Hello Bill,
There has been no drilling on this property that we are aware of. Mexican mining laws became more conducive to foreign mining investment in 1992, with the NAFTA signing. Mexico had been overlooked prior to this, since foreign mining companies could not own a direct majority interest in properties prior to 1992. Mexico is now being exposed to advanced exploration techniques, which, for the most part, had not
previously been used here, including drill testing.
Previous mining activity has been limited to small scale local mining (low tech). There is a shaft that may go 60-80m deep, but it is filled with water and we do not know the exact depth. Also, there are many other areas on the property that have been worked on by locals. The last local work that we know of took place about 8 years ago, but the miner was killed in a car accident. Stockpiles of quartz vein material from the Lucy zone and other veins are still scattered about the property and some of this was hauled off for processing by the locals as recently as the past four or five months. At the mining offices there are files of a few expired claims but no geological data is published.
Miranda is very pleased with the size and the results of the Las Catalinas property, and at this point no more expansion is planned. I do not know who holds all of the surrounding claims, but I believe there are major mining companies in the vicinity (both north and south). With the 180 sq. km staked by Miranda we have the all the ground we wanted.
The Company is in the permit process for drilling and trenching permits. The schedule for geological work to follow, including drilling and trenching, will be announced through future news releases.
Sean Hurd
Investor Relations
Miranda Industries, MAD.VSE |
