Mexus Pays off $105,000 loan commitment
Mexus Gold plans to reach out to Itronics and explore its breakthrough technology
CABORCA, Mexico, Jan. 18, 2019 (GLOBE NEWSWIRE) -- Mexus Gold US (OTCQB: MXSG) (“Mexus” or the “Company) today announced that the 1st phase of drilling is now complete at its Santa Elena mine. The company is awaiting assay results which will be plotted and produce a 3D Model used for interpretation. The final results are expected in February 2019. The company has received results for holes 6 thru 9 which aimed to intercept the Julio vein at depths between 60 to 100 meters. The Julio structure is consistent at depth with mineralized widths of 2 to 5 meters. All quartz vein intercepts had gold and silver noticeable with .1 to .3 g/t Au as the tracing values and 2 to 10 g/t Au as the high values. Hole 7 is the best evidence of high-grade gold at 9.89 g/t Au with an attractive width of 5.3 meters and an overall average of 3.12 g/t Au.
| Hole | Intercept (M) | Au (g/t) | Ag (g/t) |
| 1 | 1 | .19 | .75 |
| 2 | 1 | 6.28 | 21.3 |
| 3 | 1 | .27 | .38 |
| 4 | 3 | .7 | .5 |
| 5 | 2 | .79 | 5 |
| 6 | 1 | .31 | .5 |
| 7 | 5.3 | 3.12 | 9 |
| 8 | 1.5 | .22 | .5 |
| 9 | .5 | .1 | .5 |
| Average | 1.8 | 1.3 | 4.3 |
The resulting Julio quartz vein section drilled contained a slope distance of 180 meters with an average width of 1.8 meters and a strike distance of 275 meters accumulating approximately 180,000 tons with average grades of 1.3 g/t Au and 4.3 g/t Ag. This includes all quartz material without being selective. Approximately 7500 oz. of gold are contained in this section of the Julio quartz vein and about 25,000 oz of silver. Another 200 meters of this quartz vein is minable to the north and about 800 meters to the south of the studied area. Selective mining can be directed based on sampling production drilling used for blasting. The apparent shear zone associated with the Julio vein seems to be a post-mineral event and is parallel to the quartz vein using the structure as a brittle thrust plane. The Julio offset structure was intercepted on hole 1 near the surface with .2 g/t Au and traces of silver making it a viable target for further exploration. All surface sampling data will be processed together with drilling data to identify the best production areas of the structures and understand structural geology of low angle shear zones. Exploration will now continue to accumulate tonnage from new shear zones and quartz vein systems to the south and will include production drilling and surface sampling.
The first stage drilling results gives Mexus the tonnage and values needed to proceed with a mining plan that includes stage 2 drilling. The company plans to build upon its resources from stage 1 by commencing a 12,000 ton per month quartz vein production. Mexus expects the 12,000 ton per month production to produce 500 plus ounces of gold and 1,600 ounces of silver. This small but significant production will fund stage 2 drilling along with advancing Mexus’ other goals.
Mexus will begin preparing the heap leach in the near term. The plan is to remove material from the front of the pad and replace it with fresh ore. This new ore will be carefully controlled to keep the highest grades possible on the pad. Mexus CEO Paul Thompson added “The goal is to start with a small production and build out as additional drilling results become available. Mexus now has a group of financial experts who will assist the company in achieving its goals.”
About Mexus Gold US
Mexus Gold US is an American based mining company with holdings in Mexico. The fully owned Santa Elena mine is located 54km NW of Caborca, Mexico. Mexus also owns rights to the Ures property located 80km N of Hermosillo, Mexico. This property contains 6900 acres and has both gold and copper on the property. Founded in 2009, Mexus Gold US is committed to protecting the environment, mine safety and employing members of the communities in which it operates.
For more information on Mexus Gold US, visit www.mexusgoldus.com. 775-722-6171
Cautionary Statement
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.