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First Mexican Gold Acquires Fernet Property Contiguous with Wallbridge Mining and Proposed Name Change to QcX Gold Corp.
Toronto, Ontario--(Newsfile Corp. - July 6, 2020) - First Mexican Gold Corp. (TSXV: FMG) (OTC...
About this update from Qcx Gold Corp
[{"type":"text","content":"First Mexican Gold Acquires Fernet Property Contiguous with Wallbridge Mining and Proposed Name Change to QcX Gold Corp.Toronto, Ontario--(Newsfile Corp. - July 6, 2020) - First Mexican Gold Corp. (TSXV: FMG) (OTC: FMGXF) (FSE: 21MA) (\"FMG\" or the \"Company\") is pleased to announce it has acquired a 100% interest in the Fernet property (\"Fernet\" or the \"Fernet Project\"), located in northwestern Quebec (the \"Acquisition\"). The Fernet Project covers an area of 4,480 hectares, in the northern Abitibi region of Quebec and is contiguous with Wallbridge Mining Company Limited's (\"Wallbridge Mining\") Fenelon project as shown in Figure 1. Figure 1: Location of the Fernet Project (red) with respect to neighbouring companiesTo view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/1791/59163_a7e87dcda49aeaba_001full.jpgThe Fernet Project is approximately 15 km northwest of the Fenelon gold project (bulk sample of 33,233 tonnes at 18.49 g/t Au - Wallbridge news May 15, 2019), 4 km north of the Martiniere gold deposit (open pit-constrained Indicated gold resource of 431,000 ounces at an average grade of 2.0 g/t and an Inferred gold resource of 11,000 ounces at an average grade of 2.5 g/t; an additional underground Indicated resource of 159,000 ounces at an average gold grade of 4.5 g/t and an Inferred resource of 43,000 ounces at an average gold grade of 5.8 g/t - Balmoral Resources news March 27, 2018), and 55 km east of Detour Lake mine (~15.4 Moz mineral reserves including proven mineral reserves of 3.4 million ounces (85.2 million tonnes at an average grade of 1.24 grams per tonne) and probable mineral reserves of 12.1 million ounces (413.2 million tonnes at an average grade of 0.91 grams per tonne) as of December 31, 2018 - Detour Gold news March 7, 2019)). The Project is underlain by Archean greenstone volcanic rocks crosscut by several second and third order structures which are interpreted to be splays off of the gold bearing Sunday Lake Deformation Zone. Of particular interest for the Company are the intersections of northwest and northeast trending faults, which seem to be a significant control on gold mineralization at the neighbouring Fenelon, Martinière, and Lac du Doigt gold discoveries. This indicates the gold-bearing potential of the Fernet Project. Mineralization hosted on a...