October 06, 2011 09:30 ET
Mexivada Discovers Several Zones of Mineralization in Drill Intercepts on Golden Porcupine Property at Timmins, Ontario
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2011) - Mexivada Mining Corp. (TSX VENTURE:MNV)(OTCBB:MXVDF)(FRANKFURT:M2Q) is pleased to report that it has completed four NQ core holes at its Golden Porcupine property in Deloro Township at Timmins, Ontario, and is continuing its drilling program. Mexivada's Golden Porcupine property is in the +60,000,000 ounce Timmins mining area along the Destor-Porcupine structural system, south of the Delnite and Aunor gold mines and southwest of Goldcorp's +17,000,000 oz. Dome Mine. Mexivada is using flow-through cash funds in Mexivada's treasury to fund a 5,000 metre drilling program in Ontario. More than 800 metres have been drilled to date. Logging, sampling, and interpretations of these holes are underway at Timmins by Mexivada's two experienced Ontario consulting geologists on site.
The first two drillholes at Golden Porcupine property tested parts of a large geophysical anomaly ("Big Bif") comprising a large magnetic "low" area presumably formed by hydrothermal alteration that was crosscut by induced polarization ("IP") chargeability highs. Four major zones of mineralized rocks were found in these -45 degree drillholes, and other smaller zones as well.
The first hole (GP11-1) intersected 6.5 metres of highly sulfidized silicic rock that contain substantial amounts of pyrrhotite, chalcopyrite, and lesser pyrite, at 170-176.5 metres hole depth. This interval will be rush-assayed for nickel, copper, and platinum group metals, as well as for gold and silver. Similar mineralization was found lower down in the hole at 242-251 metres. Other intervals of sulfidic quartz veining also were found in hole GP11-1.
The second drillhole (GP11-2) intersected a possible on-strike continuation of the second mineralized zone in GP11-1, at hole depths of 23 to 31 metres. Lower down in GP11-2, Mexivada intersected a major 21 metre long shear zone containing sericitic, pyrite-bearing quartz veining in felsic rocks, starting at a hole depth of 200 metres. Rush-assay results will be reported from these intervals after receipt by Mexivada. The true widths of these substantial intervals are not yet known.
The third and fourth holes (GP11-3 and -4) were drilled into a quartz vein system at the Novack No. 1 shaft, near to where high gold grades were reported by certain previous investigators in the southeastern part of the property. Another shear zone of 14 metres core length with narrow pyrite-bearing quartz veining was found in GP11-3, at a depth of 60 metres. Lateral fan hole GP11-4 also intersected 21 metres of this shear zone at 14 to 35 metres, with quartz-sericite-(pyrite) mineralization present. Hole GP11-5 presently is being drilled at depth, under the intercept in GP11-4.
Mexivada then will move the drill rig over to the Rypan Mines part of the Golden Porcupine property and drill test the area where "commercial intercepts" of gold were reported by Rypan Porcupine Mines Ltd. in 1947 in their holes 15 and 16. The latter hole casing was found in the field by Mexivada. A fence of holes will be drilled in this area, before again moving the rig to test quartz-pyrite vein systems in the Jennifer and Clorinda structural zones near the Deloro Fault system, a "new" branch of the Destor-Porcupine structural zone. Mexivada will report on the results of these work efforts when completed. Mexivada also is acquiring other new, exciting gold properties in the Timmins gold belt, which will be reported on upon signings.
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, and Pamour 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
Mexivada Discovers Several Zones of Mineralization in Drill Intercepts on Golden Porcupine Property at Timmins, Ontario
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2011) - Mexivada Mining Corp. (TSX VENTURE:MNV)(OTCBB:MXVDF)(FRANKFURT:M2Q) is pleased to report that it has completed four NQ core holes at its Golden Porcupine property in Deloro Township at Timmins, Ontario, and is continuing its drilling program. Mexivada's Golden Porcupine property is in the +60,000,000 ounce Timmins mining area along the Destor-Porcupine structural system, south of the Delnite and Aunor gold mines and southwest of Goldcorp's +17,000,000 oz. Dome Mine. Mexivada is using flow-through cash funds in Mexivada's treasury to fund a 5,000 metre drilling program in Ontario. More than 800 metres have been drilled to date. Logging, sampling, and interpretations of these holes are underway at Timmins by Mexivada's two experienced Ontario consulting geologists on site.
The first two drillholes at Golden Porcupine property tested parts of a large geophysical anomaly ("Big Bif") comprising a large magnetic "low" area presumably formed by hydrothermal alteration that was crosscut by induced polarization ("IP") chargeability highs. Four major zones of mineralized rocks were found in these -45 degree drillholes, and other smaller zones as well.
The first hole (GP11-1) intersected 6.5 metres of highly sulfidized silicic rock that contain substantial amounts of pyrrhotite, chalcopyrite, and lesser pyrite, at 170-176.5 metres hole depth. This interval will be rush-assayed for nickel, copper, and platinum group metals, as well as for gold and silver. Similar mineralization was found lower down in the hole at 242-251 metres. Other intervals of sulfidic quartz veining also were found in hole GP11-1.
The second drillhole (GP11-2) intersected a possible on-strike continuation of the second mineralized zone in GP11-1, at hole depths of 23 to 31 metres. Lower down in GP11-2, Mexivada intersected a major 21 metre long shear zone containing sericitic, pyrite-bearing quartz veining in felsic rocks, starting at a hole depth of 200 metres. Rush-assay results will be reported from these intervals after receipt by Mexivada. The true widths of these substantial intervals are not yet known.
The third and fourth holes (GP11-3 and -4) were drilled into a quartz vein system at the Novack No. 1 shaft, near to where high gold grades were reported by certain previous investigators in the southeastern part of the property. Another shear zone of 14 metres core length with narrow pyrite-bearing quartz veining was found in GP11-3, at a depth of 60 metres. Lateral fan hole GP11-4 also intersected 21 metres of this shear zone at 14 to 35 metres, with quartz-sericite-(pyrite) mineralization present. Hole GP11-5 presently is being drilled at depth, under the intercept in GP11-4.
Mexivada then will move the drill rig over to the Rypan Mines part of the Golden Porcupine property and drill test the area where "commercial intercepts" of gold were reported by Rypan Porcupine Mines Ltd. in 1947 in their holes 15 and 16. The latter hole casing was found in the field by Mexivada. A fence of holes will be drilled in this area, before again moving the rig to test quartz-pyrite vein systems in the Jennifer and Clorinda structural zones near the Deloro Fault system, a "new" branch of the Destor-Porcupine structural zone. Mexivada will report on the results of these work efforts when completed. Mexivada also is acquiring other new, exciting gold properties in the Timmins gold belt, which will be reported on upon signings.
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, and Pamour 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
