29 Jun 2015 07:00
Bacanora Minerals Ltd
("Bacanora" or the "Company")
Filing of Technical Report on the Sonora Lithium Project
Bacanora the Canadian and London listed (TSX-V: BCN and AIM: BCN) lithium and borates company focussed on Mexico, is pleased is pleased to announce the filing of a Technical Report ("Report") in respect of its Ventana, Fleur and El Sauz concessions that form part of the Sonora Lithium Project in northern Mexico. The Report has been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and is entitled, A Mineral Resource Estimate for Sonora Lithium Project, Mexico, May 2015. The lead author of the Technical Report is Mr. Martin Pittuck (MSc., C.Eng., MIMMM), who is a "qualified person" within the meaning of NI 43-101 and is independent of the Company. The Report has been filed on SEDAR and is also available for download on the Company's website.
The Report provides detail in relation to the Mineral Resource Statement ("MRE") for its lithium properties announced by the Company in its press release dated May 13, 2015. These properties consist of its 100 per cent. owned La Ventana lithium concession and the El Sauz, El Sauz 1 and Fleur concessions, which are held by Mexilit S.A. de C.V. ("Mexilit"). Mexilit is owned 70 per cent. by Bacanora and 30 per cent. by Rare Earth Minerals PLC ("REM") (AIM: REM).
Table 1 below shows the MRE for the Sonora Lithium Project with an effective date of 12 May 2015. It should be noted that the MRE table published on 13 May 2015 had assigned an inferred portion of the resource to the Megalit concessions. This has been updated in the final Report and correctly assigned to the El Sauz 1 Concession. In addition as a result of rounding effects the indicated resources have increased by 0.09 Mt of LCE to 1.14 Mt of LCE. The MRE has been classified in accordance with the terminology, definitions and guidelines given in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves (May 2014) and has been reported in accordance with NI 43-101, by the Qualified Person, Mr. Martin Pittuck (MSc., C.Eng., MIMMM).
The updated MRE of the Sonora Lithium Project, using a cut off of 450 ppm lithium is comprised of an Indicated portion estimated at 95 Mt, averaging 2,200 ppm Li, for 1.14 Mt of LCE, in addition to an Inferred portion estimated at 500 Mt averaging 2,300 ppm Li, for 6.30 Mt of LCE.
In addition to the MRE, a further conceptual target of 300 to 350 Mt, at a grade of Li of approximately 1,500 to 2,500 ppm within the current pit shell is considered worthy of further exploration. If these figures were converted to a Mineral Resource via successful drilling and exploration, it is estimated that this could represent an additional 2.4 to 4.6 Mt of LCE at the Sonora Lithium Project. It must be noted however, that the potential quantity and grade of this target is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Table 1: Mineral Resource Statement for the Sonora Lithium Project
Classification | Concession | Owner | Geological Unit | Mt Clay | Clay Grade (Li ppm) | Contained Li (Kt) | Contained Li2CO3 (Kt) | Contained LCE attributable to Bacanora (Kt) |
Indicated | La Ventana | Minera Sonora Borax | Lower Clay | 35 | 3,250 | 110 | 580 | 580 |
Upper Clay | 35 | 1,400 | 50 | 260 | 260 | |||
El Sauz | Mexilit (JV-1) | Lower Clay | 15 | 2,350 | 40 | 220 | 154 | |
Upper Clay | 8 | 1,000 | 8 | 40 | 28 | |||
Fleur | Lower Clay | 1 | 4,250 | 4 | 20 | 14 | ||
Upper Clay | 2 | 1,800 | 4 | 20 | 14 | |||
Indicated | Combined | 95 | 2,200 | 220 | 1,140 | 1,050 | ||
Inferred | La Ventana | Minera Sonora Borax | Lower Clay | 30 | 3,700 | 100 | 500 | 500 |
Upper Clay | 90 | 1,700 | 150 | 800 | 800 | |||
El Sauz | Mexilit (JV-1) | Lower Clay | 100 | 2,500 | 250 | 1,300 | 910 | |
Upper Clay | 100 | 1,100 | 100 | 500 | 350 | |||
Fleur | Lower Clay | 80 | 4,200 | 350 | 2,000 | 1400 | ||
Upper Clay | 60 | 1,800 | 100 | 500 | 350 | |||
El Sauz1 | Lower Clay | 20 | 4,300 | 80 | 400 | 280 | ||
Upper Clay | 30 | 1,700 | 60 | 300 | 210 | |||
Inferred | Combined | 500 | 2,300 | 1,200 | 6,300 | 4,800 |
Notes:
1. 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.
2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, SRK does not consider them to be material.
3. The reporting standard adopted for the reporting of the MRE uses the terminology, definitions and guidelines given in the CIM Standards on Mineral Resources and Mineral Reserves (May 2014) as required by NI 43-101 and JORC.
4. The MRE is reported on 100 percent basis for all project areas.
5. SRK assumes the Sonora Lithium deposit to be amenable to surface mining methods. Using results from initial metallurgical test work, suitable surface mining and processing costs, and forecast LCE price SRK has reported the Mineral Resource at a cut-off 450 ppm Li (2,400 ppm LCE).
6. SRK completed a site inspection of the deposit by Mr. Martin Pittuck, MSc, C.Eng, MIMMM, an appropriate "independent qualified person" as such term is defined in NI 43-101.
Qualified Person: Martin Pittuck, MSc., C.Eng., MIMMM of SRK Consulting (UK) Ltd., is a Qualified Person pursuant to 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 million tonnes ("Mt") of lithium carbonate equivalent ("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 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.