Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Vancouver-based Inomin Mines (TSX.V: MINE) announced today that, subject to TSXV acceptance, it will be acquiring a 100% interest in the Fleetwood zinc-copper-silver-gold property for $10,000 and 200,000 shares to CanAlaska Uranium (TSX.V: CVV).
In a press release, the company explained that the 420-hectare property, located in the New Westminster Mining Division of southwestern British Columbia, hosts volcanogenic massive sulphide mineralization that warrants exploration for the identification of massive sulphide bodies, similar in nature to deposits at Nyrstar’s Myra Falls mine on Vancouver Island.
“Exploration at Fleetwood has demonstrated the existence of widespread polymetallic mineralization,” said Inomin president, John Gomez, in the media brief. “The property merits exploration in several untested areas for high-grade VMS deposits.”
According to the company, the last exploration drilling done in the area was conducted by Minnova in 1991. Results showed significant VMS mineralization including 31.2 metres of stockwork type mineralization at a depth of 153 metres, grading 2.1% zinc, 0.3 copper, 0.1% lead, 8.1 g/t silver and 0.1 g/t gold.
“Minnova’s drilling report concluded that further drill testing is warranted. Like the complex metal-zoned VMS deposits at Myra Falls, the Fleetwood property appears to host geologically diverse mineralized bodies with the principle sulfide minerals being sphalerite, pyrite and chalcopyrite,” Inomin’s statement reads.
