Mexican Gold Mining Announces the Commencement of a 10,000 Meter Program to Aggressively Drill Test All Targets at Las Minas
July 07, 2020 at 09:00 am EDT
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Mexican Gold Mining Corp. announced that a 10,000 meter drill program is underway at Las Minas, designed to follow up on the discovery made in 2019 at the Cinco Senores Vein target, as well as to test 3 other high priority exploration targets at the project. Additionally, expansion and upgrade drilling is planned to optimize the current resource at El Dorado for inclusion in the upcoming Preliminary Economic Assessment (“PEA”). Highlights: On July 1, drilling began at Las Minas to follow up on the new gold discovery made in 2019 at the Cinco Senores Vein target (5.2m of 8.7 g/t gold from 114m, including 2m of 21.37 g/t gold, estimated 85% true-width). Exploration drilling will test the Changarro gold target for the first time and follow-up on exciting results at both the Cinco Senores Skarn and Las Minillas targets. Expansion and upgrade drilling is planned to optimize the current resource at El Dorado for inclusion in the upcoming PEA Study. As detailed in a press release on June 9, 2020, CTA has now completed fieldwork for an environmental baseline study of the Las Minas project area. An expanded and enhanced metallurgical study is in process with ALS Laboratories in Kamloops, BC, and an airborne LiDAR survey is scheduled for the week of July 6 with LiDAR America of Ventura, CA Mexican Gold has begun its 2020 diamond drilling program which will include 10,000m of both resource and exploration drilling. Kluane Drilling Ltd, has been retained for this program. A focus of the 2020 drilling is to expand and upgrade the current resource at El Dorado, which remains open in multiple directions. There are also several satellite intersections which may tie into the main resource area. Careful study of resource models is being used to optimize the results of this drilling for the upcoming PEA Study. Drilling will also follow up the November 2019 discovery at Cinco Senores in hole LM-19-CS-13. At 114m vertical depth, a 5.2m shallow-dipping, pyrite-rich quartz vein was intersected which assayed 8.94 g/t gold, including 21.37 g/t gold over 2m. The true widths of the intersections are estimated to be 85% of the down-hole lengths. Drilling in 2020 will attempt to define the previously unknown veining and intersect further strong gold values. Fieldwork from late 2019 at the Changarro prospect has defined 2 parallel, high-grade vein trends within a 25m wide, NNW-trending deformation corridor. From a newly rediscovered mine on the west vein, 3m-spaced chip samples averaging 0.65m in width returned an average of 8.82 g/t gold along the entire 52m drift. These recent results complement 2018 chip sampling on the east vein trend of 13.04 g/t Au over an 8m width. Drilling is planned to test the down-dip continuity and strike extent of this zone, the first clear drill target at Changarro. The Cinco Senores skarn target, a continuation of the El Dorado zone, has been intersected by drilling over a continuous 235m E-W width and surface showings add a further 170m of E-W extent. The potential north and south extensions of the known mineralized skarn will be tested by the 2020 drilling program. The Las Minillas skarn occurrence shows extensive mineralization on surface and underground, but has only been tested by 3 holes over a 400m width. Hole LM-11-LM-24 near the Minillas mine returned 7.52 g/t Au equivalent over 2m in very poor recovery. Recent hole LM-19-LM-03 450m from the mine averaged 100ppb Au over 42m of endoskarn, suggesting significant nearby exoskarn mineralization. Drilling in 2020 will target strong EM conductors and El-Dorado type skarn settings.
Mexican Gold Mining Corp. is a Canada-based mineral exploration company. The Company is engaged in the acquisition, exploration and evaluation of resource properties in Mexico. The Company owns a 100% interest in the Las Minas and La Miqueta properties, collectively named the Las Minas Project, through its wholly owned subsidiary, Roca Verde Exploracion de Mexico, S.A. de C.V. (Roca Verde). The Las Minas project is located 16 kilometers (km) from a toll highway and rail corridor at Cruz Blanca junction, which by road is another 240 km east of Mexico City and 150 km west of the port city of Veracruz. The Las Minas project has two gold-copper deposits in advanced-stage exploration, and multiple exploration targets. The project comprises six mineral concessions located in the Las Minas district in the state of Veracruz, Mexico, consisting of the Pepe, Pepe Tres, San Jose, Pueblo Nuevo, La Luz I and San Valentin mineral concessions.