CALGARY, ALBERTA, Sep 30, 2014 (Marketwired via COMTEX) —
BACANORA MINERALS LTD. (“Bacanora” or the “Company”) (BCN) (aim:BCN) is pleased to announce that it will commence a
significant drilling and exploration program in early November and is
working with several key industry consultants to design a full scale
lithium plant and mining operation, capable of up to 50,000 tonnes
per annum of lithium carbonate equivalent (“LCE”)(1) to complement
the already defined indicated resource of 3.26 million tonnes of LCE
on the Sonora Lithium Project (the “Project”).
Drilling and Exploration Program:
The focus of the program will be primarily on the Company’s La
Ventana concession, but will also cover the Megalit, El Sauz and
The current planned drilling program will consist of at least 5,000
metres of diamond core drilling, a five-fold increase in drilling on
the Project compared to the last stage of drilling undertaken. The
objective of the drilling will be four-fold:
1. Infill drilling to determine detailed open-pit design and upgrade resource estimated from the 'indicated' to 'measured' resource category. 2. Integrate drill results, along with a LiDAR topographic survey, into a mine plan for incorporation into pre-feasibility studies which will be used for the development of the deposit; 3. Step-out drilling to expand the known resources; and 4. Drill testing targets developed through the mapping and prospecting program underway on the Megalit concessions.
The proposed programs are expected to start in early November.
In addition to the planned drilling program, the Company will begin
trenching on the Buenavista area of the Megalit concession to provide
bulk clay samples for metallurgical testing. As announced by the
Company in its press release dated August 20, 2014, the lithium
bearing clay units on the Buenavista area have been confirmed to be
exposed at surface for 6 km along strike and outcrop over 1.25 km
across dip and have returned surface samples of up 1,700 ppm Lithium.
Full Scale Plant Design
The Company is advancing work on pre-feasibility studies and has
contracted the services of Process Engineering LLC to design a plant
capable of delivering 50,000 tonnes per year of lithium carbonate. In
addition, the Company has also begun testing for the recovery of
lithium hydroxide from the Project. Both of these process design
streams are being developed to meet potential new industry
requirements from the electric vehicle markets. The Company is
actively working with a number of potential off-take customers for
its potential lithium compound production.
(1) 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 is to provide data comparable with
industry reports and assumes complete conversion of lithium in clays
with no recovery or process losses.
Resources identified on the Project by drilling rank amongst the
largest bedrock resources in the world. Other comparable lithium
deposits consist of Western Lithium Corporation’s King’s Valley
Project in Nevada with proven and probable reserves of 27,135,000
tonnes averaging 0.395 per cent Li (3,950 ppm Li) and Rio Tinto’s
Jadar project in Serbia with inferred resources of 125.3 million
tonnes averaging 1.8 per cent Li2O (0.836 per cent Li or 8,360 ppm
Li). The Sonora Lithium Project’s lithium resources currently consist
of NI 43-101 compliant drill indicated lithium resources of
75,320,000 tonnes averaging 3,174 ppm Li (1.69 per cent LCE) on La
Ventana and 120,990,000 tonnes averaging 3,120 ppm Li (1.66 per cent.
LCE) on the El Sauz – Fleur concessions, both at a cut-off of 2,000
Martin Vidal, President of Bacanora, commented:
“Advancing the Sonora Lithium Project is a key stage in the
development of an important component in Bacanora’s asset portfolio,
as the Project hosts a large and high-grade lithium deposit.
In particular, given the continued and anticipated growth in demand
for lithium in the coming years, we are focused on commercializing
and expanding the lithium resources by advancing the engineering and
design work on a full scale 50,000 tonnes per annum lithium carbonate
plant and commencing the drilling and exploration program on the
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 in line with the AIM Note on Mining and Oil and Gas
Companies, that has reviewed and approved the technical contents of
this news release.
Bacanora Minerals Ltd. is a Canadian and London listed junior
minerals explorer (BCN) (aim:BCN), whose main projects
are located in the northern Mexican state of Sonora. The Company’s
focus is on demonstrating feasibility of its lithium and borate
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 further drilling, exploration,
prospecting, geological mapping, rock sampling, drilling and
pre-feasibility work to be completed, in addition to the potential
plant design and planning of a larger drill program and accelerating
development. 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 is based on the opinions and estimates of
management at the date the statements are made, and are subject to a
variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those anticipated
in the forward-looking information. Some of the risks and other
factors that could cause the results to differ materially from those
expressed in the forward-looking information include, but are not
limited to: commodity price volatility; general economic conditions
in Canada, the United States, Mexico and globally; industry
conditions, governmental regulation, including environmental
regulation; unanticipated operating events or performance; failure to
obtain industry partner and other third party consents and approvals,
if and when required; the availability of capital on acceptable
terms; the need to obtain required approvals from regulatory
authorities; stock market volatility; competition for, among other
things, capital, skilled personnel and supplies; changes in tax laws;
and the other risk factors disclosed under our profile on SEDAR at
www.sedar.com. Readers are cautioned that this list of risk factors
should not be construed as exhaustive.
The forward-looking information contained in this news release is
expressly qualified by this cautionary statement. We undertake no
duty to update any of the forward-looking information to conform such
information to actual results or to changes in our expectations
except as otherwise required by applicable securities legislation.
Readers are cautioned not to place undue reliance on forward-looking
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Contacts: Bacanora Minerals Ltd. Colin Orr-Ewing Non-Executive Chairman +44 (0) 20 3696 2410 Bacanora Minerals Ltd. Shane Shircliff Chief Executive Officer (306) 649-0602 Bacanora Minerals Ltd. Martin Vidal President (+52 662) 210-0767 Buchanan Communications Bobby Morse/ Gordon Poole / Louise Mason +44 (0) 20 7466 5000
SOURCE: Bacanora Minerals Ltd.
(C) 2014 Marketwire L.P. All rights reserved.