January 21, 2011 13:05 ET

Bacanora Minerals Ltd.: Lithium Results for Drilling on La Ventana Property, Sonora, Mexico

CALGARY, ALBERTA--(Marketwire - Jan. 21, 2011) - BACANORA MINERALS LTD. ("Bacanora" or the "Corporation") (TSX VENTURE:BCN) is pleased to announce the results of its first drilling campaign on the La Ventana concession within its Sierra Madre lithium project, located in eastern Sonora, Mexico.

The drilling provided an initial test of a 400 by 200 metre section of the southernmost portion of a 3,000 by 300 metre target area. The four hole, 458.4 metre, NQWL diamond drill program was designed to test a Tertiary age volcano-sedimentary sequence. All of the drillholes intersected lithium-bearing clays (hectorite) including zones with lithium enrichment. Other elements such as Cesium, Boron, Potassium, Magnesium, etc. are considered highly anomalous as well. The samples were analyzed by ALS Chemex Lab. The results of the drilling are described and summarized below.

  • Drillhole LV-01: A section of 30.48 metres reported a weighted average value of 2,075 ppm Li (1.11% Li2CO3) over all of the samples, including a zone of 9.83 metres with 3,704 ppm Li (1.97% Li2CO3) using a minimum value of 2,000 Li ppm.
  • Drillhole LV-02: A section of 31.09 metres reported a weighted average value of 1,734 ppm Li (0.92% Li2CO3) over all of the samples, including a zone of 7.01 metres with 3,722 ppm Li (1.98% Li2CO3) using a minimum value of 2,000 Li ppm.
  • Drillhole LV-03: This hole reported the lowest values but includes a section of 10.67 metres with 955 ppm Li (0.51% Li2CO3) over all of the samples.
  • Drillhole LV-04: This hole reported the highest values with a thick section of 54.25 metres averaging 2,713 ppm Li (1.45% Li2CO3) over all of the samples, including two zones of 10.85 metres with 3,562 ppm (1.89% Li2CO3) using a minimum of 2,000 ppm Li and another zone with 19.2 metres with 5,080 ppm Li (2.71% Li2CO3) using a minimum of 2,800 ppm Li.

Summary of Mineralized Drill Intercepts in La Ventana Target

HOLE_ID   East   North     From (m)     To (m)     Thickness (m)   Li (ppm)   Li2CO3 %*
LV-01   678732   3287009     7.32     37.8     30.48   2075   1.11
Including             24.74     34.57     9.83   3704   1.97
LV-02   678824   3287034     78.94     110.03     31.09   1734   0.92
Including             99.97     106.98     7.01   3722   1.98
LV-03   678890   3287000     126.49     137.16     10.67   955   0.51
LV-04   678788   3287228     91.44     145.69     54.25   2713   1.45
Including             98.27     109.12     10.85   3562   1.89
Including             126.49     145.69     19.2   5080   2.71

*Li2CO3 equivalency with respect to Li is determined using a factor of 0.0005329 times Li ppm. Additional processing is required to convert the lithium minerals on the Corporation's project to lithium carbonate and there is no guarantee that such a process will be able to convert 100% of the Li to Li2CO3. The economics of that process have not been established.

Along with the drilling on La Ventana, exploration activities (mapping and systematic sampling) continue on other concessions (El Sauz, Buenavista and San Gabriel), which are owned 100% by Bacanora and make up the Sierra Madre Lithium Project. Currently, the Corporation is carrying out metallurgical tests on the samples before planning the next stage of the drilling programme.

Paul Conroy, President and CEO, states: "We are extremely pleased with the results that we have received from our drilling program on La Ventana, which have far exceeded our expectations for this program. Bacanora plans to aggressively continue further exploration on the La Ventana claim area, and the other three concessions that comprise the Sierra Madre Lithium Project."

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)