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Mexican Gold Announces a New Resource Estimate for the Las Minas Project in Veracruz, Mexico
VANCOUVER, British Columbia, Oct. 10, 2019 (GLOBE NEWSWIRE) -- Mexican Gold Corp. (the “Company” or “Mexican Gold") (TSXV: MEX) is pleased to announce a new NI
About this update from Mexican Gold Mining Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 10, 2019 (GLOBE NEWSWIRE) -- Mexican Gold Corp. (the “Company” or “Mexican Gold\") (TSXV: MEX) is pleased to announce a new NI 43-101 resource estimate for the Las Minas Project in Veracruz, Mexico. The resource estimate was prepared by Mine Development Associates (“MDA”) of Reno, NV. Highlights: The Las Minas Project hosts 645,000 ounces of gold equivalent (“AuEq”) at an average grade of 3.674 g AuEq/t, in the Indicated category – see Table 1. The Las Minas Project hosts 217,000 ounces of AuEq at an average grade of 2.679 g AuEq/t, in the Inferred category – see Table 1. MDA prepared the Las Minas resource estimate based on potential exploitation by underground mining methods and deemed 1.5 g AuEq/t to be the appropriate cut-off grade for the resource. The resource is no longer being analyzed from an open-pit perspective. A new drill program exploring highly-prospective targets at Las Minas is scheduled to commence on October 15, 2019. Philip O’Neill, Chief Executive Officer of Mexican Gold, stated, “We are very pleased with this robust resource estimate. The block model prepared by MDA holds together very well for a skarn deposit. The level of rigor used by MDA further allows us the opportunity to potentially explore economic studies for the potential exploitation of minerals at the El Dorado and Santa Cruz zones. Our focus now shifts to our upcoming drill program at Las Minas where we hope to unlock additional value through the drill bit, especially at our highly-prospective Pueblo Nuevo and Cinco Senores targets.” A 3,000-meter drill program is scheduled to commence at Las Minas on October 15, 2019. The program is set to drill 4 highly prospective targets and 2 geological concepts. The 4 targets are Pueblo Nuevo, the Cinco Senores TEM Anomaly, Las Minillas and El Dorado; and the 2 geological concepts are the potential for skarn mineralization Sub-Sill and at the Mancuerna Dike Swarm. Kluane Drilling has now begun mobilization for the Las Minas drill program. CIM Definition Standards were followed for mineral resource estimates. The Las Minas mineral resource estimates were prepared by Mine Development Associates of Reno, Nevada under the supervision of Paul Tietz. Mr. Tietz is a Qualified Person and is independent of the Company as defin...