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23.11.2011
Mexigold Corp and Riverside Resources commence preliminary drilling on Catrina-La Dura Target
Mexigold Corp and Riverside Resources commence preliminary drilling on Catrina-La Dura Target
Vancouver, British Columbia, Canada – November 22, 2011 – Mexigold Corp. (the “Company” or “Mexigold”) (TSX-V: MAU, ) and its partner and property operator, Riverside Resources Inc., are pleased to announce preliminary drilling on its joint-ventured Catrina property in Durango, Mexico. The program will consist of 8 angled holes for a total of 2,000m and the goal is to test 3 of the 6 existing gold targets in the property. Major Drilling of Hermosillo, Mexico, has been contracted to conduct the program. The program will take 6 weeks to complete.
The Catrina-La Dura gold zone will be tested by 7 angled holes varying between 200 and 350m depth. The Patos gold zone will be tested with a single hole to a proposed depth of 120m.
The Catrina-La Dura zone is a large, NE-SW trending, Au-As-Sb-Zn soil geochemical anomaly that measures 1.4 km long by 0.45 km in extent. The zone coincides with a zone of quartz-alunite-clay alteration in sedimentary host rocks. 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 sandstone cemented by clays and iron oxides.
Soil sampling in the Patos area has defined a 600m by 800m long geochemical zone anomalous in Au, Ag, As, Sb, Pb, Zn, Hg and Mn, coincident with previously mapped alteration, and within a sharply defined NW-trending magnetic low that stretches southeast toward the El Bordo zone and northwest toward the El Palmito zone.
The drill holes are targeted on coincident anomalous results from geological mapping, soil and rock geochemistry and IP/magnetometer geophysics completed at the Catrina-la Dura and Patos targets. Trenching and sampling was recently completed and aided in refining specific drill sites (Refer to November 9, 2011 Press Release).
The Durango properties comprise the Catrina, Escondida and Pedernal exploration concessions covering over 76,000 hectares. Extensive groundwork has been conducted by Riverside Resources identifying multiple drill-ready targets on all three properties. The Pedernal property is scheduled for drilling after completion of the Catrina drill campaign. All three of these properties are located within the highly productive Mesa Central Region of Mexico.
Agreement details
Mexigold can acquire a 75-per-cent interest in the Durango properties (Catrina, Pedernal and Escondida) by issuing Riverside a total of 2.6 million Mexigold shares, making total cash payments of $500,000 to Riverside, and incurring $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 PGeo, technical adviser, 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
Contact: Investor Relations
Phone (604) 684-2181
colin@mexigoldcorp.com
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 22, 2011 – Mexigold Corp. (the “Company” or “Mexigold”) (TSX-V: MAU, ) and its partner and property operator, Riverside Resources Inc., are pleased to announce preliminary drilling on its joint-ventured Catrina property in Durango, Mexico. The program will consist of 8 angled holes for a total of 2,000m and the goal is to test 3 of the 6 existing gold targets in the property. Major Drilling of Hermosillo, Mexico, has been contracted to conduct the program. The program will take 6 weeks to complete.
The Catrina-La Dura gold zone will be tested by 7 angled holes varying between 200 and 350m depth. The Patos gold zone will be tested with a single hole to a proposed depth of 120m.
The Catrina-La Dura zone is a large, NE-SW trending, Au-As-Sb-Zn soil geochemical anomaly that measures 1.4 km long by 0.45 km in extent. The zone coincides with a zone of quartz-alunite-clay alteration in sedimentary host rocks. 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 sandstone cemented by clays and iron oxides.
Soil sampling in the Patos area has defined a 600m by 800m long geochemical zone anomalous in Au, Ag, As, Sb, Pb, Zn, Hg and Mn, coincident with previously mapped alteration, and within a sharply defined NW-trending magnetic low that stretches southeast toward the El Bordo zone and northwest toward the El Palmito zone.
The drill holes are targeted on coincident anomalous results from geological mapping, soil and rock geochemistry and IP/magnetometer geophysics completed at the Catrina-la Dura and Patos targets. Trenching and sampling was recently completed and aided in refining specific drill sites (Refer to November 9, 2011 Press Release).
The Durango properties comprise the Catrina, Escondida and Pedernal exploration concessions covering over 76,000 hectares. Extensive groundwork has been conducted by Riverside Resources identifying multiple drill-ready targets on all three properties. The Pedernal property is scheduled for drilling after completion of the Catrina drill campaign. All three of these properties are located within the highly productive Mesa Central Region of Mexico.
Agreement details
Mexigold can acquire a 75-per-cent interest in the Durango properties (Catrina, Pedernal and Escondida) by issuing Riverside a total of 2.6 million Mexigold shares, making total cash payments of $500,000 to Riverside, and incurring $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 PGeo, technical adviser, 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
Contact: Investor Relations
Phone (604) 684-2181
colin@mexigoldcorp.com
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.