CALGARY, ALBERTA--(Marketwire - July 21, 2010) - BACANORA MINERALS LTD. (the "Corporation" or "Bacanora") (TSX VENTURE:BCN.P) is pleased to announce that it has entered into an agreement (the "Agreement") to acquire four exploration licenses in respect of Lithium claims in the Sonora State of Mexico, covering approximately 4,050 hectares (the "Claims"), in addition to a pending application in respect of a further 500 hectares. The project area is situated 120 km northeast of Hermosillo in Sonora State, Mexico and about 200 km southeast from the current Bacanora properties of Magdalena and Tubutama. Pursuant to the Agreement, Bacanora has agreed to issue an aggregate of 600,000 common shares to the vendor and to reimburse the vendor for U.S. $40,000 in prior expenditures incurred on this project. Closing of this acquisition is expected to occur promptly following receipt of TSX Venture Exchange approval.
The four Claims cover an aggregate of 4,050 Hectares, divided as follows:
| Claim |
Claim Size (Ha) |
Location |
| La Ventana |
875 |
Bacadehuachi |
| San Gabriel |
1500 |
Divisaderos |
| El Sauz |
1025 |
Bacadehuachi |
| Buenavista |
650 |
Huasabas |
A map showing the location of these Claims accompanies this news release as Appendix 'A'. The region where these Claims are located is characterized by thick piles of volcanic rocks with interbedded sediments associated with rhyolitic volcanism from the Sierra Madre Occidental (SMO). These sequences were deposited as volcanic ashes and pyroclastic flows and weathered within the containing basin to produce the Lithium-bearing clays that are now present in the form of Hectorite and other clays.
Access to the project areas is good (via gravel roads), although roads will need some improvement for commercial activities. Negotiation with land holders is ongoing and permits to access to the project areas have been granted. Infrastructure around the towns of Huasabas and Bacadehuachi is moderate with abundant water and paved roads from Hermosillo.
Historical surface sampling and mapping have been conducted over the La Ventana and Buenavista Claims. The La Ventana Claim is composed of a large (3km x 100m) northwesterly trending outcrop of volcanoclastic sedimentary rocks that host hectorite and other clays. Beds dip at approximately 5 o to 10o to the east. A rhyolitic tuff floors the sequence and a capping basaltic flow overlies the outcrop. Surface sampling indicates values from 0.17 to 0.55 % Li. X-Ray Diffraction analyses have confirmed the presence of hectorite. Boron and Cesium are also highly anomalous and could be beneficiated as by-products along as other elements.
The Buenavista Claim is located in the vicinity of Huasabas town, roughly 15 km north of the La Ventana Claim. On this Claim, a fine-grained fluvial-lacustrine sequence is exposed in the central and southeastern portions of the Huasabas basin. The sequence contains abundant light green, tuffaceous mudstone beds. From surface sampling, low Li anomalies (203-611 ppm) were found in the northern portion of the study area. Medium anomalies (612-1,019 ppm) were obtained from the north and central portions and high anomalies ( greater than 1,019 ppm) were obtained at the southernmost portion.
The two other areas that comprise the Claims (San Gabriel and El Sauz) were staked due to the similarities in geology and stratigraphy, but no sampling has been conducted to date.
Paul Conroy, President and CEO, states: "Bacanora is extremely excited about this agreement and the prospects for these Lithium claims. Not only are these properties a perfect complement to Bacanora's existing properties in the Tubutama and Magdalena regions of Sonora State, Mexico, they represent a positive diversification of our interests and provide us with several exciting drilling targets, which we expect to pursue after completion of further sampling that is expected to be conducted soon after the acquisition is consummated."
Martin Vidal, Professional Geoscientist, is the Qualified Person for this news release and has reviewed and approved its contents.
Other Information
Except for statements of historical fact relating to the Corporation, the information contained herein constitutes forward-looking statements. Forward-looking statements are 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 projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
To view "Appendix 'A'", please click on the following link: http://media3.marketwire.com/docs/721bcn2.pdf
Neither 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 the release.