17 Mar 2015 07:00
Bacanora Minerals Ltd
("Bacanora" or the "Company")
Appointment of SRK to Sonora Lithium Project
Bacanora the London and Canadian listed (AIM: BCN and TSX-V: BCN) lithium and borates company focussed on Mexico, is pleased to announce that it has appointed SRK Consulting (UK) Limited ("SRK"), as part of the engineering team to review and prepare an updated resource statement on the Sonora Lithium Project in northern Mexico, in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Joint Ore Reserve Committee ("JORC") guidelines.
This resource statement will form the basis for detailed mine design work required for the completion of the Sonora Project's pre-feasibility study and will be used in negotiations with potential Project partners and potential lithium off-take partners.
Colin Orr-Ewing, Chairman of Bacanora, commented:
"Bacanora looks forward to working with SRK to update our mineral resources on the Sonora Lithium Project. SRK has wide experience in the lithium sector working on resource modelling and mineral processing at some of the largest developing projects in the world. This experience will be invaluable as we continue to progress the Project. It is anticipated that recent drilling successes should result in further increases to the previously declared lithium resources that have been published by the Company for the Sonora Lithium Project. It is anticipated that this work could be completed as early as the end of April."
**ENDS**
For further information please visit www.bacanoraminerals.com or contact:
Bacanora Minerals Ltd
| Colin Orr-Ewing, Non-Executive Chairman Shane Shircliff, CEO | +44 (0) 20 3696 2410 +1 (403) 237 6122 |
Cairn Financial Advisers LLP, Nomad
| Sandy Jamieson / Liam Murray
| +44 (0) 20 7148 7900 |
HD Capital Partners LLP, Broker
| Philip Haydn-Slater / Paul Dudley
| +44 (0) 20 3551 4870 |
Buchanan, Financial PR Adviser
| Bobby Morse / Gordon Poole / Jason Day | +44 (0) 20 7466 5000 |
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 covers ten mining concession areas in North East Sonora state. The Company, through drilling work to date, has established a National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant Indicated Resource of 3.28 million tonnes ("mt") of lithium carbonate equivalent at a 2,000 ppm cut-off grade; and
· The Magdalena Borate Project in Sonora state, Mexico, where the Company's main borate zone, El Cajon, has a NI 43-101 compliant Indicated Resource of 1.17 mt of B2O3, at an eight per cent. 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.