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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Avarone Metals, Inc. | TSXV:REM | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
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BACANORA MINERALS LTD. ("Bacanora" or the "Company") (TSX VENTURE:BCN) is
pleased to announce the completion of the 10 hole, 1,476 metre drill program on
the Fleur and El Sauz concessions in northern Mexico. The two concessions form
the lands under joint venture with Rare Earth Minerals PLC ("REM") (AIM:REM). In
addition, the Company is pleased to announce further significant lithium-bearing
intervals from the analytical results of core samples taken from diamond drill
holes ES-02, ES-03 and ES-04, as well as the clay intercepts in the remaining
holes.
Martin Vidal, President of Bacanora, commented "we are very pleased with the
lithium values obtained in holes ES-02 to ES-04 as well as the widths of
intercepts of the clay units in holes ES-03 to ES-10. These results, again,
demonstrate the continuity of the lithium-bearing clay units onto the El Sauz
and Fleur concessions and highlight the potential for a significant lithium
resource to be developed on the joint venture lands. The results remain
consistent with those found at the adjoining La Ventana deposit. When all of the
results from the first phase drill program are available, management intends to
provide an initial lithium resource estimate for the El Sauz and Fleur
concessions."
Table 1. Lithium Intercepts (metres)
----------------------------------------------------------------------------
Li LCE Li2O K2O
From To Interval Lithology ppm (i) % % %
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drill Hole ES-02
----------------------------------------------------------------------------
193.55 197.21 3.66 Upper Clay 3,114 1.65 0.67 1.25
----------------------------------------------------------------------------
203.55 233.78 30.23 Lower Clay 3,968 2.11 0.85 1.73
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drill Hole ES-03
----------------------------------------------------------------------------
186.39 199.85 13.46 Upper Clay 3,073 1.64 0.66 0.72
----------------------------------------------------------------------------
210.31 239.65 29.34 Lower Clay 3,877 2.06 0.83 1.05
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drill Hole ES-04
----------------------------------------------------------------------------
120.70 131.37 10.67 Upper Clay 2,547 1.36 0.55 0.65
----------------------------------------------------------------------------
140.39 171.75 31.37 Lower Clay 3,594 1.91 0.77 0.89
----------------------------------------------------------------------------
(i)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 assumes 100% recovery and no process losses in conversion of Li to
Li2CO3.
Li2O = lithium oxide and is determined by multiplying Li value in percent by
2.153 to get an equivalent Li2O value in percent.
Clay units also exhibited elevated values in other alkali metals, including
K, Na, Cs, and Rb, as well as alkali earth metals: Mg, Ca and Sr.
Analysis of the drill core was performed by ALS Chemex, in Vancouver, BC, an
internationally recognized assay service provider. The Company followed industry
standard procedures for the work carried out during the drill program, with a
quality assurance/quality control (QA/QC) program. Internal standard samples
were inserted into each drill core sample sequence sent to the laboratory for
analysis. Bacanora detected no significant QA/QC issues during review of the
data.
The lithologies intersected in holes that have not been previously reported are
tabulated below in Table 2and illustrated in Figure 1. The combined clay units
average 63.67 metres in thickness in the area drilled, with the Upper Clay Unit
averaging 28.64 metres and the Lower Clay Unit averaging 34 metres.
The drilling tested 4 kilometres of strike length of the clay units, which at
the northern part of the concession area are capped by basalt, but are exposed
in the southern part of the concession area.
Table 2. Summary of Lithologies Intersected Holes ES-03 to ES-10
--------------------------------------------------------------------
ES-03 ES-04
--------------------------------------------------------------------
LI LI
Lithology From - To (i) From - To (i)
--------------------------------------------------------------------
--------------------------------------------------------------------
Basalt 0.0 146.9 0.0 86.1
--------------------------------------------------------------------
Sandstone 146.9 158.5 86.1 96.4
--------------------------------------------------------------------
Upper clay 158.5 201.5 42.9 96.4 132.5 36.0
--------------------------------------------------------------------
Ignimbrite 201.5 210.9 132.5 140.4
--------------------------------------------------------------------
Lower clay 210.9 239.6 28.7 140.4 163.4 22.9
--------------------------------------------------------------------
Basement 239.6 256.0 163.4 195.1
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
ES-05 ES-06
--------------------------------------------------------------------
LI LI
Lithology From - To (i) From - To (i)
--------------------------------------------------------------------
--------------------------------------------------------------------
Basalt 0.0 11.3 0.0 6.1
--------------------------------------------------------------------
Sandstone 11.3 23.2 6.1 17.16
--------------------------------------------------------------------
Upper clay 23.2 55.5 32.3 17.2 32.2 22.4
--------------------------------------------------------------------
Ignimbrite 55.5 59.8 32.2 33.5
--------------------------------------------------------------------
Lower clay 59.8 92.1 32.2 33.5 78.3 44.8
--------------------------------------------------------------------
Basement 92.1 123.8 78.3 92.6
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
ES-07 ES-08
--------------------------------------------------------------------
--------------------------------------------------------------------
LI
Lithology From - To (i) From - To LI
--------------------------------------------------------------------
Basalt 0.0 8.3
--------------------------------------------------------------------
Sandstone 0.0 3.4 8.3 19.2
--------------------------------------------------------------------
Upper clay 3.4 32.0 28.6 19.2 45.1 25.9
--------------------------------------------------------------------
Ignimbrite 32.0 36.0 45.1 49.4
--------------------------------------------------------------------
Lower clay 36.0 69.5 33.5 49.4 73.8 24.2
--------------------------------------------------------------------
Basement 69.5 96.3 73.8 85.4
--------------------------------------------------------------------
--------------------------------------------------------------------
ES-09 ES-10
--------------------------------------------------------------------
--------------------------------------------------------------------
Lithology From - To LI From - To LI
--------------------------------------------------------------------
Basalt 0.0 3.6
--------------------------------------------------------------------
Sandstone 3.6 14.9
--------------------------------------------------------------------
Upper clay 14.9 46.8 31.9
--------------------------------------------------------------------
Ignimbrite 46.8 51.2 0.0 4.0
--------------------------------------------------------------------
Lower clay 51.2 82.0 30.0 4.0 28.4 24.4
--------------------------------------------------------------------
Basement 82.0 97.5 28.4 59.7
--------------------------------------------------------------------
LI(i) = length of interval intersected in drill hole, rounded to nearest
tenth of a metre. All holes were drilled vertically (-90 degrees ); clay
units dip approximately 20 degrees to the northeast, consequently true
thickness is estimated to be 94% of intervals intersected.
Further results from drill holes will be reported as they become available.
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 owned by Bacanora. 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 National Instrument
43-101 that has reviewed and approved the technical contents of this news
release.
To view Figure 1, click on the following link:
http://media3.marketwire.com/docs/b814m.pdf
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 lands, management's intention to
prepare an initial resource estimate for the El Sauz and Fleur concessions and
the provision of additional drill results as they become available. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Bacanora Minerals Ltd.
Shane Shircliff
Chief Executive Officer
(306) 649-0602
(306) 649-0601 (FAX)
Bacanora Minerals Ltd.
Martin Vidal
President
(+52 662) 210-0767
www.bacanoraminerals.com
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