Jordex expands Bolivian portfolio

Toronto-listed Jordex Resources has added substantially to its land position in Bolivia’s Precambrian Shield.

The recent acquisition of the 4,431-hectare Paula Cecilia property brings to 45,000 hectares the company’s total holdings in the South American country. The properties are in one of the last unexplored gold-bearing greeenstone belts in South America, said Jordex President Brian Hinchcliffe. Exploration of Jordex’s initial 40,000 hectares is being funded by Bureau des Recherches Geologigues et Minieres (BRGM).

The Paula Cecilia property, in which Jordex can acquire a majority interest, is next to the Puquio Norte gold deposit being developed by RTZ. Jordex notes that the iron formation hosting this deposit has been delineated southwards through the northern boundary of its property.

Paula Cecilia is in a historic gold camp. The property was explored between 1986 and 1991, resulting in the delineation of more than 20 geochemical anomalies.

The size and average grade of 10 of these anomalies indicate proximity to significant bedrock-hosted gold mineralization. Seven of the 10 are associated with intense structural deformation in iron formation. An area of anomalous gold mineralization has been defined, which returned values of up to 3.5 grams gold per tonne in stream sediments, soils and bedrock over some 14 km of strike length and a width of four kilometres. Jordex also announced that a US$6.5-$7-million feasibility study is under way for the Loma de Hierro lateritic nickel deposit near Caracas, Venezuela. Earlier this year, Jordex announced plans to sell 70% of Cofeminas to Anglo American Corp. of South America (AMSA). The purchase price is based on a US$43.5-million valuation of the deposit.

The agreement provides AMSA with a 10% interest and the right to acquire the remaining 60% after the feasibility study is completed next year. According to a pre-feasibility study, the deposit contains 25 million tons grading 1.8% nickel at a 1.5% cutoff and with a strip ratio of 0.6-to-1.