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Mexican Gold Acquires Pueblo Nuevo and La Luz 1 Concessions at Las Minas Project
THUNDER BAY, ONTARIO--(Marketwired - May 16, 2017) - MEXICAN GOLD CORP. (the "Company" or "Mexican Gold ") (TSX VENTURE:MEX) is pleased to report that it has ac
About this update from Mexican Gold Mining Corp.
[{"type":"text","content":"THUNDER BAY, ONTARIO--(Marketwired - May 16, 2017) - MEXICAN GOLD CORP. (the \"Company\" or \"Mexican Gold \") (TSX VENTURE:MEX) is pleased to report that it has acquired a 100 % interest in the Pueblo Nuevo and La Luz 1 concessions at the Las Minas project, Veracruz State, Mexico. Pursuant to the terms of the option agreement, the company acquired the Pueblo Nuevo and La Luz 1 concessions for US $ 150,000 plus VAT in cash. Mr. Ramon Farias Garcia, property owner, retained a 1.5% royalty, of which 0.5% can be purchased for US$ 500,000, plus VAT. Mexican Gold has a right of first refusal on the remaining 1% royalty. Brian Robertson, Chairman, President and CEO stated, \"We are very pleased to own a 100% interest in these two concessions. I wish to thank Mr. Farias for his strong support during the option period and willingness to renegotiate the option agreement on many occasions during difficult market conditions. We now look forward to advancing these properties, which contain historical mines with extensive workings, to the drill ready stage.\" The Company recently completed an exploration program at the Pueblo Nuevo concession, including trenching, sampling and mapping. Assay results from the sampling program are pending. The program was focussed on identifying drill targets, building on earlier grass roots exploration work completed in 2015. The Pueblo Nuevo Concession The Pueblo Nuevo concession covers an area of approximately 97.5 hectares with numerous high-grade epithermal quartz veins and silicified structures hosted in a sedimentary-igneous package. The veins have indicated strike lengths of 100 to 300 metres, with widths varying from 0.50 to 3.0 metres. The concession is the site of several historical underground mines and adits including the La Miqueta, La Miqueta Alta, Marangola, Murcielagos, Dos Rios and El Cobre. The La Miqueta mine was extensively mined in the past and has 21 known levels. Historic mining activity was carried out on narrow (10-20 cm) quartz veins in both diorite and marble, extending approximately 100 metres on strike and over 100 metres vertically. Recent chip sampling of a vein on Level 1 at the historical La Miqueta mine graded to 11.99 g/t gold, 40.8 g/t silver and 1.34% copper or 14.76 Au Eq(1) over 1.0 metres. The Tamiagua vein structure consist of two parallel veins located approximately 1...