First Mexican Gold Corp. TSX-V : FMG CA$0.02 ▲0.005 (33.33%)
CVE:FMG

First Mexican Gold Corp. TSX-V : FMG

Company ID [CVE:FMG] Last trade:CA$0.02 Trade time:10:27:00 EST Value change:▼0.005 (33.333333333333%)

Guadalupe Property Description

The Company has the right to earn up to an 80% interest in the contiguous Hilda 30, Hilda 31/32 and Hilda 37/38 concessions, a gold silver project with a total area of 1,350 hectares, situated in the South East of Sonora state, Mexico, about 190 km ESE of the state capital Hermosillo, and approximately 50 km west from the town of Yecora.  A paved highway passes within 15 km from the property.

This property is bordered by Corex Gold Corp (TSX-V: CGE) on two sides and in the same general area as the Mulatos mine of Alamos Gold Inc., Dolores mine of Minefinders Corp Ltd., and Ocampo mine of Gammon Gold Inc. 

An updated NI 43-101 Technical Report on the Hilda 30 Concession (the “Property”) was commissioned in support of the approval process for the Qualifying Transaction and co-authored by James G. Burns, whom carried out the original technical report from 2007; and John Archibald, whom was engaged to carry out and oversee the RC Drilling Program on the Property in the fall of 2009.  This Technical Report contemplates all work carried out through to the end of 2009, i.e. extensive surface sampling, 3 diamond drill holes and 7 reverse circulation holes.  The Company has filed this report on SEDAR (www.sedar.com).

Key highlights as quoted from the report are as follows:

  • “Diamond Drill Hole H30-03-09 was mineralized from surface to a depth of 37.8 meters with a best intercept over a 16.9 m section (from 12.2 to 29.1 meters) grading 10.6 g/t Au and 1,416 g/t Ag (Figure 20).”
  • “The Property (Hilda 30) is underexplored…and has substantial merit as a potential setting for multiple epithermal gold-silver deposits.”
  • “There is a very high degree of potential of finding a significant epithermal gold-silver deposit(s) along strike to the known mineralized (Karen) zone.”
  • “The breccia zone/quartz stock work is exposed over a 46 meter section where 25 samples averaged 3.07 gpt Gold and 155 gpt Silver; while higher grades from samples at the earlier workings (i.e. shafts and adits) approximately 500 meters away and 50 meters lower in elevation and on trend support the potential for bonanza grade zones.”
  • “The Property is underlain by favourable Cretaceous-Tertiary andesite-rhyolite volcanic stratigraphy which is the known host to numerous and large gold-silver deposits within the Sierra Madre Occidental province of in northern Mexico ( 2.0 Million Oz deposit being mined within 50 kilometers in nearby Mulatos district).”
  • “Numerous structural features, faults and lineaments have been mapped regionally that relate to the emplacement of a Tertiary age monzonite pluton adjacent to the property.”
  • “Numerous gold-silver mineral occurrences are known in the immediate area where silver appears equally as important as gold and also appear spatially related to the monzonite pluton.”
  • “The property hosts one confirmed mineral occurrence with possible others.”

Location and Access

Highlights
190 km E.SE. of Hermosillo
Paved highway to within 15 km of project
Power line to within 1km.
Telephone & Satellite  

Projects in proximity:
Mulatos (Alamos) (50km NE)
Corex (adjacent to the West)

(click on map to enlarge)

 

 

 

Property Highlights

  • VERY significant gold & silver values on Karen Zone (+/- 12 m width) which is part of a structure trending over at least 750 meters.
  • DDH # 3 strongly mineralized from 0 to 37 m depth w/ a 17 meter intercept grading +10 g/t Gold AND +1,400 g/t Silver!
  • Multiple additional prospects identified on surface (one at 400 x 500 meters on Hilda 38) with 1,000 soil and rock surface samples (up to 2 g/t Au).
  • Recent geophysics, geochem, and advanced surface mapping have targeted and designed next 10 drill holes in Karen Zone (6) and secondary prospects (2x 2).
  • Strong results from neighboring activities (Corex).
  • Seasoned board & technical team.

Hilda 30-37-38 Rock & Soil Sample Map (click to zoom)

 

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