September 20, 2010 / 2:03 PM / 8 years ago

UPDATE 1-Minefinders discovers mineralized zone at Mexican mine

* Says will expand drilling program

Sept 20 (Reuters) - Canada’s Minefinders Corp Ltd MFL.TO said it discovered a gold and silver mineralized system at its La Virginia Project in Mexico in initial stages of the first drill program at the mine.

“As our understanding of this large mineralized system evolves, we will expand our drilling program,” vice president - Exploration, Tench Page, said in a statement.

The precious metals mining and exploration company, which sees potential for higher-grade gold and silver mineralization, said initial exploration of historical workings at La Virginia defined a trend that extends for a total strike length of up to 15 kilometres.

The La Virginia Project is located about 220 kilometres east-northeast of Hermosillo, Sonora, Mexico and 100 kilometres north-northwest of the company’s Dolores mine, it said.

Last month, the Vancouver, British Columbia-based Minefinders had discovered a new mineralized zone at its Dolores mine in northern Mexico. [ID:nSGE67I0HK]

Its shares have gained about 19 percent in value since.

On Monday morning, Minefinders shares were trading down about a percent at C$10.76 on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Vyas Mohan)

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