Jonpol buys into Mexican company

Canadian junior Jonpol Explorations (TSE) will gain a 49% interest in Mexican-based Minera Y Metalurgica de Pozuelos.

To do so, it will spend US$150,000 on exploration.

Together, the companies will attempt to determine whether three lead-silver veins, being mined and milled on an adjacent property, extend to ground held by the joint venture.

Over the past nine years, these veins have been mined and milled at a rate of 100 tons per day. Head grades are averaging 10 oz. silver per ton and 6% lead, and the mine is generating an operating profit of US$45 per ton.

Mining is being carried out on the 525-ft. level. The veins remain open at depth and are known to extend to the Jonpol-Pozuelos property for a strike length of 1,970 ft.