Bacanora Announces a 37% Increase in Lithium Resources to 3.28
Million Tonnes of LCE(1) and an Upgrade of Resources From Inferred
to Indicated for the Sonora Lithium Project, Mexico
CALGARY, ALBERTA--(Marketwired - Jun 3, 2014) - BACANORA
MINERALS LTD. ("Bacanora" or the "Company") (TSX-VENTURE:BCN) is
pleased to announce that it has updated the lithium resources for
both its 100% owned La Ventana lithium deposit and the El Sauz and
Fleur concessions which are held by Mexilit S.A. de C.V.
("Mexilit"). Mexilit is owned 70% by Bacanora and 30% by Rare Earth
Minerals PLC ("REM") (AIM:REM).
La Ventana
Lithium Deposit:
The new indicated
mineral resources, using a base case cut-off of 2,000 ppm lithium,
are 75,320,000 tonnes averaging 3,174 ppm Li (1,273,000 tonnes of
LCE) for the combined Upper and Lower Clay Units. This is an
increase of 37% over the previously announced resource of 930,000
tonnes of LCE(2). The indicated Li resource for the Upper Clay unit
is estimated at 21,470,000 tonnes averaging 2,256 ppm Li (1.20%
LCE). The Lower Clay Unit has an indicated Li resource estimated at
53,850,000 tonnes averaging 3,540 ppm (1.88% LCE). Investors are
cautioned that the resource estimate does not mean or imply that an
economic lithium deposit exists on La Ventana. Further testing will
need to be undertaken to confirm economic feasibility. Table 1
below summarizes the updated and reclassified lithium resources for
the La Ventana lithium deposit.
El Sauz and
Fleur Concessions (Joint Venture #1 Lands):
Table 2 summarizes
the updated and reclassified lithium resources for the El Sauz and
Fleur concessions on a 100% basis. The indicated mineral resources,
using a base case cut-off of 2,000 ppm lithium, are 120,990,000
tonnes averaging 3,120 ppm Li (2,010,000 tonnes of LCE) for the
combined Upper and Lower Clay units. This is an increase of 35%
over the previously announced resource of 1,486,000 tonnes of
LCE(3). The Upper Clay has an indicated Li resource of 47,360,000
tonnes averaging 2,222 ppm Li (1.18% LCE). The Lower Clay has an
indicated resource of 73,630,000 tonnes averaging 3,698 ppm Li
(1.97% LCE). Investors are cautioned that the resource estimate
does not mean or imply that an economic lithium deposit exists on
the El Sauz and Fleur concessions. Further testing will need to be
undertaken to confirm economic feasibility.
When combined, the
La Ventana, El Sauz and Fleur deposits are estimated to host an
indicated lithium resource of 196,310,000 tonnes averaging 3,130
ppm Li (1.67% LCE) or 3,283,000 tonnes LCE.
The updated lithium
resource estimates are based on results from an additional 6 drill
holes (for a total of 17 holes) and 6 trenches and a total of 590
samples for La Ventana and an additional 31 drill holes (for a
total of 41) and a total of 1,559 samples for the El Sauz and Fleur
concessions. Furthermore, the updated resources are reclassified as
"indicated mineral resources" based on geological and grade
continuity of the lithium-bearing clay horizons and in accordance
with CIM Definition Standards On Mineral Resources and Mineral
Reserves. In compliance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI
43-101"), the Company will prepare a technical report in respect of
this updated resource estimate, which will be filed on SEDAR within
45 days from today.
Table 1. La Ventana
Indicated Lithium Resources |
Cut-off |
Tonnes |
Li ppm |
LCE % |
LCE tonnes |
Upper Clay |
|
|
|
|
1,000 |
30,690,000 |
1,824 |
0.97 |
298,000 |
2,000 |
21,470,000 |
2,256 |
1.20 |
258,000 |
3,000 |
10,030,000 |
3,186 |
1.70 |
170,000 |
Lower Clay |
|
|
|
|
1,000 |
61,050,000 |
3,247 |
1.73 |
1,055,000 |
2,000 |
53,850,000 |
3,540 |
1.88 |
1,015,000 |
3,000 |
38,180,000 |
4,510 |
2.40 |
917,000 |
Total for Upper & Lower Clay |
|
|
|
1,000 |
91,740,000 |
2,771 |
1.48 |
1,353,000 |
2,000 |
75,320,000 |
3,174 |
1.69 |
1,273,000 |
3,000 |
48,210,000 |
4,235 |
2.25 |
1,087,000 |
|
Table 2. El Sauz and Fleur Indicated
Lithium Resources |
Cut-off |
Tonnes |
Li ppm |
LCE % |
LCE tonnes |
Upper Clay |
|
|
|
|
1000 |
97,080,000 |
1,657 |
0.88 |
856,000 |
2000 |
47,360,000 |
2,222 |
1.18 |
560,000 |
3000 |
18,390,000 |
3,773 |
2.01 |
369,000 |
Lower Clay |
|
|
|
|
1000 |
98,250,000 |
3,028 |
1.61 |
1,584,000 |
2000 |
73,630,000 |
3,698 |
1.97 |
1,450,000 |
3000 |
58,910,000 |
4,140 |
2.20 |
1,298,000 |
Total for Upper & Lower Clay |
|
|
|
1000 |
195,330,000 |
2,347 |
1.25 |
2,440,000 |
2000 |
120,990,000 |
3,120 |
1.66 |
2,010,000 |
3000 |
77,300,000 |
4,053 |
2.15 |
1,667,000 |
Megalit,
Buenavista and San Gabriel Concessions (Joint Venture #2 Lands)
Update:
Work on the large,
96,964 hectare, concession package that form the lands under the
second joint venture with REM is progressing well. To date, four
drill holes have been completed with mapping and surface sampling
ongoing. The Company still needs to split and log the core, which
will be followed by shipping to the laboratory for analysis in the
coming weeks. Results from the laboratory are expected to be
received by roughly late June and will be released following
compilation by the Company. In the event that any material
information or results are obtained prior to such time, the Company
will update the market accordingly.
Martin Vidal,
President of Bacanora, commented, "We are very pleased with the
recent drill and trench results from the Sonora Lithium Project,
which support the reclassification of the lithium resources, as
well as the continuing expansion of known lithium resources."
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.
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(4). The Company has declared indicated 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). 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(5) lithium carbonate (please refer to Bacanora's news
release dated April 22, 2014).
(1) |
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 is to provide data comparable with industry
reports and assumes complete conversion of lithium in clays with no
recovery or process losses. |
(2) |
For
reference to the Company's previously announced resource estimate
on the La Ventana concession, please refer to the Company's news
releases dated September 5, 2012 and January 25, 2013, together
with the Company's technical report dated September 5, 2012 and its
Preliminary Economic Assessment dated January 24, 2013. |
(3) |
For
reference to the Company's previously announced resource estimate
on the El Sauz and Fleur concessions, please refer to the Company's
news release dated August 28, 2013, together with the Company's
technical report dated October 11, 2013. |
(4) |
As
noted in Bacanora's news release dated May 26, 2014, REM has
provided written notice of the exercise its second stage option in
respect of Joint Venture #2, confirming its desire to increase its
ownership therein from 10% to 30% and has delivered a payment of
US$500,000 in connection therewith. In the event that REM provides
an additional US$1 million prior to November 26, 2014 (which is to
be used for exploration and drilling expenditures over the
following year), REM shall have fulfilled its conditions of
exercise. |
(5) |
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 the estimation of
resources and the filing of a technical report in connection
therewith. 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.
Bacanora Minerals Ltd.Shane ShircliffChief Executive
Officer(306) 649-0602Bacanora Minerals Ltd.Martin
VidalPresident(+52 662) 210-0767www.bacanoraminerals.com
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