VANCOUVER, March 29 /CNW/ - Mexivada Mining Corp. has entered into a
contractual agreement with an experienced drilling contractor, who will begin
Phase 1 reverse-circulation ("RC") drilling in April on the Company's Gold
Junction and Poker Flats projects in Nevada. The drill holes will have depths
of approximately 50 to 200 metres to gold targets at both properties.
Gold Junction, Nevada Gold Project: Mexivada will begin drilling first
on its near-surface "OP" open pit gold target and other nearby gold targets at
Gold Junction, with an initial 4-hole program. The "OP" zone is an interpreted
bedrock block in pediment alluvium that is large enough to be of mine size if
it is gold-mineralized. Pieces of silica mineralized "float rock" are present
here on the surface. "OP" was defined by detailed gravity surveys conducted
for Mexivada. The company has received permit approval for a 30 hole drilling
program on up to 20 drill sites at Gold Junction, which is located just north
of the Gold Hill Mine of Barrick-Kinross-Nevada Star and the +11,000,000 ounce
Round Mountain gold mine owned by Barrick-Kinross.
Poker Flats, Nevada Gold Project: Mexivada will continue the RC drilling
on its two near-surface open pit gold target areas at Poker Flats, with an
initial 4-hole program in search of Carlin-style sediment-hosted gold
mineralization. Detailed ground gravity and soil gas geochemistry surveys
were completed recently at Poker Flats. These surveys delineated an untested,
apparently major northeast-trending fault structure in the southern, "Bullion
Periphery" target area that could have been a conduit for Carlin-style
mineralizing fluids. Mexivada will begin its drilling program at Poker Flats
with the testing of this target area. Poker Flats is located immediately
south of Newmont Mining Corporation's +1,000,000 ounce Emigrant Springs open
pit heap leach gold property, which is permitted and ready for mine
Ziggurat, Nevada Gold Project: An additional 166 claims have been staked
and filed on the Ziggurat gold property, which is situated just south of
Newmont's Northumberland Mine gold project area. Additional mapping and
sampling has been conducted in 2007 at Ziggurat, as well as a new detailed
ground gravity survey that defined additional gold target areas. The new gold
targets are shown on Mexivada's website. Permitting for drilling is now
Opal Spring, Nevada Gold-Uranium-Molybdenum Project: An additional 59
claims have been staked and filed on the Opal Spring property, which is
situated east of the Carlin and Jerritt Canyon gold districts and on the
western edge of the Utah-Wyoming uranium province. Additional mapping and
sampling was conducted in late 2006 and in 2007 at Opal Spring, which has led
to the discovery of a new Bald Mountain-type gold prospect area, to the north
of gold mineralization previously explored by Gold Fields in the 1980's.
Volcanic-related, sediment-hosted uranium-molybdenum mineralization in this
area is also being investigated by Mexivada, whose President completed his
Master's thesis here in the 1970s. The uranium mineralization discovered to
date in the Opal Spring area occurs in sheared, decalcified Paleozoic limy
sedimentary rocks that also were mineralized by earlier gold-bearing
solutions. Mapping and target delineation work will continue here in 2007.
Cottonwood-Freiberg, Nevada Gold Project: Mexivada controls unpatented
lode claims in the Cottonwood-Freiberg area of Lincoln County, Nevada. This
group of old gold and rare metal mines (e.g. tungsten and molybdenum) are
situated along a major north-northwest trending basement fault network system
that appears to join together with the Cortez Trend basement fault system near
Eureka. Several moderate to higher grade gold-silver mines were developed
here in the 1800s and early 1900s, and an open pit heap leach gold mine was
developed briefly on the property by Merlin Mining Company in the 1980's.
Little modern exploration has been conducted in the area. Mexivada is
exploring here for Carlin- and Cortez-type sediment hosted gold
mineralization, and for rare metal tungsten-enriched skarns. The same
mineralized rock units are present here as at Barrick's new Ruby Hill gold
mine near Eureka, such as the favorable lower part of the Pogonip Limestone,
which never appears to have been drill tested here previously. Mapping and
target delineation will continue at Cottonwood-Freiberg in 2007.
Moly Dome, Nevada Molybdenum-Gold Project: Mexivada controls 47 claims
at Moly Dome, which is located in Elko County northwest of the Jerritt Canyon
mining district. Moly Dome has outcropping, moderate grade molybdenum-gold
mineralization exposed at the surface, and never has had a modern exploration
or drilling program conducted on it. Pits and a shallow, now-caved shaft were
excavated by early prospectors, and one possible shallow churn hole may have
been drilled by Anaconda on the property prior to 1962. No old data from
these efforts has been found by the company. Regional gravity and magnetic
geophysical data suggest the presence of a possibly large porphyry molybdenum
system on the property, cut by a later gold-quartz mineral system of unknown
size and origin. Mapping, sampling, and brief soil gas geochemical testing
were conducted here by Mexivada in 2006. Negotiations for better access to
the property continue with the local ranch landowners. Target analysis and
delineation will continue at Moly Dome in 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.
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. For further information, including area maps and photos,
please visit our web site at www.mexivada.com or contact us by e-mail at
ON BEHALF OF THE BOARD OF DIRECTORS
"RICHARD R. REDFERN"
Richard R. Redfern
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,
For further information:
For further information: LionsGate Communication Corp., Telephone: (866)
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