Bacanora Minerals Ltd.
TSX VENTURE : BCN
AIM : BCN

Bacanora Minerals Ltd.

May 21, 2015 17:28 ET

Bacanora Reports Drilling Results for La Ventana, Sonora Lithium Project

CALGARY, ALBERTA--(Marketwired - May 21, 2015) - BACANORA MINERALS LTD. ("Bacanora" or the "Company") (TSX VENTURE:BCN)(AIM:BCN) is pleased to announce assay results from a total of 2,946 metres of drilling in 22 holes recently completed on its wholly-owned La Ventana concession, as well as one hole drilled on the Fleur(1) concession. Both concessions are held as part of the Company's Sonora Lithium Project in Mexico. The lithology from these drill results were included in the updated Mineral Resource Estimate ("MRE") announced by the Company on May 13, 2015. Accompanying this release is a map with these drill holes highlighted.

Highlights:

  • Intercepts of the Upper Clay range from 26.10 to 50.83 metres in length and those for the Lower Clay range from 12.98 to 23.57 metres on La Ventana.
  • Analyses received for 18 of the 22 holes indicate that the lithium content of both Upper and Lower clays increases to the south on La Ventana, as well as maintaining grade and thickness down dip at depth. In particular:
    • Weighted averages for lithium content in the Upper Clay Unit varies from 955 ppm Li (0.5% LCE(2)) over 41.6 metres (hole LV-19) to 3,215 ppm Li (1.7% LCE) over 17.48 metres (hole LV-27).
    • For the Lower Clay Unit, lithium content varies from 1,143 ppm Li (0.6% LCE) over 19.20 metres (hole LV-18) to 5,830 ppm Li (3.1% LCE) over 20.42 metres (LV-27).
    • Individual 1.5 metre long samples of clay range up to 10,000 ppm(3) Li (5.32% LCE).
  • The single hole drilled on the Fleur concession intersected 7.16 metres of the Upper Clay unit, which averaged 3,107 ppm Li (1.7% LCE) and 25.30 metres of the Lower Clay, which averaged 4,242 ppm Li (2.3% LCE).

Peter Secker, CEO of Bacanora, commented, "These assay results have confirmed the recently published MRE for the project, with an estimated 1.12 million tonnes ("Mt") LCE contained in 95 Mt of clay, at Li grade of 2,200 ppm within indicated resource and a further 6.3 Mt LCE contained in 500 Mt of clay at a Li grade of 2,300 ppm within inferred resource. The assays are consistent with our understanding that the Sonora Lithium Project is a high grade and scalable asset which we hope to be able to service increasing global demand for lithium. Over the coming months, we will continue to progress the pre-feasibility study for this exciting asset and look forward to further informing the market as additional updates become available."

1 The Fleur concession is held by Mexilit S.A. de C.V. ("Mexilit"), a company that is owned 70% by Bacanora and 30% by Rare Earth Minerals PLC ("REM").

2 LCE is the industry standard terminology for, and is equivalent to, Li2CO3. 1 ppm Li metal is equivalent to 5.32 ppm LCE / Li2CO3. 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.

3 Values >10,000 ppm Li were cut back to 10,000 ppm.

Table 1. Summary of Lithium-bearing intercepts - La Ventana

Hole No Unit From (m) To (m) Length (m) Weighted average Li ppm LCE %
LV-18 Upper Clay 218.24 245.67 27.43 577 0.3
including 226.31 230.43 4.12 1,213 0.65
Lower Clay 260.30 279.50 19.20 1,143 0.6
including 274.02 279.50 5.49 2,248 1.2
LV-19 Upper Clay 10.24 51.82 41.58 955 0.5
including 16.46 22.40 5.94 1,340 0.7
including 32.92 48.77 15.85 1,595 0.85
LV-20 Upper Clay 219.46 252.07 32.61 584 0.3
including 240.49 247.19 6.71 1,284 0.7
Lower Clay 268.35 291.39 23.04 1,618 0.9
including 279.20 289.86 10.67 2,141 1.1
LV-21 Upper Clay 8.92 59.74 50.83 1,194 0.6
including 30.96 38.71 7.75 2,264 1.2
including 49.07 59.74 10.67 2,150 1.1
Lower Clay 72.24 92.96 20.73 1,759 0.9
including 80.16 92.96 12.80 2,649 1.4
LV-22 Upper Clay 25.91 35.86 9.96 1,339 0.7
Upper Clay 44.50 57.30 12.80 2,643 1.4
Lower Clay 77.40 90.02 12.62 3,915 2.1
LV-23 Upper Clay 38.56 53.64 15.10 2,982 1.6
Lower Clay 69.65 85.95 16.20 3,756 2.0
LV-24 Upper Clay 101.19 112.17 11.00 1,716 0.9
Upper Clay 116.43 130.02 13.60 2,780 1.5
Lower Clay 145.21 158.88 13.60 4,122 2.2
LV-25 Upper Clay 137.72 155.75 18.03 2,199 1.2
including 145.08 154.23 9.14 3,035 1.6
LV-26 Upper Clay 30.48 48.77 18.29 2,018 1.1
Lower Clay 59.44 76.05 16.61 2,701 1.4
including 59.44 66.45 7.01 4,203 2.2
LV-27 Upper Clay 48.67 66.14 17.48 3,215 1.7
Lower Clay 78.03 98.45 20.42 5,830 3.1
LV-28 Upper Clay 138.38 165.93 27.55 2,617 1.4
including 153.62 165.93 12.31 4,306 2.3
Lower Clay 179.83 203.30 23.47 5,228 2.8
LV-29 Upper Clay 8.23 35.66 27.43 2,284 1.2
including 24.69 35.66 10.97 3,297 1.8
Lower Clay 51.82 79.25 27.43 4,507 2.4
including 51.82 74.68 22.86 5,395 2.9
LV-31 Upper Clay 147.83 185.52 37.69 1,453 0.8
including 173.61 185.52 11.91 2,963 1.6
Lower Clay 203.68 227.38 23.70 2,921 1.6
including 206.65 218.85 12.19 4,174 2.2
LV-35 Lower Clay 12.34 33.41 21.06 5,786 3.1
LV-36 Lower Clay 15.32 35.36 20.04 4,370 2.3
LV-37 Lower Clay 14.81 35.36 20.55 4,105 2.2
LV-38 Lower Clay 13.92 37.49 23.57 3,153 1.7
LV-39 Lower Clay 6.40 26.52 20.12 2,379 1.3

Table 2. Summary of Lithium-bearing intercepts - Fleur

Hole No Unit From (m) To (m) Length (m) Weighted average Li ppm LCE %
ES-42 Upper Clay 16.15 23.32 7.16 3,107 1.7
Lower Clay 39.32 64.62 25.30 4,242 2.3

The measurements of the clay units from the drill results were used in the updated mineral resource estimate prepared by SRK Consulting (UK) Limited (as announced by the Company via its news release dated May 13, 2015), however, the assay results were not due to availability.

Carl G. Verley, P.Geo. is the Qualified Person pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the AIM Note for Mining and Oil and Gas Companies who has reviewed and approved the technical contents of this news release.

ABOUT BACANORA:

Bacanora is a Canadian and London listed minerals explorer (TSX-V: BCN and AIM: BCN). The Company explores and develops industrial mineral projects, with a primary focus on lithium and borates. The Company's operations are based in Hermosillo in northern Mexico and it currently has two significant projects under development in the state of Sonora. The two main assets of Bacanora are:

  • The Sonora Lithium Project, which consists of ten mining concession areas covering approximately 100 thousand hectares in the northeast of Sonora State. The Company, through drilling and exploration work to date, has established an NI 43-101 compliant Indicated Mineral Resource of 1.12 Mt LCE contained in 95 Mt of clay at a Li grade of 2,200 ppm and an Inferred Mineral Resource of 6.3 Mt LCE contained in 500 Mt of clay at a Li grade of 2,300 ppm.; and

  • The Magdalena Borate Project, covering 16,503 hectares in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has an Indicated Resource (in accordance with NI 43-101) of 1.17 mt of B2O3, at an eight percent cut-off grade. The Company has completed a number of measures to determine the geological and commercial potential of the project and is undertaking a pre-feasibility exercise to determine the economic benefit of developing the mine and constructing a processing plant on site in order to become a supplier of boric acid.

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. 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.

To view the 'La Ventana drillhole location map', please visit the following link: http://media3.marketwire.com/docs/baca0521.pdf

Contact Information

  • Bacanora Minerals Ltd.
    Peter Secker
    Chief Executive Officer
    info@bacanoraminerals.com

    Bacanora Minerals Ltd.
    Martin Vidal
    President
    (+52 662) 210-0767