Bacanora Updates Diamond Drilling on BCN/REM Lithium Joint Venture Lands
June 04, 2013 — CALGARY, ALBERTA (Source: Marketwired) — BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX VENTURE:BCN) is pleased to provide an update on the diamond drill program that is underway at the El Sauz – Fleur lithium concessions in Northern Mexico (as previously announced on May 22, 2013) and is being conducted in accordance with the Company’s previously announced joint venture with Rare Earth Minerals PLC (AIM: REM). The first diamond drill hole on the Fleur Concession (ES-01) has been completed and the second hole on the Fleur Concession (ES-02) is in the process of being drilled. The program contemplates 2,500 m of drilling in 10 holes.
The first hole was drilled 300 metres southeast of and on strike with the La Ventana lithium deposit; the second hole is 1,250 metres southeast and also on strike with the La Ventana lithium deposit. The intersections in the first hole encountered a 44 metre length of upper clay and a 24 metre length of lower clay (Table 1), which is estimated to be equivalent to true thicknesses of 41.4 metres and 22.6 metres for the upper and lower clay units respectively. These intervals correlate well with the thicknesses of clay units found on La Ventana. The second hole has encountered the upper clay unit and at the time of writing is still in this unit.
The results of the first two holes successfully demonstrate continuity of the clay units of the La Ventana lithium deposit onto the Fleur concession. Analytical results from drill core samples taken across the clay units are expected within the next 3 to 4 weeks. Next drill holes will test continuity onto the El Sauz concession where the clay units are exposed at surface. The following is a summary of drill results to date (please also refer to the map of drill locations that accompanies this release):
Table 1. El Sauz – Fleur 2013 Drill Results to date:
Management is very pleased with the results to date which demonstrate continuity of the clay units from the La Ventana Lithium deposit onto the Fleur concession. Should the outcropping lithium clays on El Sauz be found to correlate with those on the Company’s La Ventana lithium deposit, then a reasonable inference will be capable of being made based on available geological evidence that the sedimentary basin that hosts the lithium-rich clays extends, in a northwesterly direction, for at least 7 kilometres.
About the Sonora Lithium Project:
The Company’s interests in the El Sauz and Fleur Concessions cover 3,411 hectares out of a total of 5,786 contiguous hectares that make up the Sonora Lithium Project (the “Project”) owned by Bacanora. The El Sauz and Fleur Concessions are the subject of the Company’s joint venture with REM, whereby REM can earn an initial interest of 10% in the Concessions, with an option to earn up to a 49.9% interest in the Concessions. For further details concerning the Company’s agreement with REM and details of the joint venture, please refer to the Company’s press release dated May 22, 2013.
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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.
*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.
Carl G. Verley, P.Geo. is the Qualified Person pursuant to National Instrument 43-101 and has reviewed of the technical contents of this news release.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
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 estimated future value of the La Ventana Lithium Deposit. 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.
Note: To view the map associated with this release, please click the following link: http://media3.marketwire.com/docs/bcn0604.pdf.
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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>