Mexivada discovers porphyry molybdenum, silver-tellurium, and gold systems at Moly Dome, Nevada; begins tellurium exploration program
Mon Apr 21, 9:01 AM
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TSX-V: MNV
OTC: MXVDF
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VANCOUVER, April 21 /CNW/ - Mexivada has received final assay and geochemical results from its 2007 Phase 1 drilling program at its Moly Dome property, which is located 120 kilometres north-northwest of Elko, Nevada. Three HQ diamond core drillholes were completed for a total of 1202 metres ("m") of drilling. A porphyry molybdenum system and several intervals of gold-silver-tellurium mineralization were intersected in hole 1. Hole 2 intersected a sulfidized, tungsten-enriched metasediment "carapace" cover rock sequence, ostensibly above granitic or porphyry bodies, and a silver-tellurium-gold enriched vein system was intersected in hole 3. These drill results show that Moly Dome is in a highly prospective target area for molybdenum, gold, and silver-tellurium mineralization, in close proximity to each other.
Tellurium is a rare "high tech" metal that is an integral part of new cadmium telluride solar panel technologies used by industry leader First Solar (FSLR- Nasdaq). The price of tellurium metal has increased from US$10.00 per kilogram ("kg") in 2004 to recent selling prices of US$300 to possibly as much as US$500 per kg, and a recent article suggested that First Solar could be vulnerable to tellurium shortages that could result in significantly higher prices from here. Mexivada's Jefferson property near Round Mountain, Nevada also contains significant enrichments in tellurium, associated with its precious metal systems. Mexivada has begun an exploration program for additional potential new sources of tellurium metal.
Drillhole MD07-1 was drilled to a depth of 458.7 m at an angle of -65 degrees, attempting to drill across projected surface vein mineralization located at the "Moly Shaft" prospect, where samples of molybdenite (MoS2)-pyrite bearing quartz were found that contained up to 0.359% MoS2 (see Mexivada's website at www.mexivada.com). MD07-1 also was designed to drill into a significant induced polarization ("IP") chargeability anomaly defined below the Moly Shaft. The molybdenum mineralization intersected in MD07-1 is associated with porphyry-style granitic intrusives and hydrothermal breccias that cut deep-level "mesozonal" granodiorite to quartz monzonite stocks of the Cretaceous 81 to 90 Ma (million years old) Mountain City granitic stock system. Molybdenite mineralization occurs in variable amounts through much of the drillhole, as closely spaced quartz-molybdenite-pyrite veins, small pockets, and disseminations within strongly altered metasedimentary and greenstone strata of the Paleozoic upper plate Valmy Formation, and in alaskite and granodiorite porphyry rocks that are strongly sericitic with potassic overprints characterized by potassium feldspar and biotite selvages developed along veinlets and stringers of quartz+magnetite+pyrrhotite. Geochemical and assay results from MD07-1 indicate a 127 m thick intercept of stronger mineralization occurring between 91-218 m with values of up to 0.626% MoS2 over 1.5 m core lengths, as shown in the table below.
Gold mineralization in MD07-01 is somewhat anomalous yet pervasive throughout most of drill hole MD07-1. A high gold value of 1.82 ppm Au over a 1.5 metre interval (147.8 to 149.3 m) occurs adjacent to a quartz latite dike of possibly Carlin-age and to a quartz-healed quartz vein breccia. This could be indicative of a second, younger gold-rich mineral event of Tertiary age, synchronous with gold mineralization at Carlin Goldstrike, Nevada at 39 Ma. A gold-silver-tellurium-lead enriched interval of mineralization also occurs at 222.5 to 224 m, similar to those described below in holes MD07-2 and MD07-3.
Drillhole MD07-02 was drilled in the southern part of the Moly Dome property to a depth of 331.3 m, at an angle of -60 degrees, into a second IP chargeability anomaly. The hole intersected a south-dipping, domed up and pyrite-sulfidized metasediment "carapace" cover rock sequence of Valmy greenstone and quartzite that ostensibly overlies granitic or porphyry intrusive bodies. Some weak gold-tungsten mineralization was found in this sulfidized rock package, but wide intervals between 150 to 185 and 215 to 280 m downhole were strongly enriched in tungsten, with values to 0.056% W, suggestive of possible nearby skarn mineralization. A gold-silver-lead-tellurium enriched interval also occurs at 224 to 225.5 m, similar to that described below in hole MD07-3.
Drillhole MD07-03 was drilled in the east-central part of the Moly Dome property, north of hole MD07-1, at an angle of -75 degrees, to a total depth of 411.8 metres. This hole was sited southeast of a large, strong IP chargeability anomaly, targeting projected east-west trending outcropping quartz vein mineralization containing molybdenite, galena-(hessite?) and malachite. Localized sub-planar to stylolitic veins of molybdenite were intersected between 303.3 to 408.4 m within and along the margins of a quartz stockwork zone hosted by carbonaceous spotted phyllite metasedimentary rock. Cross-cutting the molybdenite mineralization are high-grade silver-tellurium-lead-gold bearing quartz-sulfide and quartz-carbonate veins that contain up to 206 ppm tellurium, 320 ppm silver, 1.15 ppm gold and 1555 ppm lead, over 1.5 metre core intervals. These veined zones contain localized concentrations of the tellurium minerals hessite and altaite. The relationship between the telluride-precious metal-carbonate mineralization and molybdenum has not yet been clarified, but the former may be superimposed on the molybdenum, and thus be younger in age.
DRILLING RESULTS, MOLY DOME PHASE 1 CORE DRILLING PROJECT
Core Hole Molybdenum Geochemistry: (% MoS2)
DDH No. Intercept (m) Width (m) % MoS2
------- ------------- --------- ------
MD07-1 91.4 - 92.9 1.5 0.023
MD07-1 99.1-111.3 12.0 0.060
MD07-1 111.3-123.4 12.0 0.133
MD07-1 118.9-120.4 1.5 0.626
MD07-1 126.5-128.0 1.5 0.055
MD07-1 132.5-158.5 26.0 0.043
MD07-1 161.5-178.3 17.0 0.028
MD07-1 189.0-218.0 29.0 0.021
MD07-3 303.3-304.8 1.5 0.033
MD07-3 347.5-349.0 1.5 0.101
MD07-3 358.5-360.0 1.5 0.053
MD07-3 379.5-380.0 1.5 0.017
MD07-3 402.3-403.8 1.5 0.019
MD07-3 406.9-408.4 1.5 0.017
Core Hole Geochemistry: (Au, Ag, Te, Pb)
DDH No. Intercept (m) Width (m) Au (ppm) Ag (ppm) Te (ppm) Pb (ppm)
------- ------------- --------- -------- -------- -------- --------
MD07-1 77.7 - 79.2 1.5 0.189 -0.01 -0.05 6
MD07-1 147.8-149.3 1.5 1.820 28.3 15.65 47
MD07-1 193.5-195.0 1.5 0.113 54.5 6.37 711
MD07-1 222.5-224.0 1.5 0.444 59.5 16.4 1555
MD07-1 257.5-259.0 1.5 0.251 24.9 8.31 170
MD07-1 266.8-268.3 1.5 0.128 126.0 17.05 1030
MD07-1 291.2-292.7 1.5 0.016 41.8 2.61 217
MD07-2 18.3 - 19.8 1.5 0.112 2.78 0.30 8
MD07-2 39.6 - 41.1 1.5 0.158 1.86 0.19 17
MD07-2 224 - 225.5 1.5 0.100 46.8 3.67 544
MD07-3 150.9-152.4 1.5 0.217 1.67 1.10 45
MD07-3 353.5-335.0 1.5 1.155 320.0 206.0 608
INTERPRETATION: Mexivada has identified a previously unknown "low-fluorine" style porphyry molybdenum-gold mineral deposit system at Moly Dome, with low copper values. Similar style molybdenum systems are found at Thompson Creek, Idaho and elsewhere in Nevada. The northern part of the Moly Dome property has a strong IP chargeability anomaly area that has not yet been tested for molybdenum by drilling. In addition, strong silver-tellurium-gold mineralization appears to cut the molybdenum system, and the extent and geometry of this mineralization needs to be explored by additional drilling. Both the molybdenum-gold and silver-tellurium-gold systems may extend upwards to- or toward the ground surface. Moly Dome holds good potential to yield a bulk-mineable molybdenum-gold-silver-tellurium deposit in today's market, and it is close to established infrastructure and mining workforces.
FUTURE WORK: Planning of phase II drilling is now underway in order to define the shape, extents, and grades of mineralization at Moly Dome. The northern part of the property area will be tested for additional molybdenum porphyry bodies, in and near the IP anomalies. The form, geometry, and extents of the silver-tellurium-gold mineralization also will be tested by drilling, and additional bodies of this mineralization will be explored for. Mexivada has begun a new program of exploration for high-grade tellurium deposits in North America, and elsewhere as opportunities arise, to augment the two properties that it already controls.
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 or contact us by e-mail at info@mexivada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"RICHARD R. REDFERN"
Richard R. Redfern
President
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 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.
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