Drilling Contractor Secured for Gold Junction and Poker Flats; Nevada Update
VANCOUVER, March 29 /PRNewswire-FirstCall/ — Mexivada Mining Corp. has entered into a contractual agreement with an experienced drilling contractor, who will begin Phase 1 reverse-circulation (“RC”) drilling in April on the Company’s Gold Junction and Poker Flats projects in Nevada. The drill holes will have depths of approximately 50 to 200 metres to gold targets at both properties.
Gold Junction, Nevada Gold Project: Mexivada will begin drilling first on its near-surface “OP” open pit gold target and other nearby gold targets at Gold Junction, with an initial 4-hole program. The “OP” zone is an interpreted bedrock block in pediment alluvium that is large enough to be of mine size if it is gold-mineralized. Pieces of silica mineralized “float rock” are present here on the surface. “OP” was defined by detailed gravity surveys conducted for Mexivada. The company has received permit approval for a 30 hole drilling program on up to 20 drill sites at Gold Junction, which is located just north of the Gold Hill Mine of Barrick-Kinross-Nevada Star and the +11,000,000 ounce Round Mountain gold mine owned by Barrick-Kinross.
Poker Flats, Nevada Gold Project: Mexivada will continue the RC drilling on its two near-surface open pit gold target areas at Poker Flats, with an initial 4-hole program in search of Carlin-style sediment-hosted gold mineralization. Detailed ground gravity and soil gas geochemistry surveys were completed recently at Poker Flats. These surveys delineated an untested, apparently major northeast-trending fault structure in the southern, “Bullion Periphery” target area that could have been a conduit for Carlin-style mineralizing fluids. Mexivada will begin its drilling program at Poker Flats with the testing of this target area. Poker Flats is located immediately south of Newmont Mining Corporation’s +1,000,000 ounce Emigrant Springs open pit heap leach gold property, which is permitted and ready for mine development.
Ziggurat, Nevada Gold Project: An additional 166 claims have been staked and filed on the Ziggurat gold property, which is situated just south of Newmont’s Northumberland Mine gold project area. Additional mapping and sampling has been conducted in 2007 at Ziggurat, as well as a new detailed ground gravity survey that defined additional gold target areas. The new gold targets are shown on Mexivada’s website. Permitting for drilling is now underway.
Opal Spring, Nevada Gold-Uranium-Molybdenum Project: An additional 59 claims have been staked and filed on the Opal Spring property, which is situated east of the Carlin and Jerritt Canyon gold districts and on the western edge of the Utah-Wyoming uranium province. Additional mapping and sampling was conducted in late 2006 and in 2007 at Opal Spring, which has led to the discovery of a new Bald Mountain-type gold prospect area, to the north of gold mineralization previously explored by Gold Fields in the 1980′s. Volcanic-related, sediment-hosted uranium-molybdenum mineralization in this area is also being investigated by Mexivada, whose President completed his Master’s thesis here in the 1970s. The uranium mineralization discovered to date in the Opal Spring area occurs in sheared, decalcified Paleozoic limy sedimentary rocks that also were mineralized by earlier gold-bearing solutions. Mapping and target delineation work will continue here in 2007.
Cottonwood-Freiberg, Nevada Gold Project: Mexivada controls unpatented lode claims in the Cottonwood-Freiberg area of Lincoln County, Nevada. This group of old gold and rare metal mines (e.g. tungsten and molybdenum) are situated along a major north-northwest trending basement fault network system that appears to join together with the Cortez Trend basement fault system near Eureka. Several moderate to higher grade gold-silver mines were developed here in the 1800s and early 1900s, and an open pit heap leach gold mine was developed briefly on the property by Merlin Mining Company in the 1980′s. Little modern exploration has been conducted in the area. Mexivada is exploring here for Carlin- and Cortez-type sediment hosted gold mineralization, and for rare metal tungsten-enriched skarns. The same mineralized rock units are present here as at Barrick’s new Ruby Hill gold mine near Eureka, such as the favorable lower part of the Pogonip Limestone, which never appears to have been drill tested here previously. Mapping and target delineation will continue at Cottonwood-Freiberg in 2007.
Moly Dome, Nevada Molybdenum-Gold Project: Mexivada controls 47 claims at Moly Dome, which is located in Elko County northwest of the Jerritt Canyon mining district. Moly Dome has outcropping, moderate grade molybdenum-gold mineralization exposed at the surface, and never has had a modern exploration or drilling program conducted on it. Pits and a shallow, now-caved shaft were excavated by early prospectors, and one possible shallow churn hole may have been drilled by Anaconda on the property prior to 1962. No old data from these efforts has been found by the company. Regional gravity and magnetic geophysical data suggest the presence of a possibly large porphyry molybdenum system on the property, cut by a later gold-quartz mineral system of unknown size and origin. Mapping, sampling, and brief soil gas geochemical testing were conducted here by Mexivada in 2006. Negotiations for better access to the property continue with the local ranch landowners. Target analysis and delineation will continue at Moly Dome in 2007.
This press release and its contents have been reviewed by Richard R. Redfern, Mexivada’s President, who is a Certified Professional Geologist and Qualified Person as defined under National Instrument 43-101.
About Mexivada Mining Corp. —————————
Mexivada is a Canadian mineral exploration company focused on identifying, acquiring, advancing, and joint venturing high-grade Gold-Silver, Diamond, and Rare Metal exploration projects in Mexico, Nevada, and the Republic of Congo. For further information, including area maps and photos, please visit our web site at http://www.mexivada.com/ or contact us by e-mail at info@mexivada.com.
ON BEHALF OF THE BOARD OF DIRECTORS “RICHARD R. REDFERN” Richard R. Redfern President The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Caution Concerning Forward-Looking Statements
This news release and related texts and images on Mexivada’s website contain certain “forward-looking statements” including, but not limited to, statements relating to interpretation of mineralization potential, drilling assay results, future exploration work, and the expected results of this work. Forward looking statements are statements that are not historical facts and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metals and diamond prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical, governmental, social, or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the company’s projects; uncertainties involved in the interpretation of sampling and drilling results and other tests; the possibility that required permits may not be obtained in a timely manner; risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in these work programs.
Forward-looking statements contained in this release are based on the beliefs, estimates, and opinions of management on the date the statements are made. There can be no assurance that such statements will prove accurate. Actual results may differ materially from those anticipated or projected. Mexivada Mining Corp. undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates, opinions, or other factors, should change.
CONTACT: LionsGate Communication Corp., Telephone: (866) 922-6774 or (604) 866-7700, info@mexivada.com, http://www.mexivada.com/
Mexivada Mining Corp.
CONTACT: LionsGate Communication Corp., Telephone: (866) 922-6774 or(604) 866-7700, info@mexivada.com, http://www.mexivada.com/