Bacanora Announces Inferred Resource Estimate of 1,486,000 Tonnes of Lithium Carbonate Equivalent on Lithium Joint Venture La...
28 August 2013 - 11:59PM
Marketwired Canada
BACANORA MINERALS LTD. (TSX VENTURE:BCN) ("Bacanora" or the "Company") is
pleased to announce an initial inferred lithium resource estimate of total
inferred resources in the amount of 88,271,000 tonnes bearing an average grade
of 3,163 Li ppm or 1.68% Lithium Carbonate Equivalent ("LCE") for 1,486,000
tonnes of LCE(1) for the Fleur and El Sauz concessions ("Concessions") in
northern Mexico. The two concessions form the lands under joint venture with
Rare Earth Minerals PLC ("REM") (AIM: REM). REM has earned a 10% interest in the
Concessions and provided notice of its intention to exercise its option to
increase its interest in the Concessions to 30% (see the Company's press release
dated August 26, 2013). The new inferred lithium resource estimate is tabulated
below (Table 1) and combined with previously reported lithium resources for the
La Ventana Deposit are listed in Table 2.
The initial inferred lithium resources for the Concessions are estimated at
88,271,000 tonnes averaging 3,163 ppm Li (1.68% LCE(i)) at a cut-off of 2,000
ppm Li for the combined Upper and Lower Clay Units. The Upper Clay Unit has an
inferred Li resource estimated at 20,060,000 tonnes averaging 2,748 ppm Li
(1.46% LCE). The Lower Clay Unit has an inferred Li resource estimated at
68,211,000 tonnes averaging 3.278 ppm (1.75% LCE).
Table 1.Summary of inferred resources estimated for El Sauz & Fleur Concessions
----------------------------------------------------------------------------
Grade
----------------------------------------------------------------------------
True(1)
Cut-off (ppm Thickness Tonnes of
Li) (m) Tonnage(2) Li ppm Li2O3% LCE4% LCE(i)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Upper Clay
----------------------------------------------------------------------------
1,000 18.30 57,700,000 1,381 0.30 0.74 427,000
----------------------------------------------------------------------------
2,000 6.80 20,060,000 2,748 0.59 1.46 293,000
----------------------------------------------------------------------------
3,000 8.10 9,846,000 3,398 0.73 1.81 178,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Lower Clay
----------------------------------------------------------------------------
1,000 27.60 96,103,000 2,526 0.54 1.35 1,297,000
----------------------------------------------------------------------------
2,000 14.70 68,211,000 3,278 0.71 1.75 1,193,000
----------------------------------------------------------------------------
3,000 24.00 44,083,000 4,030 0.87 2.15 948,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Grade
----------------------------------------------------------------------------
True(1)
Cut-off (ppm Thickness Tonnes of
Li) (m) Tonnage Li ppm Li2O2% LCE3% LCE(i)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Combined Clay Units
----------------------------------------------------------------------------
153,806,00
1,000 45.90 0 2,052 0.44 1.09 1,782,000
----------------------------------------------------------------------------
2,000 21.50 88,271,000 3,163 0.68 1.68% 1,486,000
----------------------------------------------------------------------------
3,000 32.10 53,929,000 3,922 0.84 2.09% 1,126,000
----------------------------------------------------------------------------
(1) True thickness is estimated to be 94% of drill intercepts.
(2) It should be noted that figures expressed above are gross figures. The
Concessions are the subject of a joint venture between the Company and
REM, pursuant to which REM has an option to earn up to a 49.9% interest.
To date, REM has earned a 10% interest and provided notice of its
intention to exercise its option to increase its interest in the
Concessions to 30%.
(3) Li2O = lithium oxide and is determined by multiplying Li value in
percent by 2.153 to get an equivalent Li2O value in percent.
(4) 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
standards.
The recently completed drilling campaign on the Concessions tested a 4 kilometre
strike length of the lithium-bearing volcanic-sedimentary succession, which
remains open down dip and to the east as well as on strike to the south. A
relatively high-grade portion of the deposit underlies the northern 2.7
kilometres of the area tested and, at a cut-off of 3,000 ppm Li, contains
53,929,000 tonnes averaging 3,922 ppm Li (2.09% LCE). Investors are cautioned
that the resource estimate does not mean or imply that an economic lithium
deposit exists on the Concessions. Further testing will need to be undertaken to
confirm economic feasibility. In accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI 43-101"), the Company will
prepare a technical report in respect of this initial inferred resource
estimate, which will be filed on SEDAR within 45 days from today.
The inferred resources estimated on the Concessions are the southward
continuation of the La Ventana lithium deposit. The La Ventana deposit as
previously announced (news release dated January 25, 2013) contains an NI 43-101
compliant inferred resource estimated at 60 million tonnes averaging 3,000 ppm
Li (1.6% LCE) at a cut-off of 2,000 ppm Li. The combined inferred resource for
both clay units for the La Ventana lithium deposit and the extension onto the
Concessions, at a cut-off of 2,000 ppm Li (Table 2), is 148,271,000 tonnes
averaging 3,097 ppm Li (1.65% LCE).
Table 2. Estimated Inferred Resources for La Ventana and south extension onto
the Concessions
----------------------------------------------------------------------------
Grade
----------------------------------------------------------------------------
Tonnes of
Tonnage Li ppm Li2O2% LCE3% LCE(i)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
La Ventana 60,153,000 3,000 0.65 1.60 930,000
----------------------------------------------------------------------------
Concessions(1) 88,271,000 3,163 0.68 1.68 1,486,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Combined 148,424,000 3,097 0.66 1.65 2,416,000
----------------------------------------------------------------------------
(1) It should be noted that figures expressed above are gross figures. The
Concessions are the subject of a joint venture between the Company and
REM, pursuant to which REM has an option to earn up to a 49.9% interest.
To date, REM has earned a 10% interest and provided notice of its
intention to exercise its option to increase its interest in the
Concessions to 30%.
(2) Li2O = lithium oxide and is determined by multiplying Li value in
percent by 2.153 to get an equivalent Li2O value in percent.
(3) 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
standards.
As noted in Bacanora's news release dated August 26, 2013, REM has provided
Bacanora with written notice of exercise of its option to increase its ownership
in the Concessions to 30%, which will take effect after delivery by REM of a
cash payment to Bacanora in the amount of $500,000, together with a further $1
million thereafter that is due within six months, the latter of which shall be
used for further drilling and exploration expenditures on the Concessions. Upon
receipt of such funds, a Stage 2 program will be planned, which is expected to
include continued infill, as well as step-out drilling in order to upgrade and
expand the lithium resource. Details of the Stage 2 program, once finalized,
will be announced in a further news release.
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. 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 NI 43-101 that has
reviewed and approved the technical contents of this news release.
Reader Advisory
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 land and management's intention to
prepare a technical report in respect of the initial resource estimate for the
El Sauz and Fleur concessions. 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.
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 information.
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.
To see the image associated with this release, please select the following link:
http://media3.marketwire.com/docs/bacanora.jpg
FOR FURTHER INFORMATION PLEASE CONTACT:
Bacanora Minerals Ltd.
Shane Shircliff
Chief Executive Officer
(306) 649-0602
(306) 649-0601 (FAX)
www.bacanoraminerals.com
Bacanora Minerals Ltd.
Martin Vidal
President
(+52 662) 210-0767
Avarone Metals, Inc. (TSXV:REM)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Avarone Metals, Inc. (TSXV:REM)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
