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It has come to this belief after a review of technical data from its retained geologists.
The parcel, one of the company’s primary assets that it refers to as Dawson East, is located between the Dawson and Koehler mines in Colfax county in northern New Mexico
“Our geologists are now presenting their desktop study of their findings to our engineering firm, Golder Associates,” Maxwell president and chief executive officer Philip Dias said.
“Golder then will evaluate their findings and create an exploration plan that includes a core drilling program. We anticipate that we'll start drilling in spring 2013."
Maxwell is exploring the Raton Basin based upon a 1991 US Geological Survey that found the region might contain an abundance of high-grade metallurgical coal. A survey in 2005 indicated even more coal than the previous evaluation.
According to the US Bureau of Mines Minerals Yearbooks and state mine inspector reports, Colfax county mines have been producing coking coal for more than four decades.
Maxwell, which confirmed it owned the rights to more than 170,000 acres in the Raton Basin, said surveys have indicated the basin might be a great source for gold, silver and other rare and valuable earth minerals.
