bacanora, commented "We are very pleased with the recent drill and
trench results from the Sonora Lithium Project, which continue to
expand the known lithium resources while continuing to discover new
lithium prospects on the concession, further demonstrating the
economic potential for the Project and our lithium assets. The
engineering design work and marketing results of lithium carbonate
samples distributed to potential customers will eventually be used
as inputs for a pre-feasibility study of La Ventana lithium deposit
and the Joint Venture #1 Lands".
Carl G. Verley, P.Geo. is the
Qualified Person pursuant to National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI
43-101") that has reviewed and approved the technical contents of
this news release.
About the Sonora Lithium
Project:
The Sonora Lithium Project
consists of ten contiguous concessions covering 104,064 hectares.
Two of the concessions (La Ventana and La Ventana 1) are owned 100%
by Bacanora. The El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1
concessions (the "Joint Venture #1 Lands") are owned 70% by
Bacanora and 30% by REM under Joint Venture #1. The San Gabriel,
Buenavista and Megalit concessions (the "Joint Venture #2 Lands")
are owned 90% by Bacanora and 10% by REM under Joint Venture #2.
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 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 west. 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. For further details concerning the Company's second
agreement with REM and details of Joint Venture #2, please refer to
the Company's press releases dated March 12 and March 26, 2014.
Bacanora has developed a process for recovering lithium from the
clays and converting it into battery grade(2) lithium carbonate
(please refer to Bacanora's news release dated April 22, 2014).
(2) It is industry standard terminology that "battery grade"
lithium carbonate is lithium carbonate product with over 99.5%
lithium carbonate purity. Battery-grade lithium carbonate is
employed by the battery industry in the production of lithium ion
batteries, which are used in a variety of applications, from small
consumer and industrial appliances to electric vehicles and large
stationary energy storage facilities for electric utilities.
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 use of funds, future
drilling activities and results, results of metallurgical testing
and potential future operational activities including undertaking
engineering design and pre-feasibility studies. 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:
Stage 3 Drill Hole Location Map, please visit the following link:
http://media3.marketwire.com/docs/943746a.pdf.
Bacanora Minerals Ltd.Shane ShircliffChief Executive
Officer(306) 649-0602Bacanora Minerals Ltd.Martin
VidalPresident(+52 662) 210-0767www.bacanoraminerals.com
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