upandaway

Thought I would mention Dorex Minerals as things may start heating up for the Drill companies & Chile in particular. (Global Copper (GLQ) just was bought out by Teck this week mainly for their property in Chile)

Dorex Minerals (DOX.V & DOXMF) has about 15M Shares 1/O, w/ $2.0M Market Cap at current share price of 14 cents.

DOX will soon start their first drill program at Carmelita in the Coastal Belt of the Andean Cordillera of Chile.

Notable properties in same belt:

Candelaria Mine, owned by Phelps Dodge & Sumitomo Corporation (470Mt @ 0.95% Cu)

Anglo American’s Manto Verde Mine (350Mt @ 0.75% Cu)

Far West Mining's Santo Domingo Project (Indicated Resources at the Santo Domingo Project combine for a total of 2.85 billion lbs of copper)

Investika's Puquios Copper Project (VERY CLOSE TO CARMELITA) (Resource at pre-feasibility study of 29.9Mt @ 0.59% Copper, Planned as a 15,000tpa open-cut heap leach operation, Bankable feasibility underway and scheduled for completion in September 08 Quarter, Copper production currently planned to commence in March 2010 Quarter )

These are in the IOCG belt (Iron-Oxide-Copper-Gold) of Chile that the majors have suddenly turned up the heat on --- but the investing public has yet to really sniff out this region.

Dorex Minerals Inc. has entered into an Option Agreement with Inversiones Minera Coyote Ltda., to acquire a 100% interest in the Carmelita claims by issuing 500,000 common shares and paying $440,000 over a period of two years. The property is also subject to a 2% NSR reserved to the underlying Option or, 1% of which can be bought out at anytime for up to five years for $1,000,000.

DOX's Carmelita is a 2400 hectare property that is underlain by lower Cretaceous volcanic and volcaniclastic rocks in contact with mid-Cretaceous granodiorites of the Coastal Batholith. Copper +/- gold mineralization is hosted in numerous shear zones within the Atacama Fault Zone. There is potential for widespread porphyry or IOCG (Iron Ore Copper Gold) style mineralization as well as a smaller, higher grade structurally controlled shear zone hosted copper oxide mineralization.

Previous sampling and assaying on the Carmelita Property taken from clean outcroppings, surface showings and old workings (open pit) has exposed mineralization up to 10 meters below the surface. The copper content of this sampling ranged from 0.5 % to 4.84% to copper.


The Carmelita Property has not been subjected to any modern systematic exploration programs. Just recently they completed a MAG survey which gave them some DRILL ready targets (Which they will be doing).

Jan 25th News Release:

The survey consisted of 64.5 linear km, focusing on 3 main mineralized zones that returned significant results of high grade copper.

Strong magnetic field variations were delineated over the two large NE and SW surveyed areas, with variations over 2000 nT (nanoteslas) recorded.

There are several northerly trending magnetic high anomalies within the SW survey area exhibiting the greatest magnitudes. As copper mineralization assayed on the property occurs with iron oxides (hematite, magnetite and siderite) these magnetic high anomalies present targets for follow-up drill hole exploration.

In the SW survey area there are three large main magnetic anomalies. The lengths of these anomalies are 2,500 meters and are open to the north & south, 2,300 meters and are open to the north, and 1,250 meters open to the north.

In the NE survey area the range of magnetic field values is somewhat lesser than to the SW, in the order of 1500 nT, however, this may reflect the general higher elevation of this surveyed area. As in the SW several magnetic high anomalies have been delineated which present follow-up drill hole exploration targets for copper mineralization associated with iron oxides.

The anomalous magnetic features exhibit a northerly trend, however with a more pronounced NNW trend as compared with the SW survey area. The most prominent anomalies are, in length of 1,300 meters, 1,250 meters and 1,150 meters, all of which remain open to north.

In conclusion the magnetic survey has delineated several moderate to high amplitude anomalies exhibiting a strong northerly trend. As iron oxides and associated copper mineralization have been discovered along north trending structures on the property, these anomalies present very good follow-up drill hole exploration targets.

Where they are today.......from what I've just heard is that the Drills are there and that they should be completed with the first 5 holes fairly shortly.

Additional Note: Rail lines, power lines, road access are all right there and in Chile it's fall season right now.

To sum it up....The historical results are positive: .8-4.8 % Cu, along with Au, Ag, Zn, Pb. There are 6 large anamolous zones to explore & the property is well situated around alot of Majors and Jr mining companies.

They are a 14 cent stock with a tiny $2 Million Dollar Market Cap. Very few people have heard of them and as the market wakes up to these Chilean Copper Plays ----- Dorex could see quite a pop if they can hit similar numbers to what the property has reported historically. (My guess for Lab Results is about late-May, early-June) Many drill plays are out there, but few have this small of a Market Cap with a property like Carmelita.

Like ALL mining stocks, risk abounds......and even more so for Drill plays...but I find that DOX has a nice fit in my portfolio with the big hit potential.