VANCOUVER, Oct. 11 /CNW/ -
La Republica Silver-Gold-Zinc-Lead Project, Yécora District, Chihuahua,
Mexivada Mining Corp. has completed the first core drill hole of its
2000 metre Phase 1 drilling program at the La Republica property. A second
hole is in progress. The first 3 drill holes are designed to test possible
northern extensions to the high-grade Main Stope silver-gold zone, which
reported silver assays of 175 ounces per ton ("oz/ton"; 5.99 kg/tonne) and up
to 0.25 oz/ton gold (8.56 grams per tonne, "g/t") in the old mine workings.
Data from Sierra Nevada Gold was found that described their drilling of one
core hole in 1998 into the Main Stope on approximately the 91 metre level.
This hole intersected a mine working 5.5 metres high, which contained floor
rubble that assayed 398.7 grams per ton ("g/t") silver, and two additional one
meter thick quartz veins in the footwall that assayed 179.1 and 110.7 g/t
silver respectively. Sierra Nevada Gold terminated their program at La
Republica after this drillhole. The historic information provided above is for
reference only and the reader should not infer or assert that the information
is correct, reliable, relevant or accurate and should not be relied upon.
Mexivada's drillhole LR-07-1 intercepted the La Republica vein north of
the Main Stope at approximately 115 metres below the collar of the vertical
Parker Shaft, and had a true width of approximately 6 metres of fault breccia
and white to gray silica veining in the Republica fault-vein structure,
between 165 and 172 metres. Additionally, mineralized rhyolitic porphyry dikes
are present in the footwall, being quartz-veined and sulfide-bearing to a
depth of 177 metres, and quartz-veined to a depth of 186 metres. All of these
rocks are being assayed. This 21 metre interval is the widest discrete,
mineralized drilled interval of the La Republica system reported to date. The
footwall to the dikes in hole LR-07-1 comprises andesitic flows and flow
breccias of the Sierra Madre Lower Volcanic Sequence. While mineralization was
noted in portions of the drillhole, no conclusions can be drawn as to the
grade or extent of the mineralization prior to the receipt of assays. The
drill samples were sawed and delivered to ALS Laboratories in Hermosillo, who
are processing the samples.
Mexivada's drillhole LR-07-2 is testing the area north of LR-07-1 and
south of the Polverine mineralized surface zone, where Mexivada sampled and
assayed a 2 metre thick zone of breccia from the Republica Fault Zone that
assayed 1,230 g/t silver, 0.88% zinc, 0.31% lead, and 0.2 g/t gold. Drillhole
LR-07-3 will test the downplunge projection of Polverine.
Moly Dome, Nevada, Molybdenum-Copper-Gold-Silver Project:
Zonge Engineering of Reno, Nevada has resumed Mexivada's induced
polarization ("IP") survey at the Moly Dome project, in advance of core
drilling that is scheduled to start on October 21st. Mexivada has staked an
additional 9 mining claims to protect its target area at Moly Dome.
Mexivada's self potential ("SP") survey on the Moly Dome porphyry
molybdenum-copper-gold-silver target area yielded an open ended +1600 metre
long conductive anomaly that was interpreted by Durango Geophysical Operations
to possibly be indicative of a significant zone of near-surface sulfide
mineralization. An earlier geological interpretation by Wright Geophysics
shows this SP anomaly to occur along the arcuate margin of an interpreted
large intrusive body, as shown on Mexivada's website. The IP survey is being
conducted to target electrically conductive sulfide mineralization at depth,
using dipole-dipole arrays. The initial two IP lines indicate the presence of
two moderate strength IP chargeability anomalies, including one directly
beneath the Moly Shaft, where quartz-molybdenite mineralization is exposed at
the surface. These IP anomalies will be tested during Phase 1 drilling. The
target sought for by Mexivada at Moly Dome is a large scale Robinson- or Mount
Hope- type molybdenum-copper porphyry system with peripheral enrichments in
gold and silver.
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 email@example.com.
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, should change.
For further information:
For further information: LionsGate Communication Corp., Telephone: (866)
922-6774 or (604) 866-7700, firstname.lastname@example.org, www.mexivada.com