Bacanora Updates Drill Results and Exploration on Joint Venture Lands With Rare Earth Minerals (REM) and Metallurgical Test W...
2014年5月6日 - 5:50AM
Marketwired Canada
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
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Hole Unit From (m) To (m) Length (m) Li ppm LCE(1) %
----------------------------------------------------------------------------
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ES-31 Upper Clay 17.91 27.99 10.08 1,472 0.78
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Including 22.10 27.13 5.03 2,218 1.18
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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
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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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bacanora Minerals Ltd.
Shane Shircliff
Chief Executive Officer
(306) 649-0602
Bacanora Minerals Ltd.
Martin Vidal
President
(+52 662) 210-0767
www.bacanoraminerals.com
Bacanora Minerals Ltd. (TSXV:BCN)
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Bacanora Minerals Ltd. (TSXV:BCN)
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