With its initial public offering now complete, Canmex Minerals (VSE) will launch drill programs on its two main Mexican properties in the second quarter.
The company issued 2 million shares at $1 each, raising the number of outstanding shares to 8.4 million.
Principal assets include the Boleo project in Baja California Sur and the Limon project in Sinaloa province.
Boleo lies adjacent to International Curator’s property of the same name, where sedimentary-hosted copper-cobalt mineralization has been outlined.
Historic work on the Boleo holdings is limited; work to date by Canmex has consisted of reconnaissance geology, a ground magnetometer survey, and a seismic survey.
Additional seismic surveys will be carried out in an effort to locate and define drill targets. The drilling will test for extensions of known mineralization from adjoining properties.
The Limon project, 55 km north of Mazatlan, contains gold-silver occurrences and small-scale workings from past production.
Sampling and mapping have identified wide areas of disseminated and stockwork mineralization, representing at least six bulk-tonnage targets.
Additional mapping, sampling and geophysics are planned, to be followed by ground geophysics, trenching and drilling.
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