First Six Holes of Stage 2 Drilling Results Demonstrate Consistent Clay Thicknesses and Lithium Grades on Sonora Lithium Project, Mexico
December 10, 2013 (Source: Marketwired) — BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX VENTURE:BCN) is pleased to announce that it has received the analytical results from the first 6 holes of the Stage 2 drill program on the Fleur and El Sauz concessions (the “Concessions”) in northern Mexico. The two concessions form the lands under the joint venture #1 with Rare Earth Minerals PLC (“REM”). 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 first 6 holes of Stage 2 tested by way of infill and step out holes between the first 5 holes of Stage 1 a strike length of 2,100 metres of the clay units south from the southern boundary of the La Ventana concession across the Fleur and onto the El Sauz concession (refer to attached map). Within the area drilled, the average intercept length for the Upper Clay Unit was 35.84(1) metres (33.69 m estimated true thickness(2)) averaging 1,600 ppm Li (0.85% LCE(3)) and 27.37(4) metres (25.73 m estimated true thickness) averaging 4,375 ppm Li (2.33%LCE) for the Lower Clay Unit.
The average length of sample intervals in the Upper Clay is 1.47 metres and Li values range from 27 to 5,910 ppm Li, averaging 1,404 ppm Li for individual samples. For the Lower Clay Unit, the average length of sample intervals is 1.49 metres and Li values in individual core samples range from 1,250 to 9,660 ppm Li, averaging 4,177 ppm Li.
|Table 1. Lithium intercept lengths in metres for Upper & Lower Clay Units|
|From||To||Length||Lithology||Li ppm||LCE* %||Li2O %|
|Drill Hole ES-11|
|Drill Hole ES-12|
|Drill Hole ES-13|
|Drill Hole ES-14|
|Drill Hole ES-15|
|From||To||Interval||Lithology||Li ppm||LCE* %||Li2O %|
|Drill Hole ES-16|
|(1)||Excludes ES-15 in which the Upper Clay Unit was cut off erosion.|
|(2)||True thickness is estimated to be 94% of intercept length based on assumed dip of the clay units of 20°.|
|(3)||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.|
|(4)||Excludes ES-12 where the Lower Clay Unit was faulted off.|
*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.
Li2O = lithium oxide and is determined by multiplying Li value in percent by 2.153 to get an equivalent Li2O value in percent.
Clay units continued to exhibit anomalous values in other alkali metals, including K, Na, Cs, and Rb, as well as alkali earth metals: Mg, Ca and Sr.
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Analysis of the drill core was performed by ALS Chemex, in Vancouver, BC, 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 in the first six holes of the Stage 2 drilling campaign. These step-out and infill holes demonstrate an increase in thickness of the upper clay unit as well as an increase in grade of Li within the clays when compared to previously reported results (please refer to press release dated October 11, 2013).”
The Stage 2 program is continuing, completion is expected in late February or early March 2014, with final results of drill core analyses to follow shortly thereafter. The Company will continue to keep investors informed of drilling progress with periodic announcements of results as they become available.
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 concessions 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(5) 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.
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 periodic updates of results and anticipated completion date of the drilling. 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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|(5)||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.|
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