CARSON CITY, Nev., Oct. 12, 2012 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB:MXSG) is a company engaged in the evaluation, acquisition, exploration, development and production of mining properties and conducts salvage operations for the recovery of precious metals.
Mexus Gold received a geological report prepared by an independent geologist covering part of the Julio Property near the current placer plant and northward toward the Julio Vein. The property is situated on or near the Mojave-Sonora Mega Shear Zone which is well known as a major source of gold bearing zones presently being mined by several major gold production companies. The following is a summary of the findings of the report:
An initial group of 164 samples over a relatively small area of the Julio Property form the basis for the report. A tentative tonnage estimate of 3,676,400 grams gold with a cutoff of one gram was based on study of six veins visible on the surface and located in parallel running southeast toward the northwest. The values of the samples ranged from 0.92 grams to 7.26 grams. The Julio Vein extends more than 800 meters before it buries and is known for high bonanza grades which includes the underground mining site on the property and is estimated at 415,000 tons on the surface with a minimum of 5 grams per ton. The report states that the vein is expected to become a combination open pit and underground operation upon further geological study and exploration activities. There are also four shear zones recognized in the area. Shear Zone 1 is coincident with the Julio Vein and had a sample graded at 11.5 grams. Shear Zone 2 is 400 meters to the south east and parallel to the vein system 1 through 5. Shear Zone 3 contains a bonanza pocket which had sample results as high as 19 grams was graded at an average of 5.5 grams from assayed sample results. Shear Zone 4 presently contains some pits, adits and shafts and graded 2 grams from eight samples. This area can be a mining area relative quickly with the construction of roads and drilling to delineate the ore body. The report states that the 6 major vein structures identified in the area south of the Julio shaft account for nearly 4,000,000 tons of ore with an average gold grade of 2.5 grams with three times as much in Silver. The report also suggests additional mapping, sampling, drilling of the vein structures and shear zones 3 and 4 and the Julio vein and EM to trace concealed shear zones.
Comments regarding the report: the cutoff for minable ore areas was 1 gram which is the normal cutoff for the major mines in the area.
Paul Thompson, President, stated, "We knew the area had good gold bearing ores in various areas but this report is really important to us because some of the samples were a mile away from the plant area and had values as high as 18.33 grams and 4.79 grams with a number of samples over 2 grams or more. We have plenty of exploration work just in this four square mile area and look forward to getting some drilling done as soon as we can. The results in the report are great and we have the geologist doing additional work right now."
About Mexus Gold US
Mexus Gold US (OTCQB:MXSG) is a company engaged in the mining industry for the purpose of producing precious metals, including gold, silver and copper, from its projects located in the state of Sonora, Mexico and in the states of Nevada and Alaska. Mexus Gold US is dedicated to protecting the environment, providing employment and education opportunities for the communities where they operate. For further information or to see the full report, visit www.mexusgoldus.com.
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Forward looking Statement: Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
CONTACT: Paul Thompson CEO/President (775) 721-9960 or (916) 776-1822 Mexusgoldus@aol.com
Source:Mexus Gold US