Bell Copper has provided an update on its La Balsa project located in Michoacan, Mexico.
The company is continuing the feasibility study for copper mineralization hosted in the surface breccias deposits on the La Balsa property, and expects to complete the study in the Q2 of 2012.
Currently, the company is looking for debt funding options for the La Balsa project and believes that finance for this project can be achieved through an agreement where a financial partner who wants to buy the metal and concentrate from the La Balsa project will also offer debt finance for the project. The company also believes that there is a chance to fund both the Van Dyke and La Balsa projects, which may attract the interest of firms wishing to receive the metal supply directly.
Apart from the feasibility study, Bell Copper has been looking for copper mineralization in the surface breccias at the La Balsa property. The company has completed all the three drill holes that show evidence of a major porphyry system at depth. However, an analysis of the geological data indicates that the dislocation on the thrust fault beneath the breccias may not be widespread as predicted. Moreover, the target may be plunging at the Iguana Prieta breccia pipe, where silver and copper of highest grade have been found till date. Drilling has been not been performed in the Iguana Prieta area beyond 150 m. Based on this data, Bell Copper will develop a new reconnaissance program for the La Balsa property and plans to execute it in the Q3 of 2012.
An iron ore geophysicist has interpreted the results of the iron ore anomalies occurring on the eastern side of the La Balsa 14 section of the property.
Before drilling, Bell Copper plans to do a 1,200 m of trenching on five priority targets. It will use assay results and geological mapping to prioritize the targets. The firm is waiting for the work permits and anticipates beginning the work program in the Q2 of 2012.
Source: http://www.bellcopper.com/