Sep 5 2013
BACANORA MINERALS LTD. ("Bacanora" or the "Company") is pleased to announce that it has staked an additional concession over an aggregate of 900 hectares of ground adjacent to its existing La Ventana concession ("La Ventana 1") and a further three concessions over an aggregate of 2,020 hectares on lands which adjoin the El Sauz and Fleur concessions (the "El Sauz and Fleur Concessions").
With the addition of the La Ventana 1 concession, total acreage under concessions owned 100% by Bacanora (being La Ventana, La Ventana 1 and San Gabriel) now totals 3,290 hectares. With the addition of additional acreage adjoining the El Sauz and Fleur Concessions (all of which is subject to the joint venture between the Company and Rare Earth Minerals Plc. ("REM"), pursuant to which REM has an option to earn up to a 49.9% interest) (such lands are collectively referred to as the "Joint Venture Lands")), the total acreage under the Joint Venture Lands now totals 5,325 hectares. To date, REM has earned a 10% interest in the Joint Venture Lands and has provided notice of its intention to increase its interest in the El Sauz and Fleur Concessions to 30%.
The staking of these additional concessions was made in order to cover ground to the east and south of existing concessions where management believes there is the possibility to find down-dip eastward extensions of the of the lithium-bearing clay units found on Bacanora's La Ventana concession, as well as the El Sauz and Fleur Concessions.
About the Sonora Lithium Project:
The Company's interests in the El Sauz and Fleur Concessions cover 5,325 hectares out of a total of 8,615 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 has earned an initial interest of 10% in the El Sauz and Fleur Concessions and has provided notice of its intention to increase its interest in the El Sauz and Fleur Concessions to 30%. REM has a further 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 releases dated May 22, 2013 and August 26, 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.