CALGARY,
ALBERTA–(Marketwired – April 22, 2014) – BACANORA MINERALS LTD. (“Bacanora” or the
“Company”) (TSX VENTURE:BCN) is pleased to announce results of bench
scale metallurgical and mineral process testing conducted by the Metallurgical
Division of Inspectorate Exploration & Mining Services Ltd. (“Inspectorate”)
on clay composite samples from the La Ventana lithium concession, owned 100% by
Bacanora, and the El Sauz concession, held under Joint Venture #1 with Rare
Earth Minerals PLC (“REM”), each of which is located in Sonora,
Mexico.
The Company’s pilot
plant uses a roast-leach process to take lithium into solution from the clays
and the resulting solution is reduced in volume by evaporation in order to
concentrate lithium. After duplicating this process in its independent
laboratory, Inspectorate concluded that lithium carbonate product with over 99%
purity was achieved from condensed leach solutions in laboratory scale test
work. XRD (“x-ray diffraction”) performed on products from two
test samples confirmed over 99.5% lithium carbonate purity as mineral
zabuyelite. These test results have been confirmed on duplicate samples
tested under similar process parameters at the Company’s pilot plant in
Hermosillo.
Martin Vidal, President
of Bacanora, commented, “We are very pleased to be able to produce battery
grade(1) lithium carbonate from our pilot plant and are further excited to have
had this work independently verified by an arm’s length, third party
laboratory. It is our intention to use the results of this work to move
the project forward to the pre-feasibility stage, with engineering work
designed to develop a commercial scale lithium carbonate recovery plant for the
La Ventana clays. In addition, successful production of high purity lithium
carbonate in tests of clay composite samples from the adjoining El Sauz
concession, under joint venture with REM, further demonstrates the significant
economic potential of the Sonora Lithium Project.”
(1) It is industry
standard terminology that “battery grade” lithium carbonate is
lithium carbonate product with over 99.5% lithium carbonate purity.
Battery-grade lithium carbonate is employed by the battery industry in the
production of lithium ion batteries, which are used in a variety of
applications, from small consumer and industrial appliances to electric
vehicles and large stationary energy storage facilities for electric utilities.
About the Sonora Lithium
Project:
The Sonora Lithium
Project consists of the La Ventana and La Ventana 1 concessions, which is owned
100% by Bacanora, along with the contiguous El Sauz, El Sauz 1, El Sauz 2,
Fleur and Fleur 1 concessions (the “Joint Venture #1 Lands”) which
are owned 70% by Bacanora and 30% by REM under Joint Venture #1 and the San
Gabriel, Buenavista and Megalit concessions (the “Joint Venture #2 Lands”)
which are owned 90% by Bacanora and 10% by REM under Joint Venture #2. The
Company has declared inferred resources on each of the La Ventana concessions
and the Joint Venture #1 Lands, in respect of which reports have been prepared
in accordance with National Instrument 43-101 – Standards of Disclosure for
Mineral Projects (“NI 43-101”) (please refer to the Company’s
SEDAR filings for copies of these reports and related press releases). Inferred
resources have been estimated for the La Ventana Lithium Deposit totaling 60
million tonnes, averaging 3,000 ppm Li (equivalent to 1.6% lithium carbonate
equivalent assuming 100% recovery and no process losses). Inferred resources
for the El Sauz and Fleur concessions total 88,271,000 tonnes, averaging 3,163 ppm
Li at a 2,000 ppm cut-off (1.68% lithium carbonate equivalent assuming 100%
recovery and no process losses). The resource on the Joint Venture #1
Lands is open down dip to the east and to the south. For further details
concerning the Company’s first agreement with REM and details of Joint Venture
#1, please refer to the Company’s press release dated May 22, 2013. For further
details concerning the Company’s second agreement with REM and details of Joint
Venture #2, please refer the Company’s press release dated March 12 and March
26, 2014.
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 our intended use of testing
results and the potential construction of commercial scale lithium carbonate
recovery plant for the La Ventana clays. 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.
Bacanora Minerals Ltd.
Shane Shircliff
Chief Executive Officer
(306) 649-0602
Bacanora Minerals Ltd.
Martin Vidal
President
(+52 662) 210-0767
www.bacanoraminerals.com
