Mexivada Mining Corp. ( TSX-V: MNV ~ OTCBB: MXDVF ~ FRANKFURT: M2Q )
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Tue Sep 4, 2007
Mexivada to Begin Drilling at La Republica in Mexico: Projects Update
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La Republica Silver-Gold-Zinc-Lead Project, Yécora District, Chihuahua, Mexico: Mexivada Mining Corp. has mobilized a core drilling rig to its La Republica property, to conduct a 2000 metre Phase 1 drilling program. Aerial photography of the project area was flown for the company by Eagle Mapping, which is constructing a new topographic map of the La Republica mine area, using new survey data. Mexivada has been modeling the La Republica mine workings, which are reported to have yielded a historical mine production of more than 5,000,000 ounces of very high grade silver to 1908. The presence of visible gold in the mine suggests the possible presence of a hidden, early gold-quartz vein system in addition to the main silver-rich veins. The average reported mine head grade at La Republica was over 100 ounces per ton silver.
La Republica was mined first between 1906 through 1908, with later, lesser production to 1910 or 1911, when the Mexican Revolution erupted. It was selectively mined down through a decline shaft down to the 50.6 metre level and possibly down to the 91.5 metre level. A 99 metre deep vertical production shaft was sunk and a crosscut was driven on the 81 metre level to or toward the decline shaft, and these mine workings may be useable in a new mining operation on site. Channel sampling on the 91.5 metre level was reported in May 1908 to have assayed 5,990 grams per tonne ("g/t") silver across a 3.65 metre true vein width, along a drift length of 33.8 metres. This "Main Stope" zone never has been drill tested, and Mexivada's first two drillholes will explore its downdip projection, below the 91.5 metre level, on each side of the decline shaft. Other holes will test the southern extensions of the Main Stope zone and the northern "Polverine" zone, where Mexivada's channel sample of the La Republica vein across a 2 metre true width assayed 1,230 g/t silver, 0.88% zinc, 0.31% lead, and 0.2 g/t gold.
Gold Junction Drilling Project, Round Mountain District, Nevada: Mexivada completed a 3-hole Phase 1 reverse-circulation drilling program at its Gold Junction, Nevada property. Locally anomalous gold values, of up to 39 parts per billion gold over a 1.5 metre drilling sample interval, were found in both holes of the "OP Target" zone. These assays have led to definition of a new Gold Hill-type, westerly-trending gold target, which heretofore was unknown by the company. This new target zone will be shown on a cross section to be posted to the Mexivada website at www.mexivada.com The third drillhole, situated to the east of the "OP Target" on a different fault target, also yielded several similarly anomalous gold values, but have not led to definition of a viable gold exploration target there. Mexivada is formulating a program to test the newly discovered target zone.
Moly Dome, Nevada, Molybdenum-Copper-Gold Project: Mexivada has received approval of its Notice of Intent to Conduct Exploration drilling at its 100% owned Moly Dome property with the U.S. Bureau of Land Management. The company is evaluating core drilling contractors, with drilling expected to commence in October, 2007.
Mexivada's geophysical contractor completed a Self-Potential survey in the Moly Dome porphyry molybdenum-copper-gold target area. The SP survey data generated were consistent with the presence of a mineralized (sulfide-bearing) "porphyry" target system present at shallow depths at Moly Dome. An induced polarization ("IP") survey was re-started, but again had to be temporarily suspended due to extreme fire hazard weather conditions at Moly Dome. The IP survey is scheduled for resumption on October 1st by Durango Geophysical Operations.
Mayoko Greenstone Belt Gold and Diamonds Project, ROC Republic of Congo:
Mexivada's ROC subsidiary, Compagnie Minière du Chaillu ("M2C"), is continuing its steady program of geologic and geochemical exploration for gold and diamonds near Mayoko, in its exclusive Malambani concessions area.
Gold: Gold is present at Mayoko in two, 20 plus kilometre long, sub-parallel mineral belts. M2C found a new gold bearing area in August at Lesseseti in the southern belt, by tracing gold placers upstream to their source, where gold-quartz veining is present across substantial widths in quartzite and biotite gneiss. Mexivada is presently sampling this area and will send the channel samples off for rush fire assaying at ISO-approved labs in Johannesburg. Seven areas with gold in banded iron formations have been found by M2C along the northern mineral belt at Mayoko. Work on these target areas will continue in September, with the goal of defining drill targets for testing in 2008. Several placer gold targets have also been defined by M2C.
Diamonds: M2C has dropped its southerly "Nzambi" Permis de Recherche for diamonds, to focus on the higher potential gold and diamond areas further northward at Bikélélé, Carrefour, and Malambani. M2C recently discovered 11 small alluvial macrodiamonds through geochemical sampling, each less than 2.5 millimetres in diameter, at its Bikelele and Carrefour target areas in M2C's Bitsandou exclusive permit area. M2C will conduct follow-up investigations in this area during September and October, looking for primary diamondiferous kimberlite host rocks.
M2C presently is exploring a diamond target on the Malambani concession at Bilala where the Avoine Company found a 22 millimetre colorless octahedral gem diamond crystal after World War II. An Avoine map shows diamonds having been found in east-northeast trending creeks near Bilala, possibly indicating trend-parallel diamondiferous dikes or pipe sources for the Bilala diamonds. M2C's initial wash sampling recovered the following diamond indicator minerals: ilmenite, chromite, and a possible pyrope garnet. M2C now is studying an 800 by 200 metre gravel-covered area at Bilala using bulk sample testing. Test samples will be sent to Mineral Services Laboratory in Capetown for verification of mineral identities.
Mexivada Cash Resources: All of Mexivada's cash resources are being held in cash and Guaranteed Investment Certificates at a major Canadian bank. Mexivada has no exposure to asset-backed commercial paper ("ABCP") investments that could be subject to creditor default.
This press release and its contents have been reviewed by Richard R. Redfern, Mexivada's President, who is a Certified Professional Geologist and Qualified Person as defined under National Instrument 43-101.
About Mexivada Mining Corp.
Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, and joint venturing high-grade Gold-Silver, Molybdenum, Diamond, and Rare Metal exploration projects in Mexico, Nevada, and the ROC Republic of Congo. Managed by experienced and successful board members and advisors, Mexivada is well financed with no debt. For further information, including area maps, sections, and photos, please visit our web site at www.mexivada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"RICHARD R. REDFERN"
President
Contact: LionsGate Communication Corp.
Telephone: (866) 922-6774 or (604) 866-7700
info@mexivada.com www.mexivada.com
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 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 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.
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