VANCOUVER, Jan. 14 /CNW/ - Mexivada has outlined a significant new zone of gold mineralization at the surface in the northern part of its 2060 acre Gold Jackpot sediment-hosted gold-silver-tellurium property, located 70 Km due north of Fronteer Development's/AuEx's Long Canyon gold discovery. Surface samples in the northern extension area have assayed up to 1.2 grams per tonne gold.
Gold Jackpot contains widespread and extensive, locally high-grade gold-enriched polymetallic mineralization throughout an area of 2 square kilometres in the central core area and discontinuously over approximately a 6 km length. Gold mineralization is closely associated with tellurium and silver. Mexivada has staked an additional 37 lode mining claims to cover this northern extension area.
A 650 by 150 metre central core area at Gold Jackpot is the locus of the highest grade mineralization, including samples OS-102 that assayed 4.48 g/t gold, 338.9 g/t tellurium, 239.7 g/t silver, 2.4% lead, and 15 g/t indium; and sample OS-55 with 2.21 g/t gold, 263.5 g/t tellurium, 91.6 g/t silver, 1.1% lead, and 41 g/t indium. Gold shows are common in the extensively silicified rock package and in silicified breccias. Coxcomb quartz veins are present in Upper Plate siliciclastic rocks. Decalcification of carbonates ("sanding", like in Carlin-style gold deposits) is common in the core area, surrounding silicified zones, with dolomitization in the outer fringes. Late, high-grade uranium mineralization cuts the sanded limestones 1.8 Km southwest of the core area, along the margin of the Opal Spring volcanic dome complex.
The Gold Jackpot mineralization is interpreted to be magmatic, distal disseminated and vein type, breccia-feeder and flat-fault controlled, polyphase gold-tellurium-silver-lead-indium mineralization with potential for large-scale disseminated and vein-type gold mineralization at depth. Gold Jackpot has strong similarities to the epithermal Au-Te system at the Emperor (Vatukuola) Mine in Fiji, which has past production and presently defined resources of approximately 11 million ounces of gold. Gold Jackpot and Emperor- Vatukuola show similar tellurium values.
Tellurium is used in "green" solar panel technologies, and sold for over $300/kg in 2008. Indium is another Hi-Tech metal, important in LCD panels, and currently sells for more than $400/kg.
In accord with Mexivada's exploration model of searching for plus 5 million ounce gold deposits, the targets at Gold Jackpot are large enough to hold a multi-million ounce gold-silver-tellurium deposit, and large enough to be of interest to major mining companies. The project is in an unpopulated area on BLM managed lands. Enough open flat ground is present in the area to accommodate the facilities, dumps, and ponds for a large scale commercial mining operation.
Maps showing the property geology and mineralization have been posted to Mexivada's website at www.mexivada.com. 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 verified the information 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, 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 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 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.
SOURCE Mexivada Mining Corp.
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