Mexivada Drilling Discovers Multiple Gold Intercepts at Hislop and Timmins, Ontario
November 28 2011 - 11:59AM
Marketwired
Mexivada Mining Corp. (TSX VENTURE:MNV)(OTCBB:MXVDF)(FRANKFURT:M2Q)
is pleased to report discoveries from its core drilling programs in
Hislop Township near the Ross Mine and at its Golden Porcupine
properties located just south of Goldcorp's Dome Mine property. We
report the discovery of multiple new gold intercepts that have fire
assay gold assay values in excess of 1 gram per tonne gold (g/t
Au). Most of these are new exploration discoveries in previously
undrilled areas. Thirteen holes have been drilled to date and one
hole currently is in progress at Hislop.
Hislop Properties, Matheson Gold Camp, Ontario: Mexivada has
made a new gold discovery in its first drillhole and is in progress
on a second hole in the "booming" Matheson area in Hislop Township,
near the +1,000,000 ounce Ross gold mine, the Black Fox Mine,
Gibson deposit, Contact - 147 Zones of Brigus Gold, and the Hislop
Mine of St. Andrew Goldfields. The new discovery is located just
southwest of where St. Andrew Goldfields recently completed at
least 11 drillholes near the Mexivada claims boundary, along a
north-trending magnetic-low anomaly that appears to extend
southward into St Andrew ground. Core from this first hole is being
sawed, but a small batch of rush samples showed an assay in excess
of 1 g/t Au in highly favorable looking quartz- fine pyrite feeder
veins.
A second drillhole on the property, which is proceeding to
depth, has intersected multiple zones of mineralization, and a
newly-discovered, quartz-veined syenite intrusive system. Brigus
Gold's nearby high-grade Gibson-Contact-147 gold zones are located
in or near syenitic intrusive systems. Mexivada plans to drill a
third hole to the north of hole #2, and will report further
information as the data are compiled and interpreted.
Golden Porcupine Property, Central Timmins Gold Camp, Ontario:
Mexivada has completed a Phase 1, 12-hole core drilling program at
its Timmins, Ontario properties, located near the
Dome-Aunor-Delnite mines complex of Goldcorp. Not all the core has
been sawed or sent off for assay. The drilling intercepted multiple
zones of gold mineralization, in the majority of holes drilled,
with local preliminary assay results in excess of 1g/t Au. Nine
holes were drilled on the Golden Porcupine property, with 4 shallow
holes testing the Clorinda shear/vein system, which was found to be
up to 20 metres wide and showing gold assay values at surface and
in drillholes of up to 3 g/t Au, a new gold discovery. Three holes
were drilled on the Rypan option property, on the Jennifer and
Clorinda Extension (?) vein systems, where mineralized drill
intercepts also were encountered; no assays have yet been
returned.
Core is being sawed, bagged and logged at Mexivada's new, large,
office and work/storage facility in South Porcupine, Ontario by
Mexivada's team of professional geologists and assistants. The
present drill program is funded with flow-through funds in
Mexivada's treasury. The work efforts are being supervised by A.
David Heyl, C.P.G., Mexivada's Vice-President of Exploration.
ROC Congo Gold-Diamonds Project Update: Mexivada' optionee
partner, Zamarat Mining Ltd., is working toward the re-starting of
exploration activities on the Malambani gold and diamonds project.
Previous work by Zamarat in 2011 delineated new, high-grade,
previously undrilled gold bearing outcrops at Malambani, which
yielded samples containing up to 2 metres of rock grading 19.4 g/t
Au.
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,
Pamour and Hislop 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
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