VANCOUVER, Nov. 8 /CNW/ - Mexivada is pleased to report that it has
discovered a previously unknown porphyry molybdenum-rhenium-gold-silver system
at its 100 percent owned Moly Dome property, in the first drillhole of its
Phase 1 exploration program. Some copper mineralization also has been found in
the hole, which is still in progress. Moly Dome is located 120 kilometres
north-northwest of Elko, Nevada. No previous modern exploration core or rotary
drilling has ever been done at Moly Dome to the knowledge of the company.
Mexivada also is pleased to report that molybdenum expert Jim Shannon has
joined Mexivada as an expert consultant for Moly Dome and its other projects,
and that Clancy Wendt, one of economic geology's most experienced and
knowledgeable geologists, has joined Mexivada's distinguished Advisory Panel.
Mexivada has staked 70 additional new mining claims to protect its
porphyry target areas at Moly Dome, which is now covered by 126 lode claims.
Sage Gold Inc. owns the adjoining "Sugarloaf" project area to the west of Moly
Angled drillhole MD-07-1 was collared north of the Moly Shaft (see
Mexivada's website at www.mexivada.com), from which hand samples of
quartz-molybdenite-pyrite veining assayed up to 0.359% MoS(2). The Moly Shaft
is situated atop a significant induced polarization chargeability anomaly,
defined by Zonge Engineering and Wright Geophysics.
Molybdenite-pyrite veined quartz stockwork breccia was intersected in
brecciated metasedimentary rocks, just below the thin soil cover, down to a
depth of 515 feet (157 metres, "m"). Local pyrrhotite is present in these
rocks. A silled granitic porphyry intrusive was intersected between 157 and
168 m, which contains local molybdenite. Metasedimentary rocks continue
downhole to a depth of 204 m, and these rocks also contain varying amounts of
quartz-molybdenite-pyrite stockwork mineralization. A retrograded
quartz-sericite-pyrite ("QSP") altered granitic porphyry intrusive with
quartz-molybdenite veining was intersected down to a depth of 216.5 m, where a
6.7 m wide quartz-chalcopyrite-molybdenite vein was intersected. Retrograded
QSP altered granitic intrusive rocks with molybdenite-quartz stringers
persisted down to 258 m, where a 3 m wide fault zone was encountered, perhaps
at the contact with a large intrusive body. Hydrothermally altered granitic
intrusive rocks with spottier, local quartz-molybdenite-pyrite veining were
intersected between 259 m and 323 m, the bottom of the hole as of November
7th. Drilling continues, with an expected completion depth at 457 m.
Upon completion of detailed geologic and engineering logging, the core
samples are to be halved using a core "splitter" at a newly prepared core
storage and logging facility in Owyhee, Nevada, to avoid the washing away of
molybdenum minerals in the core by sawing. The samples will be transported to,
prepared, assayed, and geochemically analyzed by ALS Laboratories in Elko and
Reno, Nevada. Certain rock chip samples taken near the drill hole and
elsewhere at Moly Dome contain anomalous trace element values of rhenium,
silver, gold, chromium, nickel, tungsten and bismuth. Rhenium is a very rare
and valuable metal, used in power metal superalloys and for carbon emissions
reduction catalysts, and is associated with only certain molybdenum-copper
deposits. Rhenium had a spot market price of approximately US$8,000 per
kilogram in August 2007. The project's quality assurance and control work is
being supervised by Mexivada's chief geologist, Kent Thomson, and Jim Shannon
is now on site providing guidance to the team as well.
Mexivada's contractors have completed an expanded program of induced
polarization ("IP") geophysics at Moly Dome, and processing and interpretation
of these data are now underway. An earlier self potential survey was
interpreted to represent an open ended +1600 metre long conductive anomaly
that was interpreted to be indicative of a significant zone of near-surface
sulfide mineralization. Several IP chargeability anomaly areas have been
identified that appear to represent sulfides associated with porphyry style
mineralization. A significant IP anomaly will be tested in drillhole MD-07-2,
which will be sited 500 metres southwest of hole MD-07-1. Mexivada exploration
staff is steadily advancing with detailed core logging, splitting, sampling
and will be submitting the drill cores for assays soon. The target sought for
by Mexivada at Moly Dome is a large scale Davidson- or Mount Hope- type
molybdenum-rhenium porphyry system with peripheral enrichments in gold and
silver. The nature and the significance of copper mineralization in the
systems at Moly Dome is not yet known.
News updates describing the exploration program results and further
technical details concerning the Moly Dome project will be released as the
Although the Moly Dome property contains historic small-scale prospect
workings, the property is without a known body of commercial ore and Mexivada
activities to date have been exploratory in nature. Readers are reminded that
until an adequate number of holes have been drilled and assay results have
been obtained, reviewed, and properly interpreted by qualified personnel, any
conclusions as to the nature and extent of mineralization at Moly Dome must be
considered speculative in nature.
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,
Molybdenum, Diamond, and Rare Metal exploration projects in Mexico, Nevada,
and the ROC Republic of Congo. 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 www.mexivada.com or contact us by e-mail at firstname.lastname@example.org.
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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