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Mexican Gold Initiates Update to 43-101 Resource and Extends Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES THUNDER BAY, Ontario, Feb. 08, 2019 (GLOBE NEWSWIRE) -- MEXICA
About this update from Mexican Gold Mining Corp.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES THUNDER BAY, Ontario, Feb. 08, 2019 (GLOBE NEWSWIRE) -- MEXICAN GOLD CORP. (TSX-V: MEX; OTCQB: MEXGF; FRA:4QW1) (\"Mexican Gold\", “MEX” or “the Company\") is pleased to announce that it has engaged Mine Development Associates (“MDA”) of Reno, Nevada, USA to provide an updated 43-101 Resource on Mexican Gold’s Las Minas Project in the State of Veracruz, Mexico. Since the initial 43-101 Resource was completed in August 2017, MEX has drilled an additional 6,454 metres in 39 holes, increasing the amount of drilling in the Resource area by approximately 40%. Additionally, higher grade mineralization was encountered in the late 2017 and early 2018 drilling in the El Dorado Dike contact zone. For example, drill hole LM-17-ED-40 encountered 38 metres grading 5.39 g/t Au, 17.1 g/t Ag and 2.20% Cu, while drill hole LM-18-ED-49 intercepted 38 metres of 4.51 g/t Au, 16.2 g/t Ag and 3.33% Cu. The updated Resource will incorporate the new and higher-grade drill results and will also be developed using a newer and more refined geologic, mineral domain model. Dr. Carl Hering, CEO, stated that “An updated 43-101 Resource should show significant improvement over the maiden Resource and demonstrate a more realistic understanding of Project potential.” The updated Resource is scheduled to be completed in the Spring of 2019 and will be utilized to plan further drilling in mid-2019. The Company previously announced a non-brokered private placement of units in the Company (“Units”) at $0.20 per Unit for gross proceeds of up to $3,000,000 subject to the Company’s option to increase the size of the private placement by 25% (the \"Private Placement\") (see Companies last updated news release of December 21, 2018). Each Unit offered under the Private Placement consists of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant is exercisable into a Common Share at the price of $0.30 per Common Share for a period of thirty-six months, subject to the Company’s option to accelerate the expiry date of the Warrants on notice to the holders of the Warrants, if at any time after four months and one day from the closing date of the Private Placement, the closing price of its Com...