Business
Mexican Gold Corp. to Conduct Ground Magnetic Survey at Las Minas
THUNDER BAY, ONTARIO--(Marketwired - July 12, 2017) - MEXICAN GOLD CORP. (the "Company" or "Mexican Gold") (TSX VENTURE:MEX) is pleased to announce that Geofisi
About this update from Mexican Gold Mining Corp.
[{"type":"text","content":"THUNDER BAY, ONTARIO--(Marketwired - July 12, 2017) - MEXICAN GOLD CORP. (the \"Company\" or \"Mexican Gold\") (TSX VENTURE:MEX) is pleased to announce that Geofisica TMC SA de CV has been engaged to complete ground magnetic survey at the Cinco Senores mineralized zone at Las Minas. The ground magnetic geophysical survey will target potential extensions to the high-grade intercept in step-out hole LM-17-CS-04, which intersected massive chalcopyrite grading 10.8 g/t gold, 41.7 g/t silver and 2.8% copper gold equivalent over 2.0 metres - see press release dated May 15, 2017. The strong chalcopyrite mineralized magnetite intercept was located approximately 100 metres west of mineralized intercepts outlined by earlier drilling and at the same elevation as the projected El Dorado / Juan Bran skarn zone - see cross section in Figure 1. When combined with earlier drilling and sampling results, step-out hole LM-17-CS-04 is believed to be indicative of a potential El Dorado / Juan Bran type zone at Cinco Senores. The survey will also cover historical mine workings with associated magnetite mineralization. The high-grade values at Las Minas are associated with skarn-type alteration with high magnetite content. Figure 1 Cross Section: Cinco Senores - El Dorado / Juan Bran - Santa Cruz Mineralized Zones Mobilization and commencement of the surveys will be undertaken in mid to late July 2017. Survey results will be provided when available. Brian Robertson, President & CEO, stated \"The mineralization controls at Las Minas are similar to the Guerrero Gold belt, which is the site of the Los Filos and Morelos gold deposits. In both areas, the high gold values are associated with intrusive hosted systems, with initial high magnetite/hematite fluid flows mobilizing the gold mineralization, followed by later stage precipitation of the magnetite. We anticipate that the ground magnetic geophysical survey will identify potential gold/magnetite extensions to the high-grade mineralization intersected in step-out hole LM-17-CS-04 as well as elsewhere at Cinco Senores. Issuance of Bonus Shares The Company also announces that the Board of Directors of the Company has approved the issuance of 78,431 common shares of the Company (the \"Bonus Shares\") to Brian Robertson, President and Chief Executive Officer of the Company, at a deemed price of $0....