Bacanora Announces Staking of New Contiguous Lithium Claims
September 04, 2013 (Source: Marketwire) — BACANORA MINERALS LTD. (TSX VENTURE:BCN) (“Bacanora” or the “Company”) is pleased to announce that it has staked an additional concession over an aggregate of 900 hectares of ground adjacent to its existing La Ventana concession (“La Ventana 1”) and a further three concessions over an aggregate of 2,020 hectares on lands which adjoin the El Sauz and Fleur concessions (the “El Sauz and Fleur Concessions”). With the addition of the La Ventana 1 concession, total acreage under concessions owned 100% by Bacanora (being La Ventana, La Ventana 1 and San Gabriel) now totals 3,290 hectares. With the addition of additional acreage adjoining the El Sauz and Fleur Concessions (all of which is subject to the joint venture between the Company and Rare Earth Minerals Plc. (“REM”), pursuant to which REM has an option to earn up to a 49.9% interest) (such lands are collectively referred to as the “Joint Venture Lands”)), the total acreage under the Joint Venture Lands now totals 5,325 hectares. To date, REM has earned a 10% interest in the Joint Venture Lands and has provided notice of its intention to increase its interest in the El Sauz and Fleur Concessions to 30%.
The staking of these additional concessions was made in order to cover ground to the east and south of existing concessions where management believes there is the possibility to find down-dip eastward extensions of the of the lithium-bearing clay units found on Bacanora’s La Ventana concession, as well as the El Sauz and Fleur Concessions.
About the Sonora Lithium Project:
The Company’s interests in the El Sauz and Fleur Concessions cover 5,325 hectares out of a total of 8,615 contiguous hectares that make up the Sonora Lithium Project. The El Sauz and Fleur Concessions are the subject of the Company’s joint venture with REM, whereby REM has earned an initial interest of 10% in the El Sauz and Fleur Concessions and has provided notice of its intention to increase its interest in the El Sauz and Fleur Concessions to 30%. REM has a further option to earn up to a 49.9% interest in the El Sauz and Fleur Concessions. For further details concerning the Company’s agreement with REM and details of the joint venture, please refer to the Company’s press releases dated May 22, 2013 and August 26, 2013.
Lithium is the lightest of the alkali metals and has unique electrochemical properties that make it the element of choice for batteries of high energy storage capacity and other energy applications as well as a host of other industrial and health applications. Lithium-bearing clays also have strong demand in the petroleum industry for high temperature – high pressure tolerant drilling muds.
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.
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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 its properties, including the Joint Venture Lands, the La Ventana concession and its newly acquired properties adjacent thereto. 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.
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FIGURE 1. CONCESSION MAP is available at the following address: http://media3.marketwire.com/docs/130904_FIGURE_1-CONCESSION_MAP.pdf.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>