First Mexican Gold Corp. (the 'Company' or 'FMG') (TSX VENTURE:
FMG)(FRANKFURT: 21M) is pleased to provide its shareholders the
following exploration update:
On June 2, at SJ Geophysics offices in Delta, BC, as part of
finalizing and executing their agreed scope of supply, senior staff
of SJ Geophysics met with FMG senior management and technical staff
to present and discuss their findings and interpretations of the
extensive 3D IP (Induced Polarization) geophysical survey carried
out on the Company's Guadalupe Gold & Silver Project in SE
Sonora, Mexico.
SJ Geophysics' scope of work involved acquisition and
interpretation of 42 line kilometers of 3D IP (Induced
Polarization) geophysical survey for chargeability and resistivity
responses over two specific targeted zones: 1. The Diana zone, in
order to compliment positive results from 3 earlier diamond drill
holes HDH 11-9 thru HDH 11-11drilled over a 400 metre spacing on
the eastern flank of a significant ridge in January & February
2011 and an earlier (2010) grid and trenched surface sampling
campaign, and; 2. The North to South geographic corridor from the
earlier discovered Karen zone (North) down to the Bailey zone
(acquired thru acquisition in Q1-11) in the South, where a
comprehensive and successful grid surface sampling program was
carried out during the 2010 exploration campaign.
The acquisition survey program on both targets was configured on
100 meter spaced lines and dipole lengths for an optimized
interpretation of expected near surface targets. The highlights of
this survey and interpretations can be summarized as follows:
1. Diana Zone (11.3 line kilometers):
Strong (primary) chargeability in the range of 15 to 20ms
(milliseconds) confirms a target that strongly correlates over the
400 meter spacing of holes HDH 11-9 thru 11 in the eastern flank,
while also extending west an additional +600 metres at widths from
80 to 150 meters and reaching depths up to 175 metres below
surface. Background values are at below 10 milliseconds.
Additionally, a secondary but almost equal in size chargeability
target was discovered offset 90 degrees and only a couple of
hundred meters north northwest from the western extent of the above
(primary) Diana zone where no earlier prospecting, mapping,
drilling or sampling by the Company has been carried out. To view a
Plan View and snapshot of 3D modeling of the survey and
interpretations visit the following links:
http://www.fmgoldcorp.com/Diana-3D-IP-06-11.pdf
http://www.fmgoldcorp.com/Diana-3D-IP-Chargeability-Plan-View
06-11.pdf
2. Corridor (North to South) from Karen to Bailey zones (30.5
line kilometers):
Discovery of a significant chargeability target now being
referred to as the Erica zone lying near surface in the ridge
adjacent (Southeast) of the known high grade Karen zone, trending
south towards the known mineralized Bailey zone, with interpreted
response at +12 to 14ms, indicates the presence of a near surface
target measuring 1.1 kilometers in length, from 150 to 350 metres
in width and an interpreted minimum (bottom) depth of at least 350
to 400 meters. A more defined target at a response of +18ms within
this same area has a length of approximately 600 metres and widths
from 75 to 250 metres. Background values are below 10
milliseconds.
Based on the survey's configuration, known regional
characteristics of structures and geology, as well as known results
from other surveys carried out in the area, SJ Geophysics concludes
with confidence the likelihood or expectation of the structure
responsible for this chargeability to be open at depth until
further tested by either drilling or a 'depth' configured 3D-IP
data acquisition survey. To view a snapshot of this 3D modeling and
correlating surface sampling data select the following link:
http://www.fmgoldcorp.com/Karen-Erica-Bailey-3D-IP-06-11.pdf
3. Karen zone:
9 x 800 metre North to South survey lines on 100 meter spacing
over the entire Karen zone area strongly confirm a secondary area
of intruded chargeability under the known hematite cap lying at the
top of the ridge from the Karen zone and on trend along a known
andesite contact. This area is approximately 300m East NE of the
strongly mineralized discovery hole HDH 09-03 in 2009 (eg: from
surface to 37.8m averaging 6.5 gpt Au and 678 gpt Ag; also w/ a
16.9m intercept averaging 10.6 gpt Au and 1,400 gpt Ag beginning at
12.2m depth). Here the Company interprets a sulphide oxide
transition zone similar, and associated, to what is encountered at
the Karen zone. To view 4 Cross Sections covering this new area of
interest (Karen East) please visit the following link:
http://www.fmgoldcorp.com/Karen-3D-IP-XSections-06-11.pdf
This area trending NW to SE along a known andesite contact for
over 800 metres is proving to be comprised of moderately
complicated geology hosting strongly mineralized oxides and
sulphides with very significant Gold & Silver values.
After reviewing and evaluating the above results the Company's
technical staff have designed and planned a next phase of drilling
at the Diana zone that contemplates up to 15 strategically
sequenced 100 metre spaced diamond drill holes to depths up to 200
metres in order to further delineate and define the extents of this
target in a manner where positive results can support developing an
inferred resource estimate compliant with NI 43-101.
Secondly, the Company now contemplates a first phase of drilling
at the Erica zone that requires at least 10 holes (with depths up
to 450 meters) to fully investigate the physical characteristics
and extents of the interpreted structure. At present only 3 holes
have been drilled so far (HDH 11-12 through HDH 11-14).
Lastly while drilling hole HDH 11-15 at the Bailey zone the
drill rig broke down on May 24th due to mechanical failure of the
drilling head. Repairs (re-build) were carried out in Hermosillo
over the past couple of weeks with drilling operations only having
resumed on June 18th. After completing HDH 11-15 this rig will
resume drilling at the Karen zone to continue definition drilling
as well as further investigate this new area of interest.
As the Company prepares for the arrival of a second drill on
site, access road and drill pad construction continues along with
selective prospecting, surface sampling and mapping of both
existing known targets (within the original concessions) as well as
new known targets within the recently acquired contiguous land
packages.
In the absence of any major delays the above work is scheduled
to be completed within the next 3 to 4 months. During this time the
Company aims to continue providing shareholders ongoing updates and
results as well as additional information and content for our
website.
Additionally, the Company's newly constructed camp and compound
area is now fully operational and secured.
"We're expecting the pace and scope of exploration and drilling
to ramp up quite a bit in the near term. After meeting and
reviewing the results with SJ Geophysics our level of confidence in
the Diana zone having the size necessary to support a plus 1
million ounce gold equivalent target has been strongly demonstrated
with the chargeability's strong correlation to our earlier drilling
and surface sampling. Having discovered the Erica zone as a
chargeability target that's considerably larger than Diana and also
well supported by strongly correlated anomalous grid surface
sampling is a real bonus for our shareholders and something we are
very keen to fully investigate the potential of in these coming
months. However just as encouraging for the near term is to learn
how the area around the higher grade Karen zone appears to be
expanding along this andesite contact," remarks Jim Voisin,
President & CEO.
John Archibald, PGeo, of Billiken Management Services Inc., a
qualified person pursuant to NI 43-101, has reviewed and approved
the technical disclosure of this press release on behalf of the
Company, while Trent Pezzot, B.Sc., P.Geo., and Senior Geophysicist
with SJ Geophysics has also reviewed and approved the technical
disclosure relating to results and interpretations of the 3D-IP
survey.
First Mexican Gold Corp is an active explorer for precious
metals in Mexico and holds an option to acquire 80% interest in the
Guadalupe property package from (MIMSA) a wholly owned subsidiary
of International Millennium Mining Corp (TSX VENTURE: IMI). The
Company now controls a total of 15,112 hectares in this high
potential exploration area.
On behalf of the Board of Directors,
Jim Voisin, President & CEO
We seek safe harbour.
Cautionary Statement:
This document contains "forward-looking statements" within the
meaning of applicable Canadian securities regulations. All
statements other than statements of historical fact herein,
including, without limitation, statements regarding exploration
plans and other future plans and objectives, are forward-looking
statements that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and
future events and actual results could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from our expectations are
disclosed in the Company's documents filed from time to time via
SEDAR with the Canadian regulatory agencies to whose policies we
are bound.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Contacts: First Mexican Gold Corp. Jim Voisin President &
CEO 604 681 7265 www.fmgoldcorp.com
First Mexican Gold (TSXV:FMG)
Historical Stock Chart
From Jun 2024 to Jul 2024
First Mexican Gold (TSXV:FMG)
Historical Stock Chart
From Jul 2023 to Jul 2024