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 Jaxon Mining has completed the second phase of field work this year at its Red Springs copper porphyry project. A ground magnetic survey was conducted over the Primary Ridge target. The most recent survey followed up on information gathered by HEG during the phase one soil sampling program. Results of both surveys point toward two strong copper soil anomalies at Primary Ridge.
Additional detailed ground magnetic surveying was conducted in newly discovered disseminated sulphides (mainly chalcopyrite), k-feldspar, and granodiorite porphyry outcrops. Drilling is planned for the upcoming winter.
Jaxon speculates that the Red Springs property is a system of three or more copper-gold porphyries. The system has two distinct zones: one is a thrust fault-hosted, high grade gold-bearing tourmaline breccia, and the second zone exhibits high grade antimony-silver mineralization. The company says the gold-bearing tourmaline breccia is the first of its kind discovered in British Columbia.
(This article first appeared in the Canadian Mining Journal)
