CVE:FMG

First Mexican Gold Corp. TSX-V : FMG

Company ID [CVE:FMG] Last trade:CA$0.02 Trade time:12:26:00 EST Value change:▼0 (0%)

History

Spring 2007, the Company raised it’s first capital and completed an option agreement with IMMC in May 2007 for the Hilda properties, and began baseline exploration activities and access road development in accordance with the option agreement. 

The Company increased its option to earn an 80% interest in the property by revising the option agreement in Q3-09.

In the late summer of 2009 a three hole diamond drill program was carried out on the strongly mineralized oxide occurrence that was exposed by a road cut on the Hilda 30 prospect (and is now referred to as the Karen Zone). 

As a private company with cash constraints samples from this drilling were sent in the fall of 2009 to the University of Hermosillo for assay conducted by a Phd. professor with the most up to date assay equipment available.  With very positive results the samples were then re-tested by ALS Chemex, a qualified laboratory under instrument 43-101 guidelines.  This re-confirmed the initial results although they remain non-compliant at this time due to the hole locations being lost in a fall of ground and subsequent road rehabilitation.

Shortly after this initial diamond drilling program an opportunity to quickly drill an additional seven holes presented itself so a program was designed and carried out by Layne Drilling of Hermosillo.  These seven reverse circulation holes (RC) were not targeted to replicate the original three holes but were designed to help provide strike and dip information to increase the orientation knowledge of the discovery and aide in efforts to determine where the mineralization was trending and where it was contained. 

From this drill testing it appears that it is trending further to the north than originally expected as is exhibited in results from hole RC hole #3 which is situated furthest to the north. The RC drilling was overseen by John Archibald BSc., P.Geo, QP.  All samples were assayed by ALS Chemex.

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