$UPERMAN
13 years ago
Mexivada Discovers New Clorinda Zone of Mineralization South of Dome Mine at Timmins, Ontario
Date : 10/17/2011 @ 9:35AM
Source : MarketWire
Mexivada Discovers New Clorinda Zone of Mineralization South of Dome Mine at Timmins, Ontario
Mexivada Mining Corp. (TSX VENTURE:MNV)(OTCBB:MXVDF)(FRANKFURT:M2Q) is pleased to report that it has discovered a significant new zone of quartz-ankerite veining mineralization on its Golden Porcupine property, along the Deloro Fault zone sector, just south of the Dome-Aunor-Delnite mines complex of Goldcorp and other local companies at Timmins, Ontario. New trenching has exposed new outcrops with a zone of quartz veining, presently known to be up to 6 metres in width, as shown on a photograph on Mexivada's website at www.mexivada.com. Metallic mineralization is found in outcrop, including fine-grained pyrite in massive to banded vein quartz. The lateral extent of this system of veining is interpreted to be at least 650 metres in strike length, where it may have been intersected in Mexivada's latest drillhole GP11-6, and may be over 1 kilometre in length. Mexivada is further exposing the outcrop zone, and is mapping and sampling it. This target will be drilled upon completion of this mapping program.
Mexivada is continuing its core drilling program at Golden Porcupine. Mexivada has set up work and storage facilities in Timmins, where core logging and sawing is taking place. More results of the Golden Porcupine work program will be reported on a regular basis.
Mexivada also is conducting work in the Matheson area in Hislop Township, near the Ross Mine, which will be further reported upon shortly. A second drill rig may be contracted for work in this area by the end of October. Mexivada is using flow-through cash funds in Mexivada's treasury to fund a plus 5,000 metre drilling program in Ontario in 2011.
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 examined and studied the Dome, Delnite, and Pamour mines, verified the information herein, 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, Canada, 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 info@mexivada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard R. Redfern, President
$UPERMAN
13 years ago
Mexivada Discovers Several Zones of Mineralization in Drill Intercepts on Golden Porcupine Property at Timmins, Ontario
Date : 10/06/2011 @ 9:30AM
Source : MarketWire
Mexivada Discovers Several Zones of Mineralization in Drill Intercepts on Golden Porcupine Property at Timmins, Ontario
Mexivada Mining Corp. (TSX VENTURE:MNV)(OTCBB:MXVDF)(FRANKFURT:M2Q) is pleased to report that it has completed four NQ core holes at its Golden Porcupine property in Deloro Township at Timmins, Ontario, and is continuing its drilling program. Mexivada's Golden Porcupine property is in the +60,000,000 ounce Timmins mining area along the Destor-Porcupine structural system, south of the Delnite and Aunor gold mines and southwest of Goldcorp's +17,000,000 oz. Dome Mine. Mexivada is using flow-through cash funds in Mexivada's treasury to fund a 5,000 metre drilling program in Ontario. More than 800 metres have been drilled to date. Logging, sampling, and interpretations of these holes are underway at Timmins by Mexivada's two experienced Ontario consulting geologists on site.
The first two drillholes at Golden Porcupine property tested parts of a large geophysical anomaly ("Big Bif") comprising a large magnetic "low" area presumably formed by hydrothermal alteration that was crosscut by induced polarization ("IP") chargeability highs. Four major zones of mineralized rocks were found in these -45 degree drillholes, and other smaller zones as well.
The first hole (GP11-1) intersected 6.5 metres of highly sulfidized silicic rock that contain substantial amounts of pyrrhotite, chalcopyrite, and lesser pyrite, at 170-176.5 metres hole depth. This interval will be rush-assayed for nickel, copper, and platinum group metals, as well as for gold and silver. Similar mineralization was found lower down in the hole at 242-251 metres. Other intervals of sulfidic quartz veining also were found in hole GP11-1.
The second drillhole (GP11-2) intersected a possible on-strike continuation of the second mineralized zone in GP11-1, at hole depths of 23 to 31 metres. Lower down in GP11-2, Mexivada intersected a major 21 metre long shear zone containing sericitic, pyrite-bearing quartz veining in felsic rocks, starting at a hole depth of 200 metres. Rush-assay results will be reported from these intervals after receipt by Mexivada. The true widths of these substantial intervals are not yet known.
The third and fourth holes (GP11-3 and -4) were drilled into a quartz vein system at the Novack No. 1 shaft, near to where high gold grades were reported by certain previous investigators in the southeastern part of the property. Another shear zone of 14 metres core length with narrow pyrite-bearing quartz veining was found in GP11-3, at a depth of 60 metres. Lateral fan hole GP11-4 also intersected 21 metres of this shear zone at 14 to 35 metres, with quartz-sericite-(pyrite) mineralization present. Hole GP11-5 presently is being drilled at depth, under the intercept in GP11-4.
Mexivada then will move the drill rig over to the Rypan Mines part of the Golden Porcupine property and drill test the area where "commercial intercepts" of gold were reported by Rypan Porcupine Mines Ltd. in 1947 in their holes 15 and 16. The latter hole casing was found in the field by Mexivada. A fence of holes will be drilled in this area, before again moving the rig to test quartz-pyrite vein systems in the Jennifer and Clorinda structural zones near the Deloro Fault system, a "new" branch of the Destor-Porcupine structural zone. Mexivada will report on the results of these work efforts when completed. Mexivada also is acquiring other new, exciting gold properties in the Timmins gold belt, which will be reported on upon signings.
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 examined and studied the Dome, Delnite, and Pamour mines, verified the information herein, 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, Canada, 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 info@mexivada.com.
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
$UPERMAN
13 years ago
Mexivada option strategy to pay off over next 12 months - Analyst Blog
Date : 06/13/2011 @ 7:26AM
Source : Zacks
Stock : Mexivada Mining Corp (GM) (MXVDF)
Quote : 0.0946 0.0 (0.00%) @ 2:05AM
Mexivada option strategy to pay off over next 12 months - Analyst Blog
Steven Ralston, CFA
Mexivada option strategy to pay off over next 12 months
Mexivada (MNV.V: TSX-V and MXVDF) continues to proceed with exploration plans at many of its nine properties with positive news flow expected throughout 2011. But in particular, management’s unique financial plan of optioning properties will bear fruit over the next 12 month with inflows of $500,000.
In March, Mexivada amended the option agreements on its Ziggurat and Poker Flats properties in Nevada that require option payments of $110,000 over the next year while Goldstorm will generate $75,000 and Gold Jackpot $200,000 in option payments. In addition, the Mayoko property in the Republic of Congo will bring in $100,000. Also Trilogy Mining is scheduled to make a $25,000 option payment on the Jefferson property.
Mexivada’s management employs a unique financial cash flow model. By optioning certain properties, Mexivada benefits from a series of substantial cash option payments and shares of stock issued by the optionees. In addition, the optionees are required to commit to considerable exploration costs and sometimes the delivery a mining pre-feasibility study and/or a NI 43-101. If the project is successful, Mexivada retains a minority ownership position. If unsuccessful, Mexivada benefits from option payments, the receipt of shares of stock, further exploration of the property and the retention of 100% ownership in the mining rights.
The next 12 months should see the fruition of this option cash flow model. In addition to the $500,000 in option payments, Mexivada is also scheduled to receive 1,900,000 shares of Spartan Gold (SPAG:OTCBB), Sphere Resources (SPH: TSX-V) and 150,000 shares of West Kirkland Mining (WKM: TSX.V). If Trilogy Mining successfully completes an initial public offering (IPO), Mexivada will also receive 100,000 shares of Trilogy. With the receipt of these shares, Mexivada’s balance sheet will benefit from increased marketable securities bolstering the current asset and equity categories
The strategy of Mexivada’s management is to acquire and explore properties near or adjacent to proven significant mineral deposits, and after a phase of additional investigation and exploration (the company’s core competency), management often seeks a joint venture partner to further explore and develop each property, thereby laying off significant exploration costs onto the partner and generating cash from the series of option payments. This strategy will certainly benefit the company financially over the next 12 months.
We reiterate our Outperform rating on Mexivada, and our target of $0.25. Management continues to successfully execute on its strategy and find joint venture partners to further explore and develop its properties, while receiving cash from the series of option payments.
For a free copy of the full research report, please email scr@zacks.com with MNV.V or MXVDF as the subject.
Follow Zacks Small Cap Research on Twitter at Twitter.com/ZacksSmallCap
$UPERMAN
14 years ago
Mexivada Executes Option Of Poker Flats Property, Carlin-Rain Gold Mining District, Nevada
Date : 12/22/2010 @ 9:30AM
Source : PR Newswire
Stock : Mexivada Mining Corp (MXVDF)
Quote : 0.1206 0.0 (0.00%) @ 2:05AM
Mexivada Executes Option Of Poker Flats Property, Carlin-Rain Gold Mining District, Nevada
Mexivada Mining Corp (USOTC:MXVDF)
Today : Wednesday 22 December 2010
Mexivada Mining Corp. (MNV.TSX-V) is pleased to announce the signing of an option to purchase 70% of the Poker Flats property, and makes the following announcement:
Mexivada has entered into an Agreement with Spartan Gold Ltd (OTCBB: SPAG, "Spartan"), a U.S. based junior gold exploration company and with Sphere Resources Inc. ("Sphere") on the NEX Board of the TSX Venture Exchange (NEX - SPH.H, collectively "Optionee") to option an equally shared 70% interest in the Poker Flats gold concession in Nevada's world renowned Carlin Trend to Spartan and Sphere. Under the terms of the agreement, Spartan Gold is responsible for financing of the first stage exploration activities at Poker Flats. Sphere will assume the responsibility to complete a mining feasibility study for the project upon completion of the exploration program.
Poker Flats Gold Property
The Poker Flats properties are located approximately 20 miles south-southwest of Elko, Nevada, and comprise two non-contiguous blocks containing 25 unpatented lode mining claims, covering approximately 500 acres. All of the claims are within the Carlin-Rain Mining District in Elko County. The property has a National Instrument (NI) 43-101 technical report prepared by a Competent Person. According to the NI 43-101 technical report, the exploration focus at Poker Flats will be on Carlin-type mineralization, which typically occurs as finely dispersed sub-micron gold and some silver. The properties are in the vicinity of the large Rain Mine (Newmont), and the Emigrant Springs (Newmont) and Railroad-Pinyon (Gold Standard Ventures) gold properties. The previous geophysical and geological interpretations and past drilling indicate that the Poker Flats property has favorable characteristics for Carlin-type mineralization. Gold Standard Ventures has been actively drilling the Railroad property, located 3 kilometers southwest of Poker Flats, as reported in Thom Calandra's "Ticker Trax" newsletter. Gold Standard reported intersecting highly significant gold assay values in its most recent drilling at Railroad, well in excess of the average gold grade reported by Newmont for the Emigrant Springs gold deposit. Newmont is awaiting a BLM decision to construct and start up an operating open pit heap leach gold mine at Emigrant Springs, which adjoins Poker Flats on the north, along strike.
Additional drilling, geophysical and geological work is planned at Poker Flats by Spartan under a two-phase exploration program. Since the property is situated adjacent to other current gold mining properties such as Pinyon and Railroad, and the mineralized host rocks appear similar to those at Newmont's Rain Mine and at the Railroad deposit, additional exploration expenditures are justified for the Poker Flats property.
Optionee can earn an 51% interest in Poker Flats (the "Property") by compensating Mexivada in 1) a payment of $25,000 in cash on signing (paid), and 2) issue to Mexivada a) 200,000 common shares of Sphere within 60 days of the Effective Date of December 20, 2010, and b) investing a sum of $500,000 into the property in exploration and development expenditures (inclusive of assessment work) over a 36 month period from the Effective Date. Optionee must issue 300,000 common shares of Sphere Resources Inc. to Mexivada within 60 days of its earning a 51 percent interest in the property.
Optionee can earn an additional nineteen percent (19%) interest in the property, for a total of 70%, upon incurring additional Exploration Expenditures of US $250,000 and by also completing and delivering to Optionor an Industry-standard Mining Feasibility Study (not necessarily "bankable") on or before the fifth anniversary date of this Agreement, such additional expenditures and Mining Feasibility Study to be incurred and paid for by Sphere.
Upon commercial mine production, Mexivada and Optionee also will pay their respective portions of a three percent (3%) net smelter returns royalty to the original vendor of the mining claims (Redfern) appurtenant to this agreement, and part or all of this NSR may be purchased from the vendor at any time for $1,000,000 per percentage point of the royalty. A joint venture will be negotiated between Mexivada and Optionee for additional work on this claim. Upon Optionee earning its 70% interest in the property, Mexivada and its joint venture partner are required to contribute their proportionate share of costs of future exploration and development.
The proposed transaction remains subject to, among other things, receipt of all requisite Regulatory and other approvals, including the approval of the NEX board of the TSX Venture Exchange. A finder's fee is payable by Optionee in regards to this transaction.
Mr. Richard Redfern, President and CEO of Mexivada commented: "We are extremely pleased to be pursuing the historic and prolific Carlin gold mining camp with an extremely talented technical team working on the Property. We feel very confident in Spartan Gold's ability to explore and prepare the property to drill ready status and to have Sphere Resources guiding the completion of required formal studies to validate the prospect".
Bill Whitmore, the President of Spartan Gold Ltd. commented, "What is exciting for our team at Spartan Gold, is being able to take the lead operationally on a world class project with great partners and fantastic potential" He went on to say, "We recognized from the beginning that all the parties involved with the Poker Flats prospect bring a tremendous amount of knowledge and experience in the mining industry. This provides a great recipe for a successful exploration endeavor every step of the way to the benefit of all the shareholders of our respective companies."
Malcolm Stevens, Chairman and President of the Company commented, "The Poker Flats agreement enables the Company to explore and potentially mine a concession surrounded by both lucrative producing mines and industry leaders. The existing data on The Poker Flats prospect is extremely encouraging because the mineralization is consistent with the producing adjacent properties."
About Mexivada Mining Corp.:
Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, mining, and joint venturing prospective Gold-Silver, Tellurium, Diamond, and Rare Metal exploration projects in Mexico, Nevada, Canada, 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 info@mexivada.com.
About Spartan Gold Ltd.:
Spartan Gold Ltd. (OTCBB: SPAG) is a publicly traded U.S. based junior gold exploration and mining company with gold exploration and development activity initially centered in the northeast region of Alabama. The company is currently pursuing opportunities in the Carlin Gold Trend, Nevada. The superior Carlin Trend gold camp of Nevada is endowed with world class mineral deposits. The directors, management and advisers of Spartan Gold have over 90 years of combined experience in the exploration and development of global mining projects.
Spartan's commitment to asset growth and increased shareholder value will be sustained by the development of highly prospective projects, accelerated exploration activities and the acquisition of viable resources. Spartan has selected an international board of directors experienced in undertaking exploration, development and funding of numerous energy and minerals projects around the world. The company is currently exploring additional acquisition opportunities.
About Sphere Resources Inc.:
Sphere Resources Inc. listed on the NEX Board of the TSX Venture Exchange (NEX - SPH.H) is focused on identifying and appropriating exploration targets and other high quality assets in major global mining camps with a particular emphasis on precious metals. It is currently involved in exploring for gold mineralization in the Red Lake District of Ontario and has spent considerable time identifying and appropriating exploration targets and other high quality assets in major global mining camps with a particular emphasis on precious metals.
ON BEHALF OF THE MEXIVADA BOARD OF DIRECTORS
"RICHARD R. REDFERN"
Richard R. Redfern President
$UPERMAN
14 years ago
MXVDF
More high grade gold-silver-tellurium has been found at the 6 Km long Gold Jackpot target area. Gold values to 16 g/t Au have been sampled here. Copper values to 1046 ppm Cu suggest an early pre-Gold possible porphyry copper metal event in the same structural "plumbing system" that was later re-fractured and used by epithermal gold-silver-tellurium mineralization (possible Emperor Mine Style, 11M oz Au at Emperor), indicating potential very large size for this Au-Te-Ag-Pb-Indium property. Tellurium (was $300/Kg) values to 339 ppm Te make this one of the largest high-grade Tellurium targets in North America. Silver to 239 ppm Ag also present, with lead values to 2% Pb and Indium to 41ppm In. Excellent large-scale Au-Te-Ag-Pb-In property with multi-million ounce open pit Gold potential, and potential large resource for "green" solar panel photovoltaic Tellurium production. Mexivada controls 100% of main outcrops of Au-Te-Ag-Pb-In target area and is formulating a drilling program for the summer 2010 field season.
A new Mexivada field exam of the new Moussondji gold district in ROC Congo found hundreds of artisanal miners working in several alluvial gold production areas, and at least one with apparent lode gold potential.
Current Work Results:
Gold: Mexivada recently has made new gold discoveries of vein and disseminated gold mineralization near its Mayoko field office, at Ngouaka, Bambounga, and Mingassa, along a 7+ km target length, close to the place where the Avoine Company mined a 1 kilogram "nugget" of vein gold. This "nugget" currently resides in the home of the French ambassador in Brazzaville. Artisanal miners have recovered nuggets here to 70 g in weight, and continue to produce coarse gold in nuggets to 10 g in weight. Mineralization is present in pyritic quartz veins along formation contacts, pyritic quartz-flooded zones associated with strong alteration of the amphibolites and gneiss, and in quartz-veined areas of ferruginous quartzite. The area has never been tested by drilling.
http://www.mexivada.com/s/Nevada.asp
$UPERMAN
14 years ago
MXVDF News Out!!!
Mexivada Executes Option of ROC Congo Properties To Zamarat Mining PLC
Date : 10/18/2010 @ 9:30AM
Source : PR Newswire
Stock : Mexivada Mining Corp (OTC) (MXVDF)
Quote : 0.1486 0.0 (0.00%) @ 2:06AM
Mexivada Executes Option of ROC Congo Properties To Zamarat Mining PLC
Mexivada Mining Corp (OTC) (USOTC:MXVDF)
Intraday Stock Chart
Today : Monday 18 October 2010
Mexivada Mining Corp. ("MNV") has optioned up to 70% of its Republic of Congo (Brazzaville; "ROC") gold and diamond properties to Zamarat Mining Plc of London, UK and Paris, France (www.zamaratmining.com), through a Binding Letter of Intent option agreement dated September 15, 2010, with the option executed by Zamarat and effective October 15, 2010. The Republic of Congo gold and diamond properties of Mexivada and Zamarat are located near Mayoko in the Chaillu Massif gold belt in the southwestern part of the ROC, located approximately 280 kilometres northeast of the companies' head office at the major oil and potash centre of Pointe-Noire. Major iron ore exploration and development programs also are being conducted in this region by Xstrata Plc and DMC Mining. Our joint focus in the Republic of Congo is on the discovery of large, plus 1,000,000 ounce gold deposits. Placer gold mining operations will begin as soon as mine permitting can be completed, and Zamarat has estimated a placer potential of approximately 200,000 ounces of gold in the permits area. Gem quality white- and fancy colored diamonds also have been found and mined at several locations in the permits area.
Zamarat is entitled though the option agreement with MNV to earn up to a 70% interest in the Mexivada's 5 Permis des Recherches and its Mousondji Prospecting Permit though the expenditure of US$4.5 million over a 3 year period. The initial goals of MNV and Zamarat are to define and put into mine production certain placer gold resources discovered on the optioned properties and to continue and expand exploration for additional alluvial gold and lode gold and diamond resources on the permits. One of the initial placer gold target areas also shows coarse, particulate gold up to 8.8 grams per cubic metre in weathered soils and colluvium overlying bedrock that is highly enriched in gold values, indicating potential open pit lode gold exploration potential.
Maps showing 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 non-independent 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 info@mexivada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"RICHARD R. REDFERN"
Richard R. Redfern President
$UPERMAN
14 years ago
MXVDF News Out!!!
Mexivada Executes Option of ROC Congo Gold-Diamond Properties to EAR
Date : 07/26/2010 @ 9:00AM
Source : PR Newswire
Stock : Mexivada Mining Corp (OTC) (MXVDF)
Quote : 0.135 0.0 (0.00%) @ 2:05AM
Mexivada Executes Option of ROC Congo Gold-Diamond Properties to EAR
Mexivada Mining Corp (OTC) (USOTC:MXVDF)
Intraday Stock Chart
Today : Monday 26 July 2010
Mexivada Mining Corp. ("MNV") has optioned its Moussondji Prospecting permit (gold) and its 5 Permis des Recherches exclusive permits for gold and diamond exploration in the ROC Republic of Congo to East American Resources (Pty) Ltd. ("EAR"), a diversified mining company based in Johannesburg South Africa, in an agreement dated July 20, 2010, the "Effective Date". Mexivada is an exploration company that specializes in using its exploration concepts to find gold-silver, diamond, and high-tech rare metal properties worldwide. Mexivada's ROC Congo property lies in the heart of the Mayoko Gold-Diamond Belt in the Chaillu Massif, 300 Km north-northeast of the ROC's main petroleum hub city Pointe Noire, and 340 Km northwest of the capital city Brazzaville. Alluvial gold and diamond mining was conducted on the Malambani concession after World War II by the Avoine Company, which recovered approximately 1 tonne of alluvial gold, and gem alluvial diamonds up to approximately 75 carats in size. Between 300 and 1500 artisanal miners have been recovering an unquantified amount of gold from an approximately 3 square Km area within the company's Moussondji prospecting permit area during the past year. Mexivada presently has a geo-engineering team working in the Moussondji permit area, to determine the nature of alluvial and lode gold present in the permit area, which adjoins and may extend into Mexivada's Malambani exclusive Permis des Recherches concessions.
ROC Congo Option: East American Resources (Pty) Ltd. may acquire up to an undivided 51% interest in Mexivada's prospecting permit and its Permis des Recherches concessions, which in total comprise 3,010 square Km of area in the ROC Congo (the "Property"), under the terms of the Option agreement. EAR can acquire this 51% legal and beneficial interest in the Property by incurring a total of $3,000,000 in total cumulative exploration expenditures on the property over a three year period. In addition, to maintain the agreement, EAR will make cash payments of $100,000 to Mexivada upon execution of the agreement, $100,000 within 90 days of the Effective Date and $50,000 to Mexivada on or before the second anniversary of the Effective Date, as well as issue to Mexivada 250,000 shares of EAR within 60 days of the Effective Date and a further 250,000 shares of EAR upon its acquiring a 51% interest in the Property. EAR shall also pay all taxes, ROC corporate fees, Country, Provincial, and Local property-related payments required to hold all of the existing Property concessions and permit, and for any additional concessions and other permits acquired during the life of this option agreement and any subsequent Mexivada-EAR joint venture.
The parties shall negotiate a Joint Venture Agreement upon EAR earning a 51% interest in the property. All such legal and beneficial interests granted to EAR shall be irrevocable, regardless of whether the agreement is subsequently terminated.
Maps showing 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 non-independent 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 info@mexivada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"RICHARD R. REDFERN"
Richard R. Redfern
President
$UPERMAN
14 years ago
MXVDF News Out!!!
Fri Jul 16, 2010
Exploration Begins on Mexivada's Nevada Properties; Congo Gold Discovery Expands
--------------------------------------------------------------------------------
Nevada Exploration Begins: Summer exploration work has begun on Mexivada's Gold Jackpot, Ziggurat, Jefferson, and Goldstorm properties in Nevada. Mexivada's venture partners Trilogy Mining and West Kirkland Mining have begun their programs of office and field exploration on the Jefferson and Goldstorm properties. Mexivada is continuing its programs of geological mapping and sampling and geophysical investigations at Ziggurat, located just north of the +15,000,000 ounce Round Mountain gold mine in central Nevada. The exploration target at Ziggurat is a Rodeo-Goldstrike style Carlin-type gold deposit.
Exploration also has begun at Mexivada's Gold Jackpot gold-silver-tellurium property, located 70 Km north of Fronteer-AuEx's fast track Long Canyon gold mine development project. Recent field work at Gold Jackpot has located 3 previous drillholes, ostensibly drilled by Gold Fields in 1990, in a wide zone of imposed silicification and pyritic sulfidation. Gold values to 16 g/tonne have been sampled in this area by a major mining company, along with high-grade reported silver and tellurium values. Mexivada's goal here will be to drill test this high-grade zone at depth, after conducting a geophysical evaluation and deposit modeling tests this summer. Gold Jackpot is located in an unpopulated area, on BLM land. The exploration target here is for a multi-million ounce gold-tellurium enriched porphyry system, beneath the exposed surface cap of gold-silver-tellurium-lead mineralized limestone replacement rocks. Possible Emperor Mine-style sheeted quartz-gold-tellurium mineralization appears to be present below the mineralized cap, controlled by low-angle faults at Gold Jackpot. A porphyry system could be present at greater depth.
ROC Congo Moussondji Gold Discovery Expands: It has been reported that an additional 300 Malaysian artisanal miners are recovering gold at the surface on the 250 square km Moussondji Prospecting Permit area that Mexivada controls in the ROC Congo (Brazzaville). It also has just been reported that a Chinese geological team is now conducting reconnaissance exploration in this area. No Permis des Recherches have yet been issued for this area. Mexivada's Chief Consulting Geologist and Projects Chief, Prof. Dr. Noel Watha-Ndoudy, is studying this area for Mexivada.
Maps showing 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 non-independent 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 info@mexivada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"RICHARD R. REDFERN"
Richard R. Redfern
President
For further Information Contact:
Investor Relations
1 866 922-6774
778 737-7771
Redfern cell 775-934-4675
info@mexivada.com
info@lionsgateIR.com
www.mexivada.com
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