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Mexivada Intersects 22.3 g/t Gold, 1,640 g/t Silver and High Grade Zinc-Lead Mineralization at Yecora, Sonora, Mexico
5/16/2007
TSX-V: MNV OTC: MXVDF Frankfurt: M2Q
VANCOUVER, May 16, 2007 /PRNewswire-FirstCall via COMTEX News Network/ --
Mexivada Mining Corp. is pleased to announce results from the last 13 holes of its 19-hole Phase 1 core drilling program at its Yecora gold-silver-zinc-lead project that include significant gold-silver mineralization along with significant values of zinc, lead, and copper.
The Yecora area has mineralization exposed along an 11-kilometre long trend, located in the Mulatos-Ocampo sector of the Sierra Madre Occidental mineral province in Sonora, Mexico. Mexivada has received drilling assay results from the southern part of the project area at Yecora. Drill core from the northern gold/silver-rich part of this area contains uncut assay grades of up to 22.3 grams per tonne (g/t) gold (0.65 ounces per ton Au) and 1,640 g/t silver (47.9 ounces per ton Ag) over a 0.5 metre drill core interval, which represents a Gold Equivalent of 57.55 g/t Au. The main interval at Lupe Alma was 22 metres long, and contained a high-grade core-length intercept with 6 metres that averaged 4.58 g/t Au, 282.7 g/t Ag, and 0.28% lead, starting at 60 metres, a Gold Equivalent of 10.79 g/t Au.
A 23.5 metre drill core interval at the Cumbrita-4 target area yielded 1.12 g/t Au, 54.4 g/t Ag, 0.12% lead, and 0.22% zinc, starting at 170 metres, a Gold Equivalent of 2.75 g/t Au. The Cumbrita-4 hole contained a high-grade core-length intercept with 2 metres that averaged 5.97 g/t Au, 282.7 g/t Ag, 0.38% lead, and 0.39% zinc, a Gold Equivalent of 12.21 g/t Au.
Besides the significant gold-silver mineralization, Mexivada encountered significant base metal rich parts of the system that yielded drill intercepts with up to 5.13% zinc, 5.74% lead and 26.1 g/t silver over a 2 metre drill core interval in the Puerto Rico sector of the Yecora property, a Gold Equivalent of 16.5 g/t Au. This southernmost part of the project area may contain a skarn or replacement zinc-lead-silver target along the margin of the dioritic body that cored the center of the domed Yecora Caldera. High values of molybdenum of up to 0.19% MoS2 also are present locally in this area.
The assay results are interpreted to indicate two different generations of metal systems at Yecora:
1. Gold-silver- rich vein systems that are low in base metals, and 2. Veins and possible base metal skarn and replacement massive sulfide mineralization that are enriched in zinc, lead, and lesser copper, gold, silver, and molybdenum. Background:
Mexivada's Yecora Gold/Silver project is located in the Mulatos-Ocampo sector of the Sierra Madre Occidental mineral province in Sonora, Mexico and has mineralization exposed along an 11-kilometre long trend. Mexivada believes that significant target potentials exist on the Yecora property for both types of these metal systems, but insufficient drilling has been conducted to date to enable definition of the nature of the metal resources or the geometries of the base metal rich rock bodies.
Epithermal mineralization at the nearby Ocampo Mine extends to depths of approximately 700 metres and many of the target areas at Yecora are believed to be near the tops of the original mineral systems, at the exposed contacts of the Upper Rhyolites with the Lower Andesites.
Assay results:
The assays in the first table below are from holes drilled in 2007, south of the open cut/underground San Francisco gold-silver-lead-zinc mine, which is controlled by Bolnisi Gold, N.L., whose concessions totally surround and lie partly within Mexivada's 1,109 hectare property position at Yecora. Coeur d'Alene Mines (NYSE:CDE) recently made an offer to purchase all of the outstanding shares of Bolnisi Gold.
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Au
Hole Zone From To Length Au Ag Pb Zn Cu equiv.
# (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t)
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LA-1 Lupe Alma 50 72.0 22.0 1.94 98.1 0.13 0.14 0.02 3.51
incl. 60 66.0 6.0 4.58 282.7 0.28 0.04 0.09 10.79
incl. 61.5 62.0 0.5 22.30 1640 0.18 0.04 0.77 57.55
incl. 63.5 64.0 0.5 14.35 538 0.24 0.03 0.05 25.54
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LM-1 La Morena 74 76 2.0 0.06 20.7 0.01 0.03 0.00 0.54
93 94 1.0 0.19 7.2 0.02 0.05 0.00 0.44
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LR-1 La Rubia 30 32 2.0 0.08 2.4 0.01 0.04 0.01 0.24
162 164 2.0 0.04 3.1 0.03 0.09 0.00 0.30
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C4-1 Cumbrita-4 170 193.5 23.5 1.12 54.4 0.12 0.22 0.01 2.75
incl. 176 178 2.0 1.79 29.9 0.13 0.22 0.02 2.97
incl. 182 193.5 11.5 1.84 95.3 0.21 0.36 0.02 4.66
incl. 182 184 2.0 5.97 255.0 0.38 0.39 0.02 12.21
incl. 188 189 1.0 3.27 57.0 0.14 0.32 0.01 5.16
incl. 191.5 192.5 1.0 1.80 58.2 0.65 0.58 0.07 4.85
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CU-1 Cumbrita 162 166 4.0 0.02 0.5 0.00 0.00 0.00 0.03
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LT-1 Las Tapias HOLE TERMINATED ABOVE GOLD TARGET DEPTH,
RE-DRILLED AS LT-2
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LT-2 Las Tapias 29 35.0 6.0 0.19 2.8 0.06 0.27 0.02 0.85
incl. 32 32.5 0.5 0.75 4.6 0.11 0.10 0.02 1.19
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PR-1 Puerto Rico 149.0 152.0 3.0 0.33 9.3 0.15 0.64 0.16 1.48
153.5 154.0 0.5 0.75 8.6 0.15 0.30 0.11 1.94
154.0 156.0 2.0 0.07 26.1 5.74 5.13 0.34 16.50
156.0 161.0 5.0 0.15 1.7 0.36 0.78 0.02 2.02
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HR-1 Hornitos 14 17 3.0 1.25 6.2 0.63 1.55 0.08 5.04
incl. 14 15 1.0 3.52 10.7 0.55 0.87 0.15 6.28
35 39 4.0 2.27 2.3 0.16 0.36 0.02 3.19
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The following final drilling assay results are from portions of the 4 holes that were drilled in 2006 in the northern part of the Yecora property whose complete assay results were not received in time to be reported in Mexivada's previous Yecora press release:
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Au
Hole Zone From To Length Au Ag Pb Zn Cu equiv.
# (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t)
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ST-2 Si Trench NO ANOMALOUS PRECIOUS METAL VALUES
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ZB-3 Zanja B 39 42 4.0 0.14 42.0 0.04 0.09 0.01 1.21
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BC-1 Brecha Colon 55 58 3.0 0.35 15.4 0.00 0.01 0.00 0.68
56 56.5 0.5 1.77 34.2 0.00 0.02 0.00 2.49
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BC-2 Brecha Colon TARGET NOT REACHED DUE TO DRILLING DIFFICULTIES
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Notes: (m) = Metres. Length is reported in metres of drilled
core and is not necessarily the "true" width. Au and Ag g/t: Gold and silver grades are reported in units of grams per tonne gold and silver.
Note: Metal Prices for Gold Equivalent in USD: $600/oz. Gold,
$12/oz. Silver, $1.60/lb Zinc, & $0.85/lb Lead
Note: All sample preparation and assays were performed by ALS Chemex
Laboratories in Hermosillo, Sonora and Vancouver, BC using
standard fire assaying protocols. Silver and base metal values
were determined by using 4-acid, near total digestions and
induction-coupled plasma geochemical analyses (ME-MS61).
Phase 1 Exploration Objectives Achieved
Exploration targets were reached in 8 of the 9 holes drilled in 2007 along a 7 kilometre length of the exposed vein systems. The vein- and breccia mineralization intersected by Mexivada had core lengths of 0.5 to 23.5 metres. Certain of the drill holes may not have been deep enough to test base metal targets in the southern portion of the 2007 work area, as these targets were discovered during the course of this drilling program. Mexivada will now study the geology revealed by the new drilling to generate new drilling targets for future work on the Yecora property.
Mexivada's objective in its 2006/07 program was to drill test the 11 Km. strike length and down-dip extensions of known, fault-controlled gold-silver mineralization and possible skarn-replacement zones of precious metal- and zinc-lead-silver-(gold-copper-molybdenum) enriched mineralization demonstrated by earlier mining and by surface exploration conducted by Mexivada and others. Mexivada's goal for the Phase 1 drilling project at Yecora was to define the location of significant bodies of mineralization that could be proven up by later Phase 2 drilling to develop ore targets. New gold-silver processing and extraction facilities have been set up recently at the nearby Palmarejo, Ocampo, Mulatos and Dolores properties, by Bolnisi, Gammon Lake Resources, Alamos Gold, and Minefinders Corp.
The Company has implemented a quality assurance and control (QA/QC) program to ensure sampling and analysis of all exploration work is conducted in accordance with the best possible practices. The drill core is sawn in half with half of the core samples shipped to ALS Chemex Laboratory Services in Hermosillo, Sonora, Mexico for sample preparation and analysis. The other half of the core is retained in secure custody at the Mexivada office in Yecora for future assay verification. The company QA/QC policy includes the chain of custody monitoring, insertion of blanks, standards and duplicates in the initial samples submitted. The laboratory provides an additional internal control program.
The Company's President and CEO, Richard R. Redfern, M.Sc. and Certified Professional Geologist, is a 'qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties and has verified the data (including sampling, analytical and test data) and has supervised the preparation of the information contained in this news release.
About Mexivada Mining Corp.
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Mexivada is a Canadian mineral exploration company focused on identifying, acquiring, advancing, and joint venturing high-grade Gold-Silver, Diamond, and Rare Metal exploration projects in Mexico, Nevada, and the Republic of Congo (Brazzaville). For further information, including area maps 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"
Richard R. Redfern
President
Contact: LionsGate Communication Corp.
Telephone: (866) 922-6774 or (604) 866-7700
info@mexivada.com, www.mexivada.com
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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 assay results, future exploration work, and the expected 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 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.
SOURCE Mexivada Mining Corp.
LionsGate Communication Corp., Telephone: (866) 922-6774, or (604) 866-7700, info@mexivada.com, www.mexivada.com http://www.prnewswire.com
Copyright (C) 2007 PR Newswire. All rights reserved
MEXIVADA MINING CORP
Mexivada Drills Altered and Mineralized Volcanics to 1400 Foot Depth at Gold Junction; Moly Dome Geophysics Initiated
7/16/2007
VANCOUVER, Jul 16, 2007 (Canada NewsWire via COMTEX News Network) --
TSX-V: MNV
OTC: MXVDF
Frankfurt: M2Q
VANCOUVER, July 16 /CNW/ -
Gold Junction Drilling Project, Round Mountain District, Nevada: Mexivada Mining Corp. has successfully completed the first 2 holes of a 3-hole Phase 1 flooded-reverse-circulation drilling program at its Gold Junction, Nevada property with its contractor, Lang - Boart Longyear Drilling. The drill holes were designed to test for Round Mountain/Gold Hill type open pittable volcanic-hosted epithermal gold targets similar to the nearby +12,000,000 ounce Round Mountain open pit mine of Kinross and Barrick. The drill samples are being picked up and assayed by ISO-certified ALS Chemex Laboratories in Reno, Nevada.
The first drillhole at Gold Junction was designed for an 800 foot (244 metre, "m") depth. It tested the north-central core of a gravity high on the western, downdropped side of the Round Mountain - Gold Hill Connector Fault, which is interpreted to be a gold feeder at Round Mountain and possibly also at the Gold Hill mine. This fault system bounds the eastern caldera margin at Round Mountain and cuts the Gold Hill Mine deposit. Mexivada's hole GJ-07-1 intersected a variably silicified, iron oxide-bearing, and pyritized cap sequence of tuffaceous sandy claystones, limestones and calcareous sandstones between 111 and 155 metres, below the pediment gravels. Variably altered and silicified and sulfidized felsic tuffs and ignimbrites then were intersected down to a depth of 1400 feet (426.8 m), where the hole was terminated due to a lack of additional drill rods. The rock sequence perhaps represents a thick tuff section in the Moores Creek Caldera or in a previously unrecognized caldera hidden by pediment gravels. Basement rocks were never intersected. Mexivada will test the lateral extent of this mineral system to the south in hole GJ-07-3. Assays will be reported when received.
Drillhole GJ-07-2 was completed to a depth of 244 m (800 feet). A sequence of argillized tuffaceous volcanic rocks was intersected below pediment gravels. The drilling of hole GJ-07-3 is now underway. Mexivada will study the geologic and assay results of the three Gold Junction drillholes and formulate a program of further work.
Moly Dome, Nevada, Molybdenum-Copper-Gold Project: Mexivada's geophysical contractor, Durango Geophysical Operations, is now conducting a dipole-dipole induced polarization survey of Mexivada's Moly Dome property in Elko County, Nevada. The survey is designed to evaluate molybdenum, copper, and gold mineralization found on the property, and the possibility of finding a large porphyry system associated with this mineralization. Mexivada today is submitting a Notice of Intent to Conduct Exploration diamond core drilling at Moly Dome to the U.S. Bureau of Land Management. It is expected that this drilling will be conducted at Moly Dome in fall 2007.
This press release and its contents have been reviewed by Richard R. Redfern, Mexivada's President, who is a Certified Professional Geologist and Qualified Person as defined under National Instrument 43-101.
About Mexivada Mining Corp.
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Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, and joint venturing high-grade Gold-Silver, Molybdenum, Diamond, and Rare Metal exploration projects in Mexico, Nevada, and the ROC Republic of Congo. Managed by experienced and successful board members and advisors, Mexivada is well financed with no debt. For further information, including area maps 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"
Richard R. Redfern
President