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12.10.2011
MEXIGOLD CORP. AND RIVERSIDE RESOURCES REPORT ON EXPLORATION PROGRAM CONFIRMING PREVIOUS WORK AND ADDING TWO NEW TARGETS IN DURANGO, MEXICO
MEXIGOLD CORP. AND RIVERSIDE RESOURCES REPORT ON EXPLORATION PROGRAM CONFIRMING PREVIOUS WORK AND ADDING TWO NEW TARGETS IN DURANGO, MEXICO
Vancouver, British Columbia, Canada – October 11, 2011 – Mexigold Corp. (the “Company” or “Mexigold”) (TSX-V: MAU) is pleased to report it has received soil geochemical results from partner Riverside Resources Inc. (TSX-V: RRI), who are currently conducting an exploration program on the Catrina Project in Durango, Mexico, on behalf of Mexigold. Analytical results from an extensive soil sampling program have confirmed soil anomalies at 4 previously identified target areas and has added two new target areas.
As part of the initial exploration on the Catrina gold-silver project, operator Riverside Resources completed a soil geochemistry program consisting of 856 samples within an area of 4 km by 4 km. Laboratory results have now been received and the sampling has confirmed the presence of four exploration targets previously identified by geologic mapping, surface rock-chip sampling, remote sensing and geophysics (Catrina, La Dura, Patos and El Bordo) and has identified two new additional targets (El Palmito and El Jaspe).
Results for each target are as follows:
• Catrina: The Catrina area returned the highest sample results, with a large As-Au soil geochemical anomaly 700 m x 350 m in extent trending NNE-SSW and coinciding with a zone of quartz-alunite-clay alteration in sedimentary host rocks outlined by previous work.
• La Dura: Sampling has identified an extensive NE trending Au-As-Sb-Zn soil geochemical anomaly coincident with alteration identified through surface mapping. Individual anomalous Au values along a trend southwest of La Dura suggest that this anomaly is linked to the Catrina area approximately 200m south.
• Patos: Soil sampling in the Patos area defined a 500 x 250 m soil geochemical anomaly 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 and northwest toward the El Palmito area.
• El Bordo: Samples elevated in As, Sb and Pb overlie this previously identified target and trend NW along the magnetic low that stretches between El Bordo to the southeast and El Palmito to the northwest. Some of these samples have identified zones of previously unknown mineralization.
• El Palmito: This newly-discovered target area displays a polymetallic Pb-Cu-Zn-Mo-Au-Sb soil anomaly overlying a magnetic high and at the termination of a magnetic linear low from the southeast. The presence of K-feldspar veinlets, copper-oxide mineralization and intrusive rocks containing pyrite indicate potential as a porphyry-copper target.
• Jaspe: This new target area is situated west of La Dura on a northeast trending magnetic low and consists of an Au-As-Pb-Zn-Sb soil anomaly coincident with a zone of jasperoid alteration, in a layer of muddy limestone within sandstone host rocks. This zone indicates potential for a carbonate replacement precious metal target.
The results of the soil geochemistry program reveal several large anomalies of seemingly different character or underlying geology. To the east are Los Jaspes, Catrina and La Dura targets with coincident gold-arsenic-antimony soil anomalies that have an epithermal precious metal signature. To the west are El Palmito and Patos with coincident lead-zinc-antimony-gold ± copper with a porphyry or carbonate replacement signature. The anomalies all seem to border on, or are centered on, magnetic low lineaments; possibly indicative of faulting with possible NW trending faults offset by NE trending block faults.
An analysis of the soil geochemistry values in relation to previously completed geological mapping, sampling and IP/magnetic geophysical results identified several high priority targets for follow-up. An excavator was mobilized to the property and surface trenching and detailed rock chip sampling and mapping was initiated. The Company is also awaiting assays from the trenching program which will be used to finalize targets for the planned drill program. Nine trenches were made at Catrina for 2,280 m of total trenching. Seven out of nine trenches were made at the Catrina target and two at La Dura. A total of 904 trench assay samples were collected and are currently being assayed.
Corporate Changes
Current Director, Peeyush Varshney, has stepped down as President & CEO, and will remain on the Board as a Director. Praveen Varshney, current Director, will assume the role of President & CEO.
The Company has also hired Colin Robson as Director of Corporate Development. Colin has 6 years of experience with junior mining companies in various roles & capacities and his duties will include corporate communications & investor relations. The Company will pay Colin a salary of $5,000 per month. In addition, Colin has been granted 250,000 stock options at an exercise price of $0.32 per share for a period of three years.
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 – October 11, 2011 – Mexigold Corp. (the “Company” or “Mexigold”) (TSX-V: MAU) is pleased to report it has received soil geochemical results from partner Riverside Resources Inc. (TSX-V: RRI), who are currently conducting an exploration program on the Catrina Project in Durango, Mexico, on behalf of Mexigold. Analytical results from an extensive soil sampling program have confirmed soil anomalies at 4 previously identified target areas and has added two new target areas.
As part of the initial exploration on the Catrina gold-silver project, operator Riverside Resources completed a soil geochemistry program consisting of 856 samples within an area of 4 km by 4 km. Laboratory results have now been received and the sampling has confirmed the presence of four exploration targets previously identified by geologic mapping, surface rock-chip sampling, remote sensing and geophysics (Catrina, La Dura, Patos and El Bordo) and has identified two new additional targets (El Palmito and El Jaspe).
Results for each target are as follows:
• Catrina: The Catrina area returned the highest sample results, with a large As-Au soil geochemical anomaly 700 m x 350 m in extent trending NNE-SSW and coinciding with a zone of quartz-alunite-clay alteration in sedimentary host rocks outlined by previous work.
• La Dura: Sampling has identified an extensive NE trending Au-As-Sb-Zn soil geochemical anomaly coincident with alteration identified through surface mapping. Individual anomalous Au values along a trend southwest of La Dura suggest that this anomaly is linked to the Catrina area approximately 200m south.
• Patos: Soil sampling in the Patos area defined a 500 x 250 m soil geochemical anomaly 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 and northwest toward the El Palmito area.
• El Bordo: Samples elevated in As, Sb and Pb overlie this previously identified target and trend NW along the magnetic low that stretches between El Bordo to the southeast and El Palmito to the northwest. Some of these samples have identified zones of previously unknown mineralization.
• El Palmito: This newly-discovered target area displays a polymetallic Pb-Cu-Zn-Mo-Au-Sb soil anomaly overlying a magnetic high and at the termination of a magnetic linear low from the southeast. The presence of K-feldspar veinlets, copper-oxide mineralization and intrusive rocks containing pyrite indicate potential as a porphyry-copper target.
• Jaspe: This new target area is situated west of La Dura on a northeast trending magnetic low and consists of an Au-As-Pb-Zn-Sb soil anomaly coincident with a zone of jasperoid alteration, in a layer of muddy limestone within sandstone host rocks. This zone indicates potential for a carbonate replacement precious metal target.
The results of the soil geochemistry program reveal several large anomalies of seemingly different character or underlying geology. To the east are Los Jaspes, Catrina and La Dura targets with coincident gold-arsenic-antimony soil anomalies that have an epithermal precious metal signature. To the west are El Palmito and Patos with coincident lead-zinc-antimony-gold ± copper with a porphyry or carbonate replacement signature. The anomalies all seem to border on, or are centered on, magnetic low lineaments; possibly indicative of faulting with possible NW trending faults offset by NE trending block faults.
An analysis of the soil geochemistry values in relation to previously completed geological mapping, sampling and IP/magnetic geophysical results identified several high priority targets for follow-up. An excavator was mobilized to the property and surface trenching and detailed rock chip sampling and mapping was initiated. The Company is also awaiting assays from the trenching program which will be used to finalize targets for the planned drill program. Nine trenches were made at Catrina for 2,280 m of total trenching. Seven out of nine trenches were made at the Catrina target and two at La Dura. A total of 904 trench assay samples were collected and are currently being assayed.
Corporate Changes
Current Director, Peeyush Varshney, has stepped down as President & CEO, and will remain on the Board as a Director. Praveen Varshney, current Director, will assume the role of President & CEO.
The Company has also hired Colin Robson as Director of Corporate Development. Colin has 6 years of experience with junior mining companies in various roles & capacities and his duties will include corporate communications & investor relations. The Company will pay Colin a salary of $5,000 per month. In addition, Colin has been granted 250,000 stock options at an exercise price of $0.32 per share for a period of three years.
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.
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