VANCOUVER, Dec. 17 /CNW/ - Mexivada has delineated a significant zone of high-grade gold-tellurium-silver-lead-indium (Au-Te-Ag-Pb-In) mineralization on its 1320 acre Gold Jackpot sediment-hosted gold property, located 70 Km due north of Fronteer Development/AuEx's Long Canyon gold discovery.
Gold Jackpot contains high-grade polymetallic mineralization along nearly 1.5 km of exposed structures and discontinuously over at least 2.2 km. The mineralization appears to extend northward and southward on the property. A 650 by 150 metre fault intersection core area in the middle part of the Gold Jackpot property is the locus of the highest grade mineralization, including samples OS-102 that assayed 4.48 ppm gold, 338.9 ppm Te, 239.7 ppm Ag, 2.4% Pb, and 15 ppm In; and sample OS-55 with 2.21 ppm gold, 263.5 ppm Te, 91.6 ppm Ag, 1.1% Pb, and 41 ppm In. Tellurium and gold together often are difficult to recover without specialized assay techniques, meaning that these tellurium and gold values may be lower than the actual metal contents present in the Gold Jackpot samples. Both samples contained very low amounts of sulfur, bismuth, and low arsenic. Local copper values of up to 551 ppm Cu are present.
Several exploration holes previously were drilled at Gold Jackpot. It was reported that Gold Fields or Tenneco may have drilled several shallow holes in the early 1980's, two of which contained 40 to 50 foot zones of gold mineralization that assayed approximately 0.05 oz/ton gold (1.7 g/t Au).
Gold Jackpot and Long Canyon are interpreted to occur along a new, northerly-trending structural gold belt, labeled the "Pequop Trend" on Mexivada's website. Gold deposits at both sites are associated with northeasterly and northerly trending gold fault-feeder systems and dike-form igneous rocks. Gold Jackpot area has aplitic pre-mineral dikes, and Long Canyon has lamprophyric dikes. The Gold Jackpot mineralization is interpreted to be magmatic, distal disseminated, feeder-controlled, polyphase gold-tellurium-silver-lead-indium mineralization with potential for large-scale disseminated mineralization at depth. It is not known if the gold and tellurium are related to an epithermal Au-Te system like Cripple Creek or the Emperor Mine in Fiji, or to a buried porphyry system enriched in Te and Indium.
Tellurium is used in modern "green" solar panel technologies developed by First Solar Corporation, 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-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 are being 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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