Thursday, March 15, 2012
Vancouver, British Columbia, Canada - March 15, 2012 - Mexigold Corp. ("Mexigold" or the "Company") (TSX-V: MAU) is pleased to report on recently completed drilling at both the Catrina and Pedernal projects in Durango, Mexico. Riverside Resources is the operator of Mexigold's exploration program in Mexico.
Mexigold completed drilling on both properties to test the depth potential of epithermal precious-metal targets that had been outlined by recent surface geochemical sampling, trenching and geophysics. The drill program at Catrina consisted of six HQ diamond drill holes for a total of 1,615.40 metres, and the campaign at Pedernal included seven HQ diamond drill holes totaling 1,549.40 metres. Final results have now been received for the drilling at Catrina, while assays are still pending for the recently submitted core from Pedernal.
The Catrina project is located in the northern part of Durango state, Mexico, about 55 km west of the town of Mapimí. The drill program at Catrina focused on testing two of the existing six target areas on the property, the connected NE trending Catrina-La Dura target area that covers a 1,400-metre long by 500-metre wide zone. The first hole targeted the northern La Dura trend while the remaining 5 holes tested approximately 600m of strike length on the southern Catrina trend. The drill results within this zone failed to intersect significant gold or silver values, but indicator elements such as As and Hg indicate that drilling did encounter the upper levels of an epithermal system. In four of the five holes drilled (CA-11-02 through CA-11-06), drilling encountered zones with elevated to strongly anomalous As and Hg over drilled lengths between 20 and 96 metres; often associated with intense hematite-healed breccia zones. The levels of As and Hg in the drill holes were substantially higher than those encountered in surface trenching, indicating that mineralization appears to be strengthening with depth at the Catrina-La Dura target.
A detailed interpretation of these initial drill results at Catrina has commenced and is expected to result in further targeting of additional drill holes on the Catrina-La Dura target. In addition, the untested Patos, El Bordo, Palmitos, and Los Jaspes targets on the project show strong coincident geochemical soil anomalies (gold, silver, mercury, arsenic) and ground-magnetic anomalies. Induced Polarity geophysical conductors and resistive bodies on those targets will help to focus potential drilling to test these favorable settings. The Catrina concession property is 14,814-hectares and less than 10% of the area has so far been tested.
The drill program at the Pedernal project, located 50 kms to the WSW of Catrina and 20 kms due west of the Penoles Mining District, was successfully completed and all samples have been submitted to the lab for analysis. The Pedernal drill holes were targeted to test favorable surface rock-chip and trench gold assays on three outcropping mineralized quartz vein zones, the Tablones (four holes), Milpa (two holes), and the Ranchito (one hole) vein systems.
Assay results are pending, but examination of the core indicates that the targeted mineralized zones were encountered in most drill holes, consisting of variable degrees of quartz veining with varying amounts of accompanying pyrite, calcite, chlorite, and specular hematite. The vein textures at Pedernal (abundant matrix-supported breccia, drusy quartz, and cockscomb quartz) suggest a strong epithermal system; the four principal vein zones known on the property have individual strike lengths up to 3.5 kilometres and a combined strike length of 12 kilometres. The strike length remains open as it appears to extend further under shallow post-mineral alluvial cover.
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 and CEO
Director of Corporate Development
phone: (604) 684-2181 ext.318
mobile: (604) 727-6379
fax: (604) 682-4768