MEXIVADA MINING CORP
Mexivada discovers new porphyry molybdenum-rhenium system at Moly Dome, Nevada
11/8/2007
VANCOUVER, Nov. 8, 2007 (Canada NewsWire via COMTEX News Network) --
TSX-V: MNV
OTC: MXVDF
Frankfurt: M2Q
VANCOUVER, Nov. 8 /CNW/ - Mexivada is pleased to report that it has discovered a previously unknown porphyry molybdenum-rhenium-gold-silver system at its 100 percent owned Moly Dome property, in the first drillhole of its Phase 1 exploration program. Some copper mineralization also has been found in the hole, which is still in progress. Moly Dome is located 120 kilometres north-northwest of Elko, Nevada. No previous modern exploration core or rotary drilling has ever been done at Moly Dome to the knowledge of the company.
Mexivada also is pleased to report that molybdenum expert Jim Shannon has joined Mexivada as an expert consultant for Moly Dome and its other projects, and that Clancy Wendt, one of economic geology's most experienced and knowledgeable geologists, has joined Mexivada's distinguished Advisory Panel.
Mexivada has staked 70 additional new mining claims to protect its porphyry target areas at Moly Dome, which is now covered by 126 lode claims. Sage Gold Inc. owns the adjoining "Sugarloaf" project area to the west of Moly Dome.
Angled drillhole MD-07-1 was collared north of the Moly Shaft (see Mexivada's website at www.mexivada.com), from which hand samples of quartz-molybdenite-pyrite veining assayed up to 0.359% MoS(2). The Moly Shaft is situated atop a significant induced polarization chargeability anomaly, defined by Zonge Engineering and Wright Geophysics.
Molybdenite-pyrite veined quartz stockwork breccia was intersected in brecciated metasedimentary rocks, just below the thin soil cover, down to a depth of 515 feet (157 metres, "m"). Local pyrrhotite is present in these rocks. A silled granitic porphyry intrusive was intersected between 157 and 168 m, which contains local molybdenite. Metasedimentary rocks continue downhole to a depth of 204 m, and these rocks also contain varying amounts of quartz-molybdenite-pyrite stockwork mineralization. A retrograded quartz-sericite-pyrite ("QSP") altered granitic porphyry intrusive with quartz-molybdenite veining was intersected down to a depth of 216.5 m, where a 6.7 m wide quartz-chalcopyrite-molybdenite vein was intersected. Retrograded QSP altered granitic intrusive rocks with molybdenite-quartz stringers persisted down to 258 m, where a 3 m wide fault zone was encountered, perhaps at the contact with a large intrusive body. Hydrothermally altered granitic intrusive rocks with spottier, local quartz-molybdenite-pyrite veining were intersected between 259 m and 323 m, the bottom of the hole as of November 7th. Drilling continues, with an expected completion depth at 457 m.
Upon completion of detailed geologic and engineering logging, the core samples are to be halved using a core "splitter" at a newly prepared core storage and logging facility in Owyhee, Nevada, to avoid the washing away of molybdenum minerals in the core by sawing. The samples will be transported to, prepared, assayed, and geochemically analyzed by ALS Laboratories in Elko and Reno, Nevada. Certain rock chip samples taken near the drill hole and elsewhere at Moly Dome contain anomalous trace element values of rhenium, silver, gold, chromium, nickel, tungsten and bismuth. Rhenium is a very rare and valuable metal, used in power metal superalloys and for carbon emissions reduction catalysts, and is associated with only certain molybdenum-copper deposits. Rhenium had a spot market price of approximately US$8,000 per kilogram in August 2007. The project's quality assurance and control work is being supervised by Mexivada's chief geologist, Kent Thomson, and Jim Shannon is now on site providing guidance to the team as well.
Mexivada's contractors have completed an expanded program of induced polarization ("IP") geophysics at Moly Dome, and processing and interpretation of these data are now underway. An earlier self potential survey was interpreted to represent an open ended +1600 metre long conductive anomaly that was interpreted to be indicative of a significant zone of near-surface sulfide mineralization. Several IP chargeability anomaly areas have been identified that appear to represent sulfides associated with porphyry style mineralization. A significant IP anomaly will be tested in drillhole MD-07-2, which will be sited 500 metres southwest of hole MD-07-1. Mexivada exploration staff is steadily advancing with detailed core logging, splitting, sampling and will be submitting the drill cores for assays soon. The target sought for by Mexivada at Moly Dome is a large scale Davidson- or Mount Hope- type molybdenum-rhenium porphyry system with peripheral enrichments in gold and silver. The nature and the significance of copper mineralization in the systems at Moly Dome is not yet known.
News updates describing the exploration program results and further technical details concerning the Moly Dome project will be released as the project progresses.
Although the Moly Dome property contains historic small-scale prospect workings, the property is without a known body of commercial ore and Mexivada activities to date have been exploratory in nature. Readers are reminded that until an adequate number of holes have been drilled and assay results have been obtained, reviewed, and properly interpreted by qualified personnel, any conclusions as to the nature and extent of mineralization at Moly Dome must be considered speculative in nature.
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, 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"
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