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10.11.2011
Mexigold and Riverside Complete Trenching and Refine Drill Targets at the Catrina Property in Durango, Mexico
Mexigold and Riverside Complete Trenching and Refine Drill Targets at the Catrina Property in Durango, Mexico
Vancouver, British Columbia, Canada - November 9, 2011 - Mexigold Corp. (the "Company" or "Mexigold") (TSX-V: MAU) and its partner and property operator, Riverside Resources Inc. (TSX-V: RRI), are pleased to report on ongoing exploration at the Catrina property. Riverside had previously completed an analysis of soil sample results and identified two new anomalous zones: Palmitos and Los Jaspes (refer to October 11, 2011 Press Release). Soil geochemistry has been very successful so far in identifying six multi-element anomalous zones that are targeted for follow-up exploration.
Riverside has now recently completed detailed geological mapping and systematic rock channel sampling from a trenching program at two of the anomalous zones. Mapping and sampling was conducted on a series of parallel bulldozer cuts and excavator trenches across the Catrina and the La Dura target areas. A total of 9 trenches were dug with the aim of collecting additional geological data to support the soil geochemistry and IP survey results and help further refine diamond drill targets for the proposed Fall 2011 drilling program.
A total of 904 rock samples (including standards and duplicates) were collected and submitted to Inspectorate Lab for analytical assays. Analysis of the data indicates anomalous values for Au, As, Sb, Hg. The results of the rock channel samples from the trenches, along with coincident soil sampling, ground magnetic and IP-Resistivity surveys, demonstrate the continuity between these two target areas and suggest that Catrina-La Dura are connected to each other, forming a large NE trending zone that now measures 1.4 km long by 0.45 km wide and remains open in both directions.
Gold values are associated with silicified breccias that have developed along the strongly fractured geological contact between porphyry andesitic dykes and sandstones of the Caracol Formation. The breccias are formed by silicified clasts of sandstones cemented by clays and iron oxides.
The diagram below outlines the trench locations, the continuity of the two zones, results of soil geochemistry for Au and as well as location of planned drill targets for the upcoming drill program. The drill program is proposed to test the geology, geochemistry and geophysics identified at Catrina-la Dura and Patos targets and will consist of approximately 8 angled holes totaling 2,000 meters.
The Durango properties are comprised of the "Catrina", "Escondida" and "Pedernal" mining claims covering over 76,000 hectares. Extensive groundwork has been conducted by Riverside Resources identifying multiple drill ready targets on all 3 properties.
Agreement Details:
Mexigold can acquire a 75% interest in the Durango properties (Catrina, Pedernal and Escondida) by issuing Riverside an aggregate 2.6 million Mexigold shares, making total cash payments of $500,000 to Riverside, and incurring an aggregate $4 million in exploration expenditures on the Durango properties within 36 months of the agreement. Included in the exploration expenditure requirements is a commitment to drill a minimum of 3,000 metres on the Durango properties within 12 months from the date of the agreement.
Ken MacDonald P.Geo, Technical Advisor, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Praveen Varshney, CA
President & CEO
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 or accuracy of this release.
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Vancouver, British Columbia, Canada - November 9, 2011 - Mexigold Corp. (the "Company" or "Mexigold") (TSX-V: MAU) and its partner and property operator, Riverside Resources Inc. (TSX-V: RRI), are pleased to report on ongoing exploration at the Catrina property. Riverside had previously completed an analysis of soil sample results and identified two new anomalous zones: Palmitos and Los Jaspes (refer to October 11, 2011 Press Release). Soil geochemistry has been very successful so far in identifying six multi-element anomalous zones that are targeted for follow-up exploration.
Riverside has now recently completed detailed geological mapping and systematic rock channel sampling from a trenching program at two of the anomalous zones. Mapping and sampling was conducted on a series of parallel bulldozer cuts and excavator trenches across the Catrina and the La Dura target areas. A total of 9 trenches were dug with the aim of collecting additional geological data to support the soil geochemistry and IP survey results and help further refine diamond drill targets for the proposed Fall 2011 drilling program.
A total of 904 rock samples (including standards and duplicates) were collected and submitted to Inspectorate Lab for analytical assays. Analysis of the data indicates anomalous values for Au, As, Sb, Hg. The results of the rock channel samples from the trenches, along with coincident soil sampling, ground magnetic and IP-Resistivity surveys, demonstrate the continuity between these two target areas and suggest that Catrina-La Dura are connected to each other, forming a large NE trending zone that now measures 1.4 km long by 0.45 km wide and remains open in both directions.
Gold values are associated with silicified breccias that have developed along the strongly fractured geological contact between porphyry andesitic dykes and sandstones of the Caracol Formation. The breccias are formed by silicified clasts of sandstones cemented by clays and iron oxides.
The diagram below outlines the trench locations, the continuity of the two zones, results of soil geochemistry for Au and as well as location of planned drill targets for the upcoming drill program. The drill program is proposed to test the geology, geochemistry and geophysics identified at Catrina-la Dura and Patos targets and will consist of approximately 8 angled holes totaling 2,000 meters.
The Durango properties are comprised of the "Catrina", "Escondida" and "Pedernal" mining claims covering over 76,000 hectares. Extensive groundwork has been conducted by Riverside Resources identifying multiple drill ready targets on all 3 properties.
Agreement Details:
Mexigold can acquire a 75% interest in the Durango properties (Catrina, Pedernal and Escondida) by issuing Riverside an aggregate 2.6 million Mexigold shares, making total cash payments of $500,000 to Riverside, and incurring an aggregate $4 million in exploration expenditures on the Durango properties within 36 months of the agreement. Included in the exploration expenditure requirements is a commitment to drill a minimum of 3,000 metres on the Durango properties within 12 months from the date of the agreement.
Ken MacDonald P.Geo, Technical Advisor, is the designated Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Praveen Varshney, CA
President & CEO
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 or accuracy of this release.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA5930501070">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA5930501070</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.