Bacanora Announces Stage 2 Exploration and Drilling Program for the El Sauz and Fleur Concessions of the Sonora Lithium Project
September 13, 2013 (Source: Marketwire) — BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX VENTURE:BCN) is pleased to announce that it has agreed with its joint venture partner, Rare Earth Minerals PLC (“REM”), to a Stage 2 exploration and drilling program on the El Sauz, Fleur and new staked concessions (the “JV Lands”) which form a part of the Sonora Lithium Project in northern Mexico.
The drilling component of the Stage 2 exploration program will consist of a series of diamond drill holes targeting between 3,000and 3,500 metres. The objectives of the drilling are to:
- Complete infill holes required to upgrade the known resource; and
- Conduct step-out drilling to test for extensions of the known resources, particularly onto the newly staked concessions (for details of such new concessions, refer to the Company’s press release dated September 4, 2013), where geological mapping and the results of previous drilling conducted by the Company indicate that the lithium-bearing clay units extend.
Drilling is targeted to commence in early October. Currently, fieldwork consisting of detailed mapping and systematic surface sampling is in progress along with finalizing drill site locations and access roads planning. The drilling contract has been awarded for one rig and additional rigs will be available if required to complete the program.
In addition to metallurgical test work already completed by Bacanora on the La Ventana concession, metallurgical test work will be conducted on the JV Lands with the aim of establishing optimum process parameters for extracting lithium from the clays as well as optimizing the process for producing lithium carbonate from lithium-bearing solutions derived from the clays.
About the Sonora Lithium Project:
The Sonora Lithium Project consists of the La Ventana, La Ventana 1 and the San Gabriel concessions, which are owned 100% by Bacanora, along with the contiguous El Sauz, El Sauz 1, El Sauz 2, Fleur and Fleur 1 concessions, which are owned 70% by Bacanora and 30% by REM. See Figure 1. As announced by the Company via a press release dated August 28, 2013, inferred resources (compliant with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)) have been estimated for the La Ventana Lithium Deposit totaling 60 million tonnes, averaging 3,000 ppm Li (equivalent to 1.6% lithium carbonate(1) assuming 100% recovery and no process losses). The initial NI 43-101 compliant inferred resource for the El Sauz and Fleur concessions totals 88,271,000 tonnes, averaging 3,163 ppm Li at a 2,000 ppm cut-off (1.68% lithium carbonate equivalent(2) assuming 100% recovery and no process losses).
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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.
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, the potential for a significant lithium resource to be developed on the joint venture lands, management’s intention to complete a second stage drilling program and any implications as to the expectations thereof. 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.
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|(1)||Lithium Carbonate Equivalent (“LCE “) is calculated by multiplying the Li value, expressed in percent, by 5.324 to get LCE in percent, then multiplying the total estimated tonnage by LCE% to get tonnes of LCE.|
|(2)||Lithium Carbonate Equivalent (“LCE “) is calculated by multiplying the Li value, expressed in percent, by 5.324 to get LCE in percent, then multiplying the total estimated tonnage by LCE% to get tonnes of LCE.|
To view Figure 1 please click the following link: http://media3.marketwire.com/docs/BacaMap913.pdf