Canmex plans more drilling for Boleo

Drilling at the Boleo project in Baja California Sur, Mexico, will test the potential extension of a sedimentary-hosted zone of copper-cobalt mineralization.

Canmex Minerals (CMX-V) plans to drill eight reconnaissance holes on its ground to the northwest and southwest of ground held by Copperstone Resources (CPP-V).

Previous drilling on Copperstone’s Lucifer concession returned copper-cobalt intersections, including: 8.72 metres grading 1.37% copper and 0.053% cobalt; 36.9 metres grading 0.86% copper and 0.036% cobalt; and 26.08 metres grading 1.13% copper and 0.029% cobalt.

The depth of the intersections vary from 80 to 230 metres, and Copperstone believes a reserve, minable by open-pit methods, could potentially be developed.

Geophysical work over the area indicates that the sedimentary basin intersected on the Copperstone ground extends on to its ground where drilling is about to begin.

Copperstone and Canmex are completing a proposed merger that would effectively combine their holdings in the Boleo region.

Terms of the merger call for the conversion of one share of Copperstone into 0.8 of a share of the amalgamated company, while each share of Canmex will convert into 1.25 shares of the new company.

Copperstone’s property position in the Boleo area is held under an 80% option from Island-Arc Resources (IAR-V). In return for relinquishing its 20% interest, Island-Arc will receive 5.3 million shares of the amalgamated company.

On completion of the merger, the combined company would have 30.8 million shares outstanding on a fully diluted basis.

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