22 May 2015 07:00
Bacanora Minerals Ltd.
("Bacanora" or the "Company")
22 May 2015
La Ventana Drilling Results, Sonora Lithium Project Mexico
Bacanora, the Canadian and London listed (TSX-V: BCN and AIM: BCN) lithium and borates company focussed on Mexico,is very 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 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 on 14 May 2015.
To view a map with the drill holes highlighted, please click here:http://www.rns-pdf.londonstockexchange.com/rns/9925N_-2015-5-21.pdf
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 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:
o Weighted averages for lithium content in the Upper Clay Unit varies from 955 ppm Li (0.5% LCE) over 41.6 metres (hole LV-19) to 3,215 ppm Li (1.7% LCE) over 17.48 metres (hole LV-27)
o 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)
o Individual 1.5 metre long samples of clay range up to 10,000 ppm 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."
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 | |
Hole No | Unit | From (m) | To (m) | Length (m) | Weighted average Li ppm | LCE % |
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 lithology from the drill results was 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.
For further information, please contact:
Bacanora Minerals Ltd.
| Peter Secker, CEO | info@bacanoraminerals.com
|
Cairn Financial Advisers LLP, Nomad
| Sandy Jamieson / Liam Murray
| +44 (0) 20 7148 7900 |
HD Capital Partners Ltd, Broker
| Philip Haydn-Slater / Paul Dudley
| +44 (0) 20 3551 4870 |
St Brides Partners, Financial PR Adviser
| Hugo de Salis / Frank Buhagiar / Elisabeth Cowell | +44 (0) 20 7236 1177 |
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 8500 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.