Mexivada Discovers Several Zones of Mineralization in Drill Intercepts on Golden Porcupine Property at Timmins, Ontario
06 Oktober 2011 - 3:30PM
Marketwired
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
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
Mexivada Mining Corp. (TSXV:MNV)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Mexivada Mining Corp. (TSXV:MNV)
Historical Stock Chart
Von Jun 2023 bis Jun 2024