Mexivada Begins Drilling Program at Golden Porcupine Property, Timmins, Ontario
September 14 2011 - 9:30AM
Marketwired
Mexivada Mining Corp. (TSX VENTURE: MNV)(OTCBB: MXVDF)(FRANKFURT:
M2Q) is pleased to report the startup of a core drilling program at
its Golden Porcupine property at Timmins, Ontario, Canada. Golden
Porcupine is situated in the +60,000,000 ounce Porcupine gold camp,
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 this
drilling program.
Mexivada is targeting the finding of three types of gold
deposit: 1) Pamour Open-Pit Style gold associated with felsic
intrusive rocks and their hosts, similar to at the plus 4,500,000
ounce Pamour Mine in the eastern part of the Timmins camp, 2) Dome
Mine - Delnite Mine style vein-style gold hosted in and
disseminated adjacent to fault structures, and 3) Meliadne-Central
Patricia-Pickle Crow style bulk mineable and structure-controlled
gold in and near large banded iron formations. All of these are
large ounce potential gold target styles.
Mexivada's new program of NQ core drilling has begun on the
property, along with mechanized trenching to expose additional rock
outcrops. The first two drillholes are being sited on the "Big Bif"
open pit style gold target area, where a very large gold target
area was defined by ground magnetic and induced polarization
surveys, showing coincident IP - Mag lows and elevated gold
geochemical anomalies.
Subsequent drilling will then occur in 1) the "Gold Chlorite"
target area, located along a north-northwest trending induced
polarization chargeability high in the southeastern part of the
property, near shafts and trenches from which high grade gold
samples were reportedly taken by a previous explorer, and 2) the
"PDFZ" target area in the northern part of the property occurs
along confirmed segments of the regional Destor-Porcupine
structural zone, including parallel fault-shear structures to the
south. Induced polarization chargeability highs are present along
segments of these structures, along with 3 small, coincident
magnetic "low" areas. Ossian Gold Mines reportedly drilled 8 holes
totaling 1894.5 metres in this target area in 1938-39.
Mexivada feels that the Golden Porcupine property holds good
promise to hold gold deposits of the size and gold grade that would
be attractive for possible future development. The Big BIF, PDFZ,
and Gold Chlorite gold targets are interpreted overall to have good
gold potential, in line with Mexivada's model of searching for
large deposits that would be attractive to major gold companies
such as Goldcorp. Mexivada presently is negotiating with third
parties for the acquisition of additional attractive gold
properties in the Timmins region.
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 verified the information 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
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