Vancouver, Canada-based copper mining company Bell Copper Corporation announced Thursday that its wholly owned Mexican subsidiary, mining company Minera Montoro is initiating a ground magnetic survey over the 2400-hectare Balsa 14 concession. Central to the Balsa 14 mineral concession is a prominent 3 kilometer (km) by 4 km magnetic anomaly identified in a government aeromagnetic survey.
Minera Montoro is currently mining high grade lump iron ore on the Balsa 14 concession from satellite ore bodies peripheral to the aeromagnetic anomaly. Two grab samples taken by Bell Copper at the site of the current mining returned iron values of 66.8 percent and 65.4 percent. Lump iron ore is being delivered to Chinese purchasers at the port of Lazaro Cardenas 10 kilometers to the southwest.
Bell Copper has applied for an additional mineral concession, named Balsa 15, situated along the west side of Balsa 14 following the discovery of outcropping iron ore beyond the western limits of Balsa 14. The large aeromagnetic anomaly described above on the Balsa 14 concession lies roughly midway between the newly discovered iron ore outcrop and the Company's iron mining operations 5 km to the east.