Cardero dusts off the shovels in Baja

Cardero Resource (CDU-T, CDY-X) is exploring again at its Baja Iron Oxide Copper Gold (IOCG) district in Mexico.

In Toronto on Apr. 15, the news helped its shares gain nearly 11% or 13 to close at $1.35 on 95,000 shares traded.

In November of last year Cardero announced a settlement with Western Telluric Resources and Minera Olympic. The dispute was over certain mineral tenures held by Cardero and its settlement meant the company was free to kick its exploration program back into full gear.

With all the disputed claims now officially transferred to its wholly-owned Mexican subsidiary, it is preparing to do just that.

Samples from past exploration returned values between 2.8% and 5.1% copper at its San Jose target which lies within the Baja IOCG district.

Those samples were followed up with geophysical and geochemical surveys that defined an anomaly roughly 1,200 metres by 400 metres. The anomaly occurs under shallow surficial cover and lies subjacent to an outcropping IOCG breccia occurrence containing abundant copper-oxide and box work after sulphide mineralization, Cardero says.

While the San Jose target is just the northernmost occurrence discovered in the area, the Baja district itself spans 60-km northwest by 15-km northeast.

The company says San Jose can be traced over roughly 550 metres in strike and at least 10 metres in depth.

In total 96 rock samples have been collected from the target.

Based on the results it has, Cardero says it is interpreting San Jose to “reflect the presence of an iron oxide and sulphide bearing system,” and it says it will drill test the target in the near future.

Cardero is also currently exploring in Argentina, Mexico and Peru.