Mexivada Mining Corp. Announces Expansion of Poker Flats
posted on
Apr 13, 2011 12:44PM
Potential for "world class" deposits of 3-5,000,000 ounces Gold or $1 billion Diamonds, such as our Golden Porcupine, Gold Jackpot and Goldstorm, Nevada and Congo gold and diamond projects.
Mexivada Mining Corp. Announces Expansion of Poker Flats Project to 3,600 Acres in the Carlin Trend, Nevada
VANCOUVER, BRITISH COLUMBIA, Apr 13, 2011 (MARKETWIRE via COMTEX News Network) --
Mexivada Mining Corp. (TSX VENTURE: MNV)(OTCBB: MXVDF)(FRANKFURT: M2Q) (the "Company") is pleased to announce the completion of significant project expansions for the Poker Flats and Ziggurat gold properties in the Carlin- and Round Mountain-Northumberland gold trends, Nevada, in conjunction with its projects partner, Spartan Gold Ltd. We were able to stake and secure substantial additional land holdings at both properties.
The Mexivada-Spartan team has staked 67 new claims at Poker Flats, bringing the total to 92 claims, encompassing 1,840 acres. Additionally, the team has completed two separate transactions with local land owners securing private land mineral rights and private land surface use rights adding a strategically important land acquisition of 1,760 acres to the Poker Flats property. Spartan closed on the private land acquisition deals that have expanded the team's total project footprint to an estimated 3,600 acres from the original 500 acres. Our new claim blocks and private land rights at Poker Flats are surrounded by Newmont Mining Corporation's Emigrant project on the north and several other exciting projects, including Newmont's Rain-Tess Mine, Premier Gold Mines Ltd.'s high-grade Saddle gold prospect, and Gold Standard Ventures' Railroad Carlin-style project, which all are in close proximity to Poker Flats.
The team also staked an additional 286 lode mining claims at Ziggurat, for a total of 343 claims, to encompass a new gold target, expanding the project to 6,840 acres in size. Ziggurat lies in the heart of the Round Mountain-Northumberland gold trend, and adjoins Newmont's plus 3,000,000 ounce Northumberland Mine Carlin-style gold property. The geological team will complete all the claim filings with the Bureau of Land Management when all corner posts have been placed to define the claim boundaries.
The team is now conducting geological mapping and analysis, in conjunction with geophysics, using new recently-completed gravity and magnetic surveys on both properties. Once interpretations are complete, Spartan will proceed with the finalization of updated NI 43-101 compliant technical reports encompassing the both properties, including the private land rights at Poker Flats, to better define future drilling and gold exploration targets.
Mr. Malcolm Stevens, Spartan's CEO, stated, "The significant progress we have made on the Poker Flats project is nothing short of extraordinary. We are extremely pleased with the achievements over the last two months, a feat that is rarely matched in today's environment." Mr. Stevens continued, "Expanding the claim blocks and project footprint for Poker Flats is a considerable achievement which takes a very important value step for the shareholders of the company. This adds tremendous potential to our exploration goals."
Mr. Rick Redfern, Mexivada's CEO said, "Mexivada is gratified by the esprit de corps shown by its team members at Spartan Gold and by the progress made in exploring the highly prospective Poker Flats and Ziggurat Carlin-style gold properties. The recently announced excellent exploration progress made by our neighbors at Poker Flats, and the purchase of the now under development Northumberland mine complex by Newmont bodes well for both properties."