MEXICO AND CENTRAL AMERICA — Lundin takes helm of Canmex Minerals

A substantial drill program is under way at the Boleo concessions of Canmex Minerals (CMX-V) in Baja California Sur, Mexico.

The junior company holds 385 sq. km of land in the region, adjacent to a copper-cobalt deposit being advanced to the feasibility stage by International Curator Resources (IC-T).

Canmex’s new president, Lukas Lundin, is also a director of Curator, which has on its property a geological resource of 167 million tonnes averaging 1.25% copper and 0.75% cobalt.

Lundin believes Canmex’s Boleo property has the potential to host significant copper-cobalt deposits “on the scale and grade of the historical mining in the area and the International Curator resource estimates.”

The Boleo region contains extensive areas of sediment-hosted copper-cobalt deposits believed to have similar characteristics to the huge stratiform copper belts of Zambia and Zaire, and the Kupferschiefer district in Europe.

Canmex has other projects in Mexico, including El Limon, a volcanic-hosted gold project in Sinaloa. This project is believed to have geology similar to the nearby Tayolita district that produced 9 million oz. gold and 460 million oz. silver.

Canmex’s target is a bulk-minable deposit of disseminated and stockwork mineralization that is potentially heap-leachable.

Earlier this year, Canmex entered into an agreement with the Mexican subsidiary of Cambior (CBJ-T) whereby the major can earn a 75% interest in the Azulita project by spending US$2 million on exploration over five years and making cash payments totalling US$110,000 within two years.

The agreement covers the 4,000-ha Azulita 1 concession held by Canmex, together with an area of interest extending for 2 km around the concession.

The project area is reported to cover a porphyry copper system with gold values. Previous work included drilling, with one hole intersecting 103 metres (from surface) averaging 1.36% copper.

Cambior has other projects in the area, including La Reyna, which is geologically similar to Azulita and about 30 km south.