Mexivada Mining Corp. (TSX VENTURE:MNV)(OTCBB:MXVDF)(FRANKFURT:M2Q)
is pleased to report that it has expanded its new Clorinda zone of
quartz-ankerite-pyrite veining mineralization on its Golden
Porcupine property, just south of the Dome-Aunor-Delnite mines
complex of Goldcorp at Timmins, Ontario. New stripping has exposed
major zones of quartz veining, presently known to be up to plus 120
metres in length and up to 15 metres width, potentially of open pit
size, as shown on photographs on Mexivada's home page and Golden
Porcupine webpage at www.mexivada.com. Metallic mineralization is
found in outcrop, including fine-grained pyrite in massive to
banded vein quartz. The lateral extent of this system of veining is
interpreted to be at least 700 metres in strike length, where it
appears to have been intersected in Mexivada's Rypan drillhole
GP11-6, and may be over 1.1 kilometres in length. Mexivada cautions
that gold fire assays are necessary to validate this as a gold
discovery; sawn channel samples are being systematically taken and
delivered to ISO 9001-certified labs in Timmins for assay. This
appears to be the largest quartz vein system discovery made at
Timmins, south of the main Destor-Porcupine Fault, in the last 75
years. This target will be drilled upon completion of this channel
sampling program, in October. Core is being sawed and bagged at
Mexivada's new, large, office and work/storage facility in South
Porcupine, Ontario. The work effort is being supervised by A. David
Heyl, C.P.G., Mexivada's Vice-President of Exploration.
Hislop Property Acquisitions, Matheson, Ontario: Mexivada also
is conducting work and has acquired properties in the "booming"
Matheson area in Hislop Township, and here reports the acquisition
to date of an 8-unit claim group 4251933 from 2205730 Ontario, Inc.
and a 4-unit claim group 4255022 from Pierre C. Robert. These
claims are located near the +1,000,000 ounce Ross gold mine, the
Black Fox Mine, Gibson deposit, Contact and 147 Zones of Brigus
Gold, the Hislop Mine of St. Andrew Goldfields, the Creek Zone of
Stroud Resources, and the Gold Pike Mine of Victory Gold Mines.
St. Andrew Goldfields recently completed at least 11 drillholes
in a tight pattern near the Mexivada-Robert claims, as little as
175 metres from the Mexivada claims boundary, finding
gold-mineralized hematitic-pyritic metavolcanic rocks, as assayed
by Mexivada from drill core pieces left on the ground, and possibly
a new drill-indicated gold deposit. If this turns into an open pit
gold mine, St Andrew will need the Mexivada property for an open
pit layback, in the worst case, of an ore zone not being found by
Mexivada on 425022.
A gold mineralized occurrence is shown on Ontario map 2676 as
present on Mexivada's 4251933 claim group, which will be mapped and
sampled in October by Mexivada. A magnetometer-very-low-frequency
("VLF") survey has just been completed for Mexivada on the two
properties by Katrine Exploration of Kirkland Lake, who monitors
Mexivada's land positions in Ontario. VLF is used to find
water-filled fault zones, which may host and carry gold
mineralization. Mexivada is searching for additional
northerly-trending fault zones for mineralization similar to Brigus
Gold's 147 and Contact Zones, such as on the Mexivada-Robert
claims, where magnetic survey results already point to such a
target being.
A second drill rig has been contracted, for +2000 metres of work
in 2011 in this Hislop area from Laframboise Drilling, beginning in
approximately 2 weeks end of October. Mexivada is using
flow-through cash funds in Mexivada's treasury to fund a plus 5,000
metre drilling program in Ontario in 2011. Mexivada is acquiring
additional highly prospective gold properties in the Hislop mining
area, which will be further reported upon and drilled shortly.
4251933 Property: Mexivada purchased this property from 2205730
Ontario, Inc. for the sum of 200,000 shares of Mexivada common
stock to be issued to the vendor, subject to approval by the TSX
Venture Exchange and a 2% net smelter return royalty, half of which
may be purchased at any time by Mexivada or its assigns for the sum
of $1,000,000.
4255022 Property: Mexivada optioned 100 percent of this property
from Pierre C. Robert of Timmins, Ontario, Inc. for the following
staged payments, subject to approval by the TSX Venture Exchange
and a 2% net smelter return royalty, half of which may be purchased
at any time by Mexivada or its assigns for the sum of
$1,000,000:
a. the payment of the sum of $50,000 within three business days of the
Optionee receiving approval from the TSX Venture Exchange to the terms
of this Agreement (the "Approval Date");
b. the payment of the sum of $100,000 within one year from the Approval
Date;
c. the payment of the sum of $200,000 within two years from the Approval
Date;
d. the payment of the sum of $500,000 within three years from the Approval
Date;
e. the issuance of 1,000,000 shares in the capital of the Optionee to be
delivered within three business days from the Approval Date;
f. the issuance of an additional 1,000,000 shares in the capital of the
Optionee within one year of the Approval Date;
g. the issuance of an additional 1,000,000 shares in the capital of the
Optionee within two years of the Approval Date; and
h. the issuance of an additional 1,000,000 shares in the capital of the
Optionee within three years of the Approval Date.
Mexivada has conducted a magnetometry plus VLF survey on the
4255022 property, and has defined a major, drill-untested 147
Zone-type gold target and will drill it in approximately two weeks.
This upcoming drill program is funded with flow-through funds in
Mexivada's treasury. The program will allow Mexivada to determine
part of the value of the property before additional property
payments are required to be made.
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 examined and studied the Dome, Delnite,
Pamour and Hislop mines, verified the information herein, and
evaluated the interpretations contained in this news release.
About Mexivada Mining Corp.
Mexivada is a diversified Canadian mineral exploration company
focused on identifying, acquiring, advancing, mining, and joint
venturing high-grade 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 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
1-604-568-7726 or
1-866-922-6774info@mexivada.comwww.mexivada.com
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