BACANORA MINERALS LTD.
TSX VENTURE : BCN

September 21, 2010 12:24 ET

Bacanora Announces New Borate Basin Discovery With 133 Metre Borate Interval

CALGARY, ALBERTA--(Marketwire - Sept. 21, 2010) - BACANORA MINERALS LTD. (the "Corporation" or "Bacanora") (TSX VENTURE:BCN) is pleased to announce a new borate discovery at the Represo Basin located between Santa Ana and Magdalena de Kino, Sonora in northern Mexico. This new Basin is located in an area where no previous exploration or drilling activity has occurred. This Basin is completely separate and apart from the Magdalena and Tubutama properties that Bacanora acquired in April 2010 (see the Corporation's Filing Statement dated March 31, 2010 for a description of such properties).

To date, four holes have been drilled and two of them (ER-2 and ER-3) have intersected calcium borate colemanite (Ca2B6O11*5H2O). Accompanying this news release is a map which sets out the locations of the four holes that have been drilled to date.

The total thickness of the Represo Basin is estimated to be greater than 300 metres. The most significant interval discovered in the Basin was in drillhole ER-3, which has an overall thickness of 133 metres, with three main mineralized zones described from top to bottom as follows:

  1. 20.1 metres (from 143.2 to 163.3 metres) with re-crystallized and disseminated colemanite, minor howlite, moderate gypsum and calcite in gray-green mudstone;

  2. 28.5 metres (from 199.8 to 228.3 metres) with disseminated colemanite in masses and blebs, disseminated colemanite and anhydrite "cementing" the core, minor gypsum and calcite in gray mudstone; and

  3. 10 metres (from 251.9 to 261.9 metres) with abundant recrystallized colemanite partly altered to calcite, colemanite rosettes partly replaced by calcite and minor howlite, moderate gypsum in a gray mudstone with minor siltstone and sandstone.

An additional intersection of borate was discovered in drillhole ER-2 at a depth of 65.8 metres with a thickness of 86.3 metres with two main mineralized zones:

  1. 4.27 metres (from 76.8 to 81.07 metres) with disseminated colemanite in layers along bedding containing small howlite nodules and moderate gypsum in a gray mudstone/siltstone with minor sandstone; and

  2. 3.5 metres (112.5 to 116 metres) with disseminated colemanite in masses and blebs and "rosettes", partly replaced with calcite/mudstone and gypsum in a gray-brown intercalation of mudstone, siltstone and sandstone.

At a depth of 152.1 metres, drilling difficulties were experienced and further drilling on this hole was abandoned. Bacanora also drilled drillhole ER-1, which is considered to be on the edge of the Basin and did not discover significant borate mineralization, although 27 samples from ER-1 are being forwarded to SGS lab in Lakefield for analysis. A further 60 samples from ER-2 and 174 samples from ER-3 are being forwarded to SGS Lakefield (a total of 316 samples). Assay results will be published in a follow up news release when they are received from SGS. In addition to the foregoing, ER-4 was also drilled to a depth of 154.2 m at the southernmost portion of the area in order to track the borate section in that direction. No borate mineralization was found in ER-4.

The Represo Basin is a northwest trending, eastward dipping, half graben that is delimited by a main high angle normal fault. All of the basin rock units are dipping to the east but being dragged along the down-thrown block, creating a syncline, suggesting a syn-extensional origin of the sediments with respect to the basin development. The Basin contains a fluvial-lacustrine sequence composed of siltstone and fine-grained sandstone interbedded with light green calcareous mudstone. The outcropping sequence contains hot spring type limestone, gypsum and interbedded volcanic rocks. At least two tuffaceous layers are interbedded within the sequence and a dark- gray, vesicular basalt is interbedded high in the sequence in the east-central portion of the basin. The pre-basin rocks are composed of an andesitic flow (27 ma) and Cretaceous sedimentary rocks.

It is worth noting that the mineralization is deep because is located at the central portion of a syncline structure. Further drilling activities are anticipated in order to further delineate the Represo Basin, with the focus being on reaching the same sequence at shallower depths, mainly at the western portion of the Basin.

General settings of the Represo Basin borate project

  • A four lane highway runs about 5 kilometres north from the project area. It connects with the USA border to the north and with the main Port of Guaymas and to the capital city of Hermosillo to the south.

  • The main Ferro Carril Pacifico Railway passes through the town of Magdalena de Kino and Santa Ana (about 5 kilometres from the project area) and connects to the main Port of Guaymas and to the capital city of Hermosillo.

  • Two high voltage power lines traverse the northern part of the basin and a natural gas pipeline, constructed in 1986, runs parallel to the electric lines.

  • Water is supplied to ranchers for irrigation and farming from several ponds and water wells along the Magdalena River which transects the region. All water for exploration and mining activities must be pumped through wells from the underground water table.

  • Other mining activity in the area, including silver and gypsum mining, has resulted in an influx of workers to the region, that are gaining familiarity with mining activities and practices, creating a supply of skilled laborers.

  • A warehouse and office has been established at Magdalena, making easy to access and manage the project from there.

As the Corporation does not have assay results for the drill intercepts described in this news release, the borate grade is not known at this time and investors are cautioned that it is uncertain at this time if intervals of borate mineralization of potential economic grade will be identified.

Bacanora also announces the completion of our in-fill drilling campaign at the Cajon Target in the Magdalena Basin. Cores have been split and submitted for assay and the Corporation is currently awaiting assay results from SGS Lakefield. Results will be announced upon receipt of all assays.

Martin Vidal, Professional Geoscientist, is the Qualified Person for this news release and has reviewed and approved its contents.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are 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 projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements

To view Appendix 'A', please visit the following link: http://media3.marketwire.com/docs/921bcn1.pdf

Neither 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 the release.

Contact Information

  • Bacanora Minerals Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (403) 237-6122
    (403) 237-6144 (FAX)