Cantex Mine Development announced that Vale SA has decided to option its nickel copper cobalt platinum group element properties in Yemen, agreeing to spend an additional USD 1 million on the Suwar project in 2010.
The period for Vale to commit to spending the additional amount was previously extended earlier in the month after the company has funded USD 2 million in exploration expenses at the project since optioning it in November 2008.
Cantex said that the project had the potential to host a significant copper cobalt platinum group element mine, welcoming Vale’s decision to commit more funding to the ongoing exploration activities.
Previous drill results included intervals of 22.05 metres at 1.41% nickel, 0.91% copper and 0.07% cobalt, 43.21 meters at 0.86% Ni, 0.46% Cu and 0.05% Co, 11.30 meters at 1.13% Ni, 0.50% Cu and 0.06% Co and 21.80 meters at 1.45% Ni, 0.78% Cu and 0.06% Co.
5 holes totalling 2,125 metres were completed prior to the start of Ramadan. The company is currently drilling a hole testing a geochemical anomaly so the south west of the main mineralization trend, which has so far intersected a broad zone of sulphide mineralization and a second zone of sulphides. Other activities planned for the Suwar deposit include metallurgical testing of the sulphide mineralization intersected to date, while an electromagnetic geophysical survey is expected to be completed in 2010 with anomalies generated by this survey to be drill tested.
(Sourced from www.proactiveinvestors.com)
