Mexivada Mining Corp. Announces New Whitehorse Gold Discovery at Ziggurat Property, Nevada
May 04 2011 - 9:45AM
Marketwired
Mexivada Mining Corp. (TSX VENTURE: MNV)(OTCBB: MXVDF)(FRANKFURT:
M2Q) is pleased to announce that a new discovery of Carlin-style
gold mineralization, alteration, and felsic diking has been made on
the 6,860 acre Ziggurat property controlled by Mexivada and its
partner Spartan Gold Ltd.(OTCBB: SPAG). This new discovery appears
to be similar to geology and alteration in the open pit at Newmont
Mining Corporation's adjacent Northumberland Mine property. The
"Whitehorse" discovery occurs in a "window" of Paleozoic rocks
apparently not examined previously by modern geologists, as no
sampling tags were seen at the discovery site.
The new Whitehorse discovery occurs 100% on Mexivada-Spartan
owned mining claims, and extends to the southeast into a previously
mapped, gold mineralized area, indicating a possible large size for
the overall gold target area. Old claims were staked in this
region, likely in the early 1900's, and it appears that this area
has been undisturbed since that time. Thorough, detailed geological
mapping and rock chip sampling is continuing in the Whitehorse
discovery area. We look forward to disclosing the sample assay
results from the new discovery, upon completion of the initial work
program.
Phase 1 ground magnetic and gravity surveys have just been
completed on the property and these data will be integrated with
the mapping and sampling data to finalize an updated NI 43-101
compliant technical report encompassing the entire property,
including the new Whitehorse discovery.
Mr. Richard Redfern, Mexivada's CEO, stated, reiterating the
thoughts of Spartan Gold's Chairman, Mr. Malcolm Stevens, "One
component that drives Mexivada forward competitively is the
willingness of our teams to continually go above and beyond in
their diligence to perform quality, high-value work."
Mr. Redfern continued, "This starts a new period of excitement
and project development for Mexivada and its shareholders. We will
continue our efforts to bring all of our many projects to a high
level of productivity and to capitalize on these opportunities in
this growing gold market. The commitment and competency of the
members of our teams will differentiate our company from others.
The Whitehorse discovery is a perfect example of this effort
translating into value."
About Mexivada Mining Corp.:
Mexivada is a diversified Canadian mineral exploration company
focused on identifying, acquiring, advancing, mining, and joint
venturing prospective Gold-Silver, Tellurium, Diamond, and Rare
Metal exploration projects in Mexico, Nevada, Canada, and Africa.
Mexivada is managed by experienced and successful board members and
advisors. For further information, including area maps, sections,
and photos, please visit our web site at www.mexivada.com or
contact us by e-mail at info@mexivada.com.
ON BEHALF OF THE MEXIVADA BOARD OF DIRECTORS
Richard R. Redfern, President
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 and assay results, future
exploration work, and the anticipated 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 and access
agreements 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy of this
release.
Contacts: Mexivada Mining Corp. Investor Relations 604.568.7726
or 1-866-922-6774 775.738.6705 (FAX) info@mexivada.com /
support@mexivada.com www.mexivada.com
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