CALGARY, ALBERTA–(Marketwired – Aug. 14, 2013) – BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (TSX VENTURE:BCN) is pleased to announce the completion of the 10 hole, 1,476 metre drill program on the Fleur and El Sauz concessions in northern Mexico. The two concessions form the lands under joint venture with Rare Earth Minerals PLC (“REM”) (AIM:REM). In addition, the Company is pleased to announce further significant lithium-bearing intervals from the analytical results of core samples taken from diamond drill holes ES-02, ES-03 and ES-04, as well as the clay intercepts in the remaining holes.
Martin Vidal, President of Bacanora, commented “we are very pleased with the lithium values obtained in holes ES-02 to ES-04 as well as the widths of intercepts of the clay units in holes ES-03 to ES-10. These results, again, demonstrate the continuity of the lithium-bearing clay units onto the El Sauz and Fleur concessions and highlight the potential for a significant lithium resource to be developed on the joint venture lands. The results remain consistent with those found at the adjoining La Ventana deposit. When all of the results from the first phase drill program are available, management intends to provide an initial lithium resource estimate for the El Sauz and Fleur concessions.”
|Table 1. Lithium Intercepts (metres)|
|Drill Hole ES-02|
|Drill Hole ES-03|
|Drill Hole ES-04|
|*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.|
|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.|
Analysis of the drill core was 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.
The lithologies intersected in holes that have not been previously reported are tabulated below in Table 2and illustrated in Figure 1. The combined clay units average 63.67 metres in thickness in the area drilled, with the Upper Clay Unit averaging 28.64 metres and the Lower Clay Unit averaging 34 metres.
The drilling tested 4 kilometres of strike length of the clay units, which at the northern part of the concession area are capped by basalt, but are exposed in the southern part of the concession area.
|Table 2. Summary of Lithologies Intersected Holes ES-03 to ES-10|
|LI* = length of interval intersected in drill hole, rounded to nearest tenth of a metre. All holes were drilled vertically (-90°); clay units dip approximately 20° to the northeast, consequently true thickness is estimated to be 94% of intervals intersected.|
|Further results from drill holes will be reported as they become available.|
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 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 El Sauz and Fleur Concessions, with an option to earn up to a 49.9% interest in the El Sauz and Fleur 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 strong demand 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 that has reviewed and approved the technical contents of this news release.
To view Figure 1, click on the following link: http://media3.marketwire.com/docs/b814m.pdf
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 potential for a significant lithium resource to be developed on the joint venture lands, management’s intention to prepare an initial resource estimate for the El Sauz and Fleur concessions and the provision of additional drill results as they become available. 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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