Feb 10 2011
BACANORA MINERALS LTD. (TSX VENTURE:BCN) has announced the results of a preliminary mineral reserve estimate on the Company's Cajon Borate deposit in Sonora, Mexico.
The Cajon deposit forms part of the Magdalena Borate Project, which is 100% owned by Bacanora's wholly-owned subsidiary, Minera Sonora Borax S.A. de C.V., subject to a 3% royalty in favor of a subsidiary company of Rio Tinto and a 3% Gross Overriding royalty in favor of Mr. Colin Orr-Ewing.
The estimate, made by Rodrigo Calles-Montijo from Servicios Geologicos IMEX SC (SGI), under the supervision of Martin F. Vidal P. Geo, and Carl G. Verley, P. Geo., provides inferred and indicated resources as per the CIM Definition Standards on Mineral Resources and Mineral Reserves 2004, to a depth of approximately 150 metres for the Cajon Borate Deposit. The estimate focused on the three stacked colemanite horizons which constitute the Cajon deposit.
The procedure for the indicated resource estimate evaluated data from the 2010 and 2006 diamond drill holes. Assay data from a total of 580 mineralized core samples were used in the estimate. The intercepts were incorporated in a polygonal model for each of the colemanite horizons. The estimated true thickness of the drill intercepts, which varied from between 90% and 95%, was used to define the thickness of each block. Thickness of the colemanite horizons ranged from 3.35 to 22 metres and averaged 10 metres. A volume was then estimated for each polygon based on the constructed area and estimated thickness. Specific gravity measurements of drill core samples from mineralized intervals were measured by Laboratorio Tecnologico Metalurgico with an average of 2.41 tonne/m3. The average specific gravity for the colemanite horizons was applied to the volume estimate in order to determine a tonnage for each polygon. Assay data from SGS Laboratories were used in the estimate.
Inferred resources were based on diamond drill data obtained from prior drilling undertaken by Rio Tinto–Vitro JV during the 1980´s and 1990´s. The Rio Tinto work on Cajon was managed by Mr. Vidal. Bacanora is, therefore, confident that it can rely on the data from this work. Future work will be directed toward infill drilling in order to upgrade the inferred resources, as well as to expand the indicated resources estimate. The Cajon deposit is open to the northwest and southeast, as well as at depth.
Cajon Borate Deposit – Maiden Borate Resource Estimate
Management is very pleased with the initial resource estimate and looks forward to completing additional work for the purpose of further expanding the indicated resource and, ultimately, leading to the commercial development of this deposit.
Colemanite is a boron mineral that is used to produce boric acid, a compound used in a number of industrial applications that are in general designed to reduce energy consumption. Colemanite itself has industrial applications in ceramics and agriculture. Current contract prices for colemanite range from $US200 – 350 per tonne; contract prices for chemical grade boric acid are approximately $US700 per tonne.
Martin Vidal, Professional Geoscientist, is the Qualified Person for this news release and has reviewed and approved its contents.