Colombian Mines Corporation (TSXV:CMJ,FWB:X6C) provided an update on its El Dovio, Mercedes, and Yarumalito properties.
As quoted in the press release:
As outlined in the Company’s press release of January 20, 2014, the Company has completed survey control, and crews from KTTM Geophysics Limited have been mobilized and are on site conducting the expanded magnetometry survey at the high grade El Dovio project. When completed, the survey will cover more than six (6) square kilometers with high resolution ground magnetometry. The survey is specifically designed to detect magnetic pyrrhotite found to be restricted to zones of high grade gold and copper mineralization in the Company’s very successful 2013 drilling at El Dovio. Table 1 below presents the announced drill intervals from the Company’s 2013 drill program.
Further to completing the property wide airborne geophysical survey at Mercedes http://www.colombianmines.com/i/pdf/Mercedes-Areo-Project-Area.pdf, field crews are on site conducting follow up stream sediment geochemical surveys, rock geochemical sampling and geological mapping. Work will initially focus on the northern mineralized belt in areas surrounding the Imba and Don Wilson zone where the Company has previously reported results of reconissance samples to 50 grams of gold per metric tonne (g/T Au), 1,120 grams of silver per metric tonne (g/T Ag) and 26 percent copper (% Cu). The Company has initiated the process to secure water permits for drilling and anticipates these permits will be issued by late summer. A program of “scout drilling” is tentatively planned to start, upon receipt of the water permits.
Conventional soil geochemistry was completed over 95% of the property, rock geochemical sampling was expanded, detailed geologic mapping was expanded and 2,636 meters of diamond core in seven (7) widely spaced “scout” holes were drilled to test a number of peripheral targets outside of the main Escuela and Balastreras zones. Teck’s expenditures did not meet vesting requirements, hence Teck will not retain any interest in the Yarumalito project. The property returns to the Company free and clear of any underlying retained interests, third party royalties or any other form of encumbrance. During 2012 Yarumalito was consolidated into a single exploration license with up to an eleven year exploration term.