Initial Drill Results on the Sonora Lithium Project BCN/REM Lithium Joint Venture Lands
CALGARY, ALBERTA -- (Marketwired) -- 06/24/13 -- BACANORA MINERALS LTD. ("Bacanora" or the "Company") (TSX VENTURE: BCN) is pleased to release the analytical results of core samples taken from the first diamond drill hole (ES-01) on the Fleur concession in northern Mexico. Fleur is one of the two concessions that form the lands under joint venture with Rare Earth Minerals PLC.
Hole ES-01 intersected sediments grouped into the Upper Clay Unit from 99.4 metres to 143.4 metres down the hole. Lithium values in individual samples taken across lengths from 0.91 to 1.52 metres range from 143 to 6,200 ppm Li. Within this interval there are two clay-rich zones averaging 12.81 metres with 3,337 ppm Li (1.77 % LCE(i)).
The Lower Clay Unit was intersected from 156.10 to 193.50 metres down the hole. Lithium values in individual samples taken across lengths from 1.52 to 2.44 metres range from 2,030 to over 10,000 ppm Li. The interval from 156.0 to 179.83 averaged 4,422 ppm Li (2.36 % LCE) over the 23.83 metre length.
Table 1. Drill Hole ES-01 - Significant Intercepts
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From To Interval Lithology Li ppm LCE(i)% Li2O% K2O%
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0 99.4 99.4 Basalt
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99.4 143.56 44.16 Upper Clay
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Including:
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124.66 129.24 4.58 2,113 1.13 0.45 1.45
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135.33 143.56 8.23 4,017 2.14 0.86 1.61
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143.4 156.1 12.7 Ignimbrite
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156.1 193.5 37.4 Lower Clay
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Including:
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156.00 179.83 23.83 4,422 2.36 0.95 2.26
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Basal
193.5 204.2 10.7 volcanics
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(i)LCE = lithium carbonate (Li2CO3) Equivalent: determined by multiplying Li
value in percent by 5.324 to get an equivalent Li2CO3 value in percent. Use
of LCE assumes 100% recovery and no process losses in conversion of Li to
Li2CO3.
Li2O = lithium oxide and is determined by multiplying Li value in percent by
2.153 to get an equivalent Li2O value in percent.
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Clay units also exhibited elevated values in other alkali metals, including K, Na, Cs, and Rb, as well as alkali earth metals: Mg, Ca and Sr.
Analyses of the drill core were performed by ALS Chemex, in Vancouver, BC, an internationally recognized assay service provider. The Company followed industry standard procedures for the work carried out during the drill program, with a quality assurance/quality control (QA/QC) program. Internal standard samples were inserted into each drill core sample sequence sent to the laboratory for analysis. Bacanora detected no significant QA/QC issues during review of the data.
Drilling is continuing on schedule, with the drill currently on the fourth hole of the 10 hole program. Results from these drill holes will be reported as they become available.
Martin Vidal, President of Bacanora Minerals states "we are very pleased with the results for ES-01. These results are very similar to results obtained from drill holes in the adjoining La Ventana lithium deposit, providing further confirmation of the continuity and persistence of the lithium-bearing clay units onto the joint venture lands and demonstrating potential to expand the lithium resource there."
About the Sonora Lithium Project:
The Company's interests in the El Sauz and Fleur Concessions cover 3,411 hectares out of a total of 5,786 contiguous hectares that make up the Sonora Lithium Project (the "Project") owned by Bacanora. The El Sauz and Fleur Concessions are the subject of the Company's joint venture with REM, whereby REM can earn an initial interest of 10% in the Concessions, with an option to earn up to a 49.9% interest in the Concessions. For further details concerning the Company's agreement with REM and details of the joint venture, please refer to the Company's press release dated May 22, 2013.
Lithium is the lightest of the alkali metals and has unique electrochemical properties that make it the element of choice for batteries of high energy storage capacity and other energy applications as well as a host of other industrial and health applications. Lithium-bearing clays also have application in the petroleum industry for high temperature - high pressure tolerant drilling muds.
Carl G. Verley, P.Geo. is the Qualified Person pursuant to National Instrument 43-101 and has reviewed of the technical contents of this news release.
Reader Advisory
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
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 estimated future value of the Sonora Lithium Deposit. 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.
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Contacts:
Bacanora Minerals Ltd.
Shane Shircliff
Chief Executive Officer
(306) 649-0602
(306) 649-0601 (FAX)
Bacanora Minerals Ltd.
Martin Vidal
President
(+52 662) 210-0767
www.bacanoraminerals.com