Mexivada Expands Clorinda Zone of Mineralization at Timmins and Acquires 2 Properties Near Ross Mine, Hislop-Matheson, Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/25/11 -- 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 1-866-922-6774
info@mexivada.com
www.mexivada.com