BACANORA MINERALS LTD.
TSX VENTURE : BCN

February 09, 2011 11:15 ET

Bacanora Minerals Ltd.: Borate Resource –Maiden Estimate for Cajon Deposit

CALGARY, ALBERTA--(Marketwire - Feb. 9, 2011) - BACANORA MINERALS LTD. ("Bacanora") (TSX VENTURE:BCN) is pleased to announce the results of a preliminary mineral reserve estimate on the Company's Cajon Borate deposit in Sonora, Mexico.

The Cajon deposit forms part of the Magdalena Borate Project, which is 100% owned by Bacanora's wholly-owned subsidiary, Minera Sonora Borax S.A. de C.V., subject to a 3% royalty in favor of a subsidiary company of Rio Tinto and a 3% Gross Overriding royalty in favor of Mr. Colin Orr-Ewing.

The estimate, made by Rodrigo Calles-Montijo from Servicios Geologicos IMEX SC (SGI), under the supervision of Martin F. Vidal P. Geo, and Carl G. Verley, P. Geo., provides inferred and indicated resources as per the CIM Definition Standards on Mineral Resources and Mineral Reserves 2004, to a depth of approximately 150 metres for the Cajon Borate Deposit. The estimate focused on the three stacked colemanite horizons which constitute the Cajon deposit.

The procedure for the indicated resource estimate evaluated data from the 2010 and 2006 diamond drill holes. Assay data from a total of 580 mineralized core samples were used in the estimate. The intercepts were incorporated in a polygonal model for each of the colemanite horizons. The estimated true thickness of the drill intercepts, which varied from between 90% and 95%, was used to define the thickness of each block. Thickness of the colemanite horizons ranged from 3.35 to 22 metres and averaged 10 metres. A volume was then estimated for each polygon based on the constructed area and estimated thickness. Specific gravity measurements of drill core samples from mineralized intervals were measured by Laboratorio Tecnologico Metalurgico with an average of 2.41 tonne/m3. The average specific gravity for the colemanite horizons was applied to the volume estimate in order to determine a tonnage for each polygon. Assay data from SGS Laboratories were used in the estimate.

Inferred resources were based on diamond drill data obtained from prior drilling undertaken by Rio Tinto–Vitro JV during the 1980´s and 1990´s. The Rio Tinto work on Cajon was managed by Mr. Vidal. Bacanora is, therefore, confident that it can rely on the data from this work. Future work will be directed toward infill drilling in order to upgrade the inferred resources, as well as to expand the indicated resources estimate. The Cajon deposit is open to the northwest and southeast, as well as at depth.

Below is a table showing a summary of the initial estimate of indicated and inferred resources for the Cajon Borate Deposit.

Cajon Borate Deposit – Maiden Borate Resource Estimate

      5% B2O3 Cut-off     8% B2O3 (mini. Thickness 3 m) Cut-off
Borate Horizon     Resource Class (CRIRSCO)     Tonnage Mt     Grade % B2O3     Tonnage
Mt
    Grade
% B2O3
A     Inferred     21.8     5.88     7.3     9.3
 
B     Indicated     16.5     6.4     5.3     9.3
C     Indicated     27.1     6.5     5.8     10.4
Total Indicated     43.6     6.5     11.1     9.9

Management is very pleased with the initial resource estimate and looks forward to completing additional work for the purpose of further expanding the indicated resource and, ultimately, leading to the commercial development of this deposit.

Colemanite is a boron mineral that is used to produce boric acid, a compound used in a number of industrial applications that are in general designed to reduce energy consumption. Colemanite itself has industrial applications in ceramics and agriculture. Current contract prices for colemanite range from $US200 – 350 per tonne; contract prices for chemical grade boric acid are approximately $US700 per tonne.

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.

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)