VANCOUVER, Aug. 7 /CNW/ - Mexivada's Consulting Geologist, Edward Wells,
C.P.G., has reported the discovery of a new area of potentially large volume,
disseminated gold mineralization at Ngouaka, on its exclusive Malambani
concession in the Mayoko greenstone belt in the ROC Congo.
Ngouaka Lode Au Discovery, South Gold Belt: The gold mineralization at
Ngouaka includes disseminated auriferous pyrite and quartz-pyrite veins in
altered and silicified, quartz-veined biotitic quartzites and amphibolites.
Alteration is concentrated in a 30 metre ("m") wide zone along a contact with
massive amphibolite beds. The area was mined for coarse alluvial gold during
the 1950's and local miners are presently washing 0.5-1.0 gram per cubic metre
(g/m3) recovered grades of gold from residual bedrock exposures. Medium-size
gold (0.2 -1.3 mm), approximately equivalent in grade to 1.22 g/t gold, was
recovered from 45 to 410 liter bulk samples from five sites at Ngouaka, and
soil geochemistry reveals that the strongest anomaly occurs 140 m west of the
prospect, defining a large target area. The Ngouaka area could be ready for
drilling later this year. A new drilling contractor has contacted Mexivada and
has drill rigs available in the ROC.
Similar alteration crops out at Mingassa Sud, 850 meters along strike to
the east-northeast. This bed is also present in two parallel zones at 110 and
230 m to the north. The Ngouaka - Mingassa area appears to have significant
potential for disseminated gold mineralization that may be mined and processed
at low cost. Potential also exists for economic concentrations of gold at the
base of the thick laterite cover. Detailed geological investigations and
additional sampling of the area is continuing.
Bambounga Lode/Placer Gold Zone, South Gold Belt: A program of geologic
mapping and sampling is evaluating this prospective target area. The Avoine
Company recovered a 1 kg gold nugget at Bambounga in the 1950's, which now
resides in the home of the French ambassador in Brazzaville. Artisanal miners
have recovered nuggets here to 70 g in weight, and continue to produce coarse
gold in nuggets to 10 g in weight. The source area of the 1 kg nugget has been
identified. Mineralization is present in pyritic quartz veins, pyritic
quartz-flooded zones associated with strong alteration of the amphibolites and
gneiss, and in quartz-veined areas of ferruginous quartzite. Some intrusive
cobbles and small sills are present in the area. Controls of mineralization
are northwest-trending structures and east-northeast trending bedding
contacts. Twenty-three select samples have been collected and shipped to ALS
in Johannesburg, R.S.A. An extended program of trenching here is planned for
Lemagna-Tsopo-Mbandza Targets, North Gold Belt: A second phase of
trenching and channel sampling has been completed at the Lemagna banded iron
formation ("BIF")-hosted belt of gold mineralization. Thirty-three additional
channel samples have been collected from four parallel BIF beds in a 150 by
200 metre area. The previously completed soil geochemistry program was highly
successful in outlining gold-mineralized BIF beds. Gold contents of the BIF
are verified by crushing and panning on site during the channel sampling
program. All samples are collected under the supervision of Mexivada
geologists and a strict chain of custody procedure is followed. These samples
are being analyzed by ALS. Similar soil geochemistry, trenching and channel
sampling programs are presently underway at the adjacent Tsopo project. This
work will be extended into the Mbandza area during late August.
Malambani Placer Gold Mining Test Program: Mexivada continues a program
of bulk sample testing of the area's placer gold potential. The Avoine Company
exploited parts of the area for coarse gold during the 1950's and some streams
are presently being panned by artisanal miners who produce 1-3 g Au/m3 from
small-scale pits. The Bambounga River never was mined by Avoine, and appears
to have the best potential for industry-scale production, as local miners are
recovering 3.0 g/m3 gold from a 3,400 meter long zone. Most of the Malambani
area streams contain placer gold but no systematic evaluation has ever been
conducted in the area. Initial bulk sample testing, in 1 to 3 m3 samples, of a
river terrace near Mayoko yielded a weighted average grade of 0.86g/m3.
Several test pits in various streams have recovered grades of 2-3 g/m3.
Mexivada has begun a detailed evaluation of the placer gold resources, to be
continued during the next several months. Mexivada's consulting mining
engineer, Michael Manke, is designing a bulk sampling gold plant for use in
this program. Mexivada will seek an export license to sell gold produced
during this program. The data acquired will be used to compile a National
Instrument 43-101 compliant placer gold resource evaluation report, which
subsequently will be used to apply for a mining permit from the ROC
Mexivada Diamond Programs: Mexivada will resume its diamond programs on
August 9th, focusing on the 1) Madoka-Leyou kimberlite dike and
metaconglomerate target terrane, 2) Lepandza-Makoubi pipe target terrane, and
3) Vouka-Carrefour pipe target terrane. Three ages of diamonds are believed to
be present in the Chaillu Massif in the ROC: a) the world's oldest known
alluvial diamonds present in Archean 3.0 billion year old metaconglomerates
(D. Bradley, USGS), b) primary diamond deposits in metamorphosed dike- and
possible pipe-form kimberlites that were intruded into rock sequence after
folding but before metamorphism, similar to those at Mitzic, Gabon, and 3)
diamonds in younger pipe- and dike-form un-metamorphosed kimberlite bodies,
similar to those at Makongonio, Gabon. The large 22 mm gem octahedral
"sharp-faced" diamond found at Malambani by Avoine in 1960 is believed to be
part of the third group of diamonds. Mr. Manke has designed a new rapid
processing concentrating table system to speed up reduction of Mexivada's
backlog of diamond exploration samples, which will be shipped to the project
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 diversified Canadian mineral exploration company focused on
identifying, acquiring, advancing, and joint venturing high-grade Gold-Silver,
Diamonds, Molybdenum, and Rare Metal exploration projects in Mexico, Nevada,
and Central/West Africa. 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
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 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,
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