Mexivada Defines Pamour-Type Open Pit Gold Target at Golden Porcupine Property, Timmins Gold Camp, Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/24/11 -- Mexivada Mining Corp. (TSX VENTURE: MNV)(OTCBB: MXVDF)(FRANKFURT: M2Q) is pleased to report significant progress on its Golden Porcupine gold property, Deloro Township, in the main Timmins gold camp, Ontario, Canada. Golden Porcupine is situated in the heart of Canada's premier gold mining camp, south of the 30,000,000 oz. Hollinger - McIntyre mines complex, southwest of Goldcorp's 17,000,000 oz. Dome Mine, and east of Lakeshore Gold's West Timmins project.
The Golden Porcupine Property sits just west-southwest of the historic, past producing Delnite, Aunor and Buffalo Ankerite mines, west of the Dome Mine and these three mines produced a total of over 4.4 million ounces of gold. The plus 4,500,000 ounce open-pitted Pamour Mine is northeast of Golden Porcupine, in the eastern part of the Timmins camp, and Mexivada is targeting the finding of this style of gold mine. Golden Porcupine also has fault-style gold targets, with some that carry high-grade gold mineralization on the surface, but these targets are of lesser interest to Mexivada.
Ground magnetic, VLF-EM, and induced polarization ('IP') surveys recently were completed on the property and interpreted for Mexivada by Wright Geophysics. Enzyme leach geochemical samples also were taken on the property in 2010. Strong magnetic lows with zones of coincident IP chargeability and soil geochemical anomalies have been found, with ENE-, NW-, and N-S trends. A large footprint, northerly trending chargeability zone has been defined which is interpreted as a major, large-scale open pit disseminated, Pamour Mine style gold target. The chargeability anomaly here is believed to represent disseminated pyritic mineralization in late porphyritic intrusive rocks of the Pamour-Pearl Lake style that were discovered through historic assessment work within this main target area. Possible feeder zones to this chargeability anomaly are exposed at the surface, which carry 1 to 2 ounce per tonne gold mineralization. Banded iron formation targets also are present within the main open pit target area, in a large, 15 by 60 metre trench that was developed on a highly silicified, quartz-veined banded iron formation.
It appears that no exploration holes ever have been drilled on the open pit gold target, which is interpreted to have a plus 3-5,000,000 ounce gold potential, in line with Mexivada's model of searching for multi-million ounce gold deposits that would be attractive to major gold companies such as Goldcorp, Osisko, and Barrick Gold Corp. Mexivada and its Ontario field operations consultants now are compiling the available historic data for the property, which will be completed by March 1. Our geological team will begin mapping, channel sampling, and excavator trenching as soon as weather conditions at Timmins permit, and drilling is anticipated in summer 2011 using Landdrill or BDW Drilling, using flow-through cash funds raised by Mexivada.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard R. Redfern, President
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.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
Contacts:
Mexivada Mining Corp.
Investor Relations
1-604-568-7726 or 1-866-922-6774
info@mexivada.com
www.mexivada.com