Dia Bras Exploration, Inc. (TSX-Venture:DIB), a Montreal, Quebec-based mining exploration corporation with gold, silver, lead, copper and zinc properties in northern Mexico, has been evaluating opportunities and mining properties in Mexico for over seven years. Since inception, Dia Bras has remained committed to exploration and acquisitions that add value to its core assets in the world-renowned Sierra Madre Occidental mineral belt of Mexico.
Prime, resource-rich properties in the Sierra Madre Occidental, a north and south running mountain range in western Mexico, is highly sought after and Dia Bras continues to add to its ever-growing portfolio of prospects in the range. Consider the Company’s developments:
In 2004, the Company acquired the Bolivar Mine project. The expanded Bolivar Property, which is related to a single copper-porphyry skarn and breccia-pipe mineralized system, hosts multiple prospects and exploration targets within a large footprint of alteration and mineralization that has yet to be thoroughly explored.
Not much later, in 2006, Dia Bras again expanded its domain by acquiring a majority position in the Cusihuiriachic Silver District. This land, located in close proximity to Dia Bras’ Malpaso Mill and well-documented for silver deposits, covers over 100 square kilometers and contains at least 12 former silver mines.
Rounding out recent additions, approximately one year ago, Dia Bras acquired 100% ownership of EXMIN Resources, Inc. This transaction greatly expanded the Dia Bras footprint as it covers nearly 270,000 hectares in 16 projects throughout historic metal districts.
On Tuesday, October 26, 2010, the Company reported and intercept of wide mineralization in its first diamond drill at its Melchor Ocampo mineral district property in Zaacatecas State, Mexico. The drill, which is part of the Company’s Las Coloradas Project, intercepted 119.6 m of skarnified limestone and averages 65.6 g/t (2 ounces) silver, 1.16% lead, 1.43% zinc and 0.11% copper.
The Melchor mineral district is an example of Dia Bras’ strategic positioning for drilling as the area is well known for large carbonate replacement deposits of precious and base metals within the space and occupied by some of the largest miners in the world, including Goldcorp Inc. (TSX:G). In fact, the recent find by Dia Bras is located approximately 20 kilometers due north of Goldcorp's Penasquito mine, as well as near important locations in Zacatecas such as Aura Mineral’s Aranzazu Project, Frisco’s Tayahua Project and Goldcorp’s Camino Rojo Project. To better understand the potential, consider that Goldcorp’s Penasquito mine has proven and probable gold reserves totaling 17.8 million ounces and silver reserves totaling 1,070.1 million ounces. Along with massive amounts of precious metals, the mine also has proven and probable lead reserves which total 7.2 million pounds and zinc reserves that have been calculated at 15.9 million pounds.
Given these facts, it is easy to understand Dia Bras’ CEO, Daniel Tellechea’s, exuberance when he stated, "This is an exciting result for a first drill hole in a property that is approximately 20 km north of the world-class Penasquito mine,” and “As we continue the evaluation and exploration of the properties acquired in the EXMIN transaction, our portfolio of attractive properties keeps increasing."
It’s been a long, steady ride uphill for shareholders of V.DIB as the last 18 months have seen the price per share climb from $0.06 to yesterday’s close at $0.32. While the stock price is creating new 52-week highs, we have it in focus as it still has plenty of room to move before reaching its most recent high, back in 2007, when it was in the area of $1.60 and enormous potential if it is going to reach the levels back in late 2003 when it peaked near $2.50.
