Mexivada Begins Work Program at Timmins Property, Ontario, and Defines 3 Gold Target Areas
June 09 2011 - 9:35AM
Marketwired
Mexivada Mining Corp. (TSX VENTURE: MNV)(OTCBB: MXVDF)(FRANKFURT:
M2Q) is pleased to report the startup of its work program at its
Golden Porcupine property, in the main Timmins gold camp, Ontario,
Canada, and has discovered two areas of mineralization exposed at
the surface. Golden Porcupine is situated in the heart of Canada's
premier gold mining camp, south of the 30,000,000 oz. Hollinger -
McIntyre mines complex, southwest of Goldcorp's +17,000,000 oz.
Dome Mine, and east of Lakeshore Gold's West Timmins project.
The Golden Porcupine Property sits just south of the historic,
past producing Delnite gold mine, in the +60,000,000 ounce
Porcupine gold camp. Mexivada is targeting the finding of three
types of gold deposit: 1) Pamour Open-Pit Style gold hosted in
felsic intrusive rocks and their hosts, similar to at the plus
4,500,000 ounce Pamour Mine in the eastern part of the Timmins
camp, 2) Dome Mine - Delnite Mine style vein-style gold hosted in
and disseminated adjacent to fault structures, and 3)
Meliadne-Central Patricia-Pickle Crow style bulk mineable and
structure-controlled gold in and adjacent to large banded iron
formations. All of these are multi-million ounce potential gold
target styles.
Mexivada's new program of geologic mapping and sampling has
begun on the property, in preparation for excavator trenching this
summer and core drilling this fall. Three major areal gold targets
have been defined by the initial work completed so far, as shown on
the Mexivada website at www.mexivada.com.
1) "Gold Chlorite" target is located along a north-northwest
trending induced polarization chargeability high in the
southeastern part of the property, near a reported shaft and 2
trenches, from which samples were reportedly taken that assayed 2.2
oz/tonne gold over 7.93 metres and 1.1 oz/tonne gold over 10.98
metres. Chloritically altered and quartz-ankerite-pyrite veined
mafic volcanic rocks are present. The veins are in brittle
fractures and ductile shear zones, and look similar to
mineralization found in the Delnite Mine open pit and in the Dome
Mine. Fracture controlled quartz-chlorite-ankerite-pyrite gold
mineralization was found recently in banded iron formation in the
southern part of the "Gold Chlorite" target area, in a magnetic
"low" area, bounded by an interpreted Dome-Delnite parallel fault
zone. Four holes, possibly shallow "winkie" type holes, were
drilled in the southern part of the Gold Chlorite target area.
Mapping and sampling of this 400 by 1000 metre target area has
begun, and samples have been sent off for gold assay.
2) "Big BIF" target is located along a 1.35 km long,
north-northwest trending induced polarization chargeability high
that is superimposed on a large, 220 by 400 metre ground magnetic
"low" in the southwestern part of the property, in a swampy area.
The "low" is interpreted to be hydrothermal alteration of banded
iron formation and mafic volcanic rocks, presenting a Meliadne-type
open pit configuration gold target. The target appears not to have
been geologically mapped, sampled, nor drilled previously.
3) "PDFZ" target area in the northeastern part of the property
is on three interpreted segments of the Destor-Porcupine fault zone
and a new interpreted parallel structure to the south, in the
central part of the Golden Porcupine property. I.P. chargeability
highs are present along the southernmost two interpreted fault
systems, along with 3 small magnetic "low" areas. Ossian Gold Mines
reportedly drilled 8 holes totaling 1894.5 metres in this area in
1938-39, but the drilling data have not yet been found.
Mexivada feels that the Golden Porcupine property holds good
promise to hold gold deposits of the size and gold grade that would
be attractive for possible future development. The Golden Chlorite
and Big BIF gold targets are interpreted overall to have a
plus-million ounce gold potential, in line with Mexivada's model of
searching for large deposits that would be attractive to major gold
companies such as Goldcorp. The next phase of work for our
geological team will be detailed geological mapping, sampling, and
excavator trenching and sampling across the Gold Chlorite, Big BIF,
and PDFZ target areas. Core drilling is anticipated in fall 2011
using Landdrill or BDW Drilling, using flow-through cash funds in
Mexivada's treasury.
ON BEHALF OF THE 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.
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
info@mexivada.com www.mexivada.com
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