Bacanora Minerals Ltd.
TSX VENTURE : BCN

December 16, 2011 09:15 ET

Bacanora Completes Second Round of Drilling on Ventana Lithium Deposit, the Reconnaissance of El Sauz Lithium Prospect and Provides Operational Update on the Borate Programme

CALGARY, ALBERTA--(Marketwire - Dec. 16, 2011) - BACANORA MINERALS LTD. (TSX VENTURE:BCN) (the "Company" or "Bacanora") is pleased to announce it has successfully met its objective of proving the lateral continuity of the hectorite-polylithionite clay mineralization on the Ventana Lithium deposit. Bacanora intends to generate a National Instrument 43-101 compliant Lithium Carbonate Equivalent with an initial resource estimate on Ventana in Q1 2012. This round of drilling follows up on the impressive results from the first drill program which included drillhole LV-04 which returned a thick section of 54.25 metres averaging 2,713 ppm Li (1.45% Li2CO3) over the entire sample width. (see Bacanora's news release dated Jan 21, 2011).

This campaign, which consisted of a total 1,465 metres of 8 NQ-Core drill holes, has confirmed the deposit to be approximately 3,000 x 300 metres wide, to a depth of 200 metres. The deposit is open on strike at both ends and contains two mineralized zones of 30 and 40 metre sections respectively, for a composite thickness of 70 metres. Samples from the drilling are being prepared for shipment to be assayed.

Reconnaissance of El Sauz Lithium Prospect

The Company would also like to announce exploration activities including mapping and sampling, were finalized at its 100% owned El Sauz property. A continuous 120+ metre thick volcano-sedimentary section was exposed in a semi mountainous area that covers 1,200 X 400 metres in several outcrops. This section is composed of altered tuffs, white and green clays and silica layers similar in mineralization to Bacanora's Ventana lithium deposit. The section is gently dipping to the NE in the northern outcrops and to the SE in the southern portion and has a minimum stripping ratio since the clay section is exposed on the surface.

A total of 125 samples were collected with a general average of 1,000 ppm Li (with samples up to 7,220 ppm) and Potassium average of 0.5% (min 0.26%, max 3.07%). There were 36 samples that contained cesium with over 500 ppm and one sample with over 10,000 ppm Boron (3.22% B2O3). Additional results of these activities will be announced by Bacanora in subsequent news releases in accordance with applicable disclosure rules and timing provisions.

Operational Borates Update

Finally, Bacanora is pleased to report on progress being made on its El Cajon borates deposit. Senior Bacanora management has been personally overseeing metallurgy and assaying progress on the pilot scale production of colemanite from its El Cajon borate deposit. The Hermosillo region has been experiencing delays in testing due to a large backlog of samples and in response the Company has expedited the assay process by engaging the services of 3 separate laboratories. Once assay results are assimilated, the Company expects to complete an updated National Instrument 43-101 compliant report within the first quarter of 2012, which it hopes will result in its current "resources" being upgraded into "reserves" categorizations.

Paul Conroy, President and CEO, states: "We continue to be pleased with the results obtained from the activities taking place on our Lithium targets and the progress that our team in Mexico is making on commercializing the borates project. We feel that the refining of the metallurgical process is reaching a conclusion and we look forward to further results from the labs and the pilot plant planning in upcoming months."

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

Reader Advisory

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securitiesnor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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 use of the net proceeds of the offering. 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: general economic conditions in Canada, the United States 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.

Contact Information

  • Bacanora Minerals Ltd.
    Paul Conroy
    President and Chief Executive Officer
    (306) 649-0600
    (306) 237-0601 (FAX)