Exploration agreements on ground in Mexico’s Sinaloa state will expand the property position of Canmex Minerals (VSE) in the area of its Limon project.
The company holds an option to buy the Muzquiz Coahuila and San Antonio concessions, which total 1,543 hectares and cover the former-producting La Silla and Las Ollitas mines.
Preliminary sampling in the area of La Silla returned gold and silver values averaging 2.9 and 24 grams per tonne, respectively, within a potential open-pit resource of 7 million tonnes.
Canmex believes stockwork mineralization at Las Ollitas may be the southwestern extension of the Silla vein system, giving the system a potential strike length of 3.5 km and a vertical extent of more than 400 metres.
Underground sampling at Las Ollitas returned an average of 11.5 grams gold and 112.6 grams silver over 4.8 metres.
Reconnaissance sampling on the Limon property has outlined bulk-tonnage targets, and Canmex is conducting trenching to identify drill targets.
The company is also opening up underground workings at La Silla and Las Ollitas for systematic mapping and sampling, prior to drilling.
President Lawrence Roulston expects to begin drilling in April, with an initial budget of $500,000.
Canmex has 8.3 million shares outstanding and $1.5 million in working capital.
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