VANCOUVER, Oct. 9 /CNW/ - Mexivada Mining Corp. has staked and owns 66 mining claims at its Gold Jackpot property in Elko County, Nevada. The claims are on the east edge of the Contact Mining District, 30 kilometres ("km") southeast of Jackpot and approximately 90 km due north of AuEx-Fronteer-Agnico Eagle's Pequop/Long Canyon new gold discoveries. The Gold Jackpot claims lie east of Mexivada's Opal Spring uranium-molybdenum-gold property.
Sediment-hosted gold mineralization crops out along a plus 3 km length of the Gold Jackpot property. Possible Carlin-style gold mineralization crops out in the Devil's Pass target area, where Gold Fields was reported to have drilled two exploration holes in the early 1980s, encountering a drill intercept of plus 12 metres long averaging approximately 1.5 parts per million ("ppm") gold. Rock chip sampling in the Gold Jackpot area by Dr. Criss Capps returned gold values of up to 1.282 ppm gold and local anomalous silver and arsenic values as well.
Mexivada considers the Gold Jackpot area to have excellent potential to yield a large-size gold deposit present at shallow depths. The rocks seen on the property to date are oxidized, so open pit, heap leach methodologies perhaps could be utilized if sufficient ore is found from exploration of the property. This unpopulated area has good access, does not have any apparent environmental problems, and sufficient room is present for large scale mine facilities and dumps/heaps. Most of the gold targets on the property have never been tested by drilling. Mexivada's consulting geologists will begin detailed geologic mapping and sampling at Gold Jackpot immediately and develop a drilling exploration strategy.
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 (including maps, sampling, and analytical test data) and evaluated the interpretations contained in this news release.
About Mexivada Mining Corp.
Mexivada is a diversified Canadian mining and 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 ROC Republic of Congo. For further information please visit our web site at www.mexivada.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 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, should change.
SOURCE Mexivada Mining Corp.
For further information: For further information: Michael J. Stetzel, Investor Relations Manager, Telephone: (866) 922-6774 or (778) 737-7771, firstname.lastname@example.org, www.mexivada.com