Mexivada Options to Purchase High Grade La Republica Silver-Au-Zn-Pb Mine Near Yecora, in Chihuahua, Mexico
VANCOUVER, July 9 /PRNewswire-FirstCall/ — Mexivada Mining Corp. is pleased to announce that it has executed a 4-year license to conduct exploration with an option to purchase a 100 percent interest in the La Republica Mine property in Chihuahua, Mexico, 12 kilometres south of Mexivada’s Yecora property. La Republica was reported to have been the highest grade silver producer in Mexico at the time of its closure in 1911 due to the advent of the Mexican Revolution. By 1909 the mine was reported to have produced more than 10,000,000 ounces of silver, at high grades. The average mill head grade of ore above the 166 foot (50.6 metre; “m”) level, calculated in late 1906, was 132.6 ounces per ton silver (4.54 kg/ton Ag), trace gold, 4.0 percent (%) zinc, and 0.8% lead. Ore metal recoveries were good, presumably due to the coarse grain sizes of the contained argentite, native silver, silver-zinc sulfide minerals, and visible gold. The mine was re-opened in 1937-1938 for brief, renewed mine production from the surface down to the 110 foot (33.5 metre) level, before the main stope collapsed due to the removal of high-grade roof-support pillars. The main stope appears to never have been mined below the 300 foot (91.46 m) level of the mine, the lowest level of exploratory drifting and stope development. A 99 metre deep vertical shaft was sunk and a crosscut driven toward the Republica Vein on the 81 metre, before 1911, and these workings may be refurbishable for use in a new mining operation. Maps and a photograph of the old La Republica mine and plant are being posted on Mexivada’s website at http://www.mexivada.com/.
Engineering summaries and longitudinal sections dated January 15, 1907 and May 16, 1908 of this portion of the Republica Vein reported an average 12 foot (3.66 m) vein width on the 300 foot level that assayed an average of 175 ounces per ton silver (5.99 kg/tonne Ag) along a 111 foot (33.8 m) horizontal length of the north drift. This section indicates that the Republica vein thickened to that depth, from a vein width of 1.66 metres near the surface.
The Republica vein is 1.1 to 2 metres wide in exploration adits situated 350 feet (106.7 m) to the north of the main shaft, shows the presence of argentite, and has reported channel sample assay values of up to 2.65 kg per tonne silver across a 1.58 metre vein width. The La Republica mineral system remains open to the north and to the south of this mined and studied part of the area, and the vein was reported to occur along a strike length of 2 kilometres.
Local visible gold has been reported in the La Republica Mine, and veining at the surface appears to indicate 3 or 4 pulses of mineralization, with the high-grade silver event perhaps having been the last pulse. One early, brecciated phase of yellowish vein quartz looks similar to gold-mineralized vein quartz to the north at Mexivada’s Yecora project. The property vendor reported that his two assay samples of the 5.5 foot (1.66 metre) wide vein on the 13 m level that he excavated in 1997, just north of the old mine workings, contained a) 497 g/tonne silver and b) 1 kg/ton silver and 1.0 g/ton gold in the latter sample.
Mexivada is preparing for mobilization of a core drilling rig to the site by Landdrill International in approximately 4 weeks, to test the La Republica mine area. Mexivada’s initial drillholes will test the downdip extension of the main La Republica stope below the 300 foot mine level, as well as the northern and southern extensions of the Republica vein system. Mexivada has initiated a program of surveying, sampling, and mapping of the La Republica property. Neither the company nor the property vendor is aware of any exploration drillholes that have tested or penetrated the Republica vein system.
The business plan of Mexivada for the Republica-Yecora project is to define enough mine potential through core drilling at La Republica and Yecora to indicate the possible feasibility of combining the two areas into a coherent mining unit system that could be developed jointly through a central mine plant complex servicing these two close-together properties. Mexivada then would look for an experienced mining partner to help in development of a gold-silver mine on the properties.
The La Republica mine property that Mexivada optioned consists of two 50-year mining exploitation concessions totaling 55.6043 hectares, granted by the Mexican federal government. The property vendor had previously conducted drifting and winzing exploration using these permits, and had valid blasting permits issued as well. The surface rights to the property are owned privately by local ranchers, with whom Mexivada has obtained permission to enter and conduct work. These two concessions enclose the known mine workings at La Republica. Mexivada has acquired the option to acquire La Republica for a purchase price of US$2,000,000.00, payable in increasing installments over a 4-year period, subject to a 1 percent net smelter return royalty that may be purchased at any time for the sum of US$1,250,000.00. A production bonus of $1,000,000 is to be paid to the vendors nine months after the start of commercial mine production in excess of 5,000 tonnes of ore. A finder’s fee is being paid to a third party. All agreements were made pursuant to the guidelines of the TSX Venture Exchange.
These production data, assays and figures are presented herein merely as items of historical interest and should not be construed as being representative of actual resources present on the concessions at La Republica optioned by Mexivada. No mineral resources or Mineral Reserves, as defined by C.I.M. or other organizations, have been defined by Mexivada for any of its targets at La Republica.
The Company’s President and CEO, Richard R. Redfern, M.Sc. and Certified Professional Geologist, a ‘qualified person’ for the purposes on National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified the information (including maps, sampling, and analytical test data) and evaluated the interpretations contained in this news release.
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 (Brazzaville). 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.
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.
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.
CONTACT: MEXIVADA MINING CORP., Suite 1400 – 400 Burrard Street, Vancouver, British Columbia, V6C 3G2, Tel: (604) 689-1749, Fax: (604) 643-1789
Mexivada Mining Corp.
CONTACT: MEXIVADA MINING CORP., Suite 1400 – 400 Burrard Street,Vancouver, British Columbia, V6C 3G2, Tel: (604) 689-1749, Fax: (604)643-1789