FULL DISCLOSURE: Mercado Minerals is a sponsor of theDeepDive.ca.
Mercado Minerals (CSE: MERC) is one step closer to conducting their inaugural drill program at their flagship Copalito Project in Sinaloa, Mexico. The company this morning indicated that they have received the required drill permits from authorities.
The permit, which allows Mercado to use both new and existing drill pads at Copalito, will enable the company to undertake an inaugural 3,000 metre drill program which is expected to get underway in the near term.
When speaking to The Deep Dive recently, CEO Daniel Rodriguez commented, “The goal is to be drilling in Q1… we feel comfortable that we’ll be drilling in Q1.”
The planned program has been designed to test extensions of known veins, along with evaluate targets at depth and drill newly identified targets. A key part of the program is conducting infill drilling to follow up on 81 historic diamond drill holes conducted by prior operators at Copalito.
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“Copalito as a flagship has a lot of meat on the bone for us to go chase after. It’s got some pretty exciting drill results from the previous operator—there’s 81 drill holes on that project—and we get to go follow up. [..] The drilling was only done to about an average depth of 100 meters and these systems can go a lot deeper.”
In advance of the inaugural drill program, fieldwork is being conducted on site, including the re-logging and re-sampling of select historic drill core. A mapping and prospecting effort meanwhile is now 30% complete, with soil sampling also now underway while a high-resolution UAV based magnetic survey is in progress. This effort is expected to culminate in the identification of new drill targets at Copalito.
Mercado Minerals last traded at $0.35 on the TSX Venture.
FULL DISCLOSURE: Mercado Minerals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Mercado Minerals. The author has been compensated to cover Mercado Minerals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
