www.cantex.ca
Cantex's primary project is located in the north-western part of the Republic of Yemen where it owns exclusive exploration licenses of 698 square kilometers aerial extent. Nickel, Copper, Cobalt and Platinum have been discovered on three of the Company’s licenses at Suwar, Wadi Qutabah and Al Masna, while a gold deposit has been discovered on its Al Hariqah project.
Vale commits further US$1 million to Suwar copper-nickel-cobalt project with Cantex Mine Development
Cantex Mine Development (TSX-V: CD) announced that Vale S.A. has decided to option its nickel-copper-cobalt-platinum group element properties in Yemen, agreeing to spend an additional US$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 US$2 million in exploration expenses at the project since optioning it in November 2008.
Cantex said 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 22.05m (metres) at 1.41% Ni (nickel), 0.91% Cu (copper) and 0.07% Co (cobalt), 43.21m at 0.86% Ni, 0.46% Cu and 0.05% Co, 11.30m at 1.13% Ni, 0.50% Cu and 0.06% Co and 21.80m at 1.45% Ni, 0.78% Cu and 0.06% Co.
Five 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 mineralisation trend, which has so far intersected a broad zone of sulphide mineralisation and a second zone of sulphides.
Other activities planned for the Suwar deposit include metallurgical testing of the sulphide mineralisation 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.
