First Mexican Intersects 33.4 M of 4.27 g/t Au, 395 g/t Ag & 1.24% Cu in Sonoro, Mexico
January 21 2011 - 9:03AM
Marketwired
First Mexican Gold Corp. (TSX VENTURE: FMG) is pleased to provide
the results from the first three holes of the planned 10 diamond
drill holes for +/- 1250 metre drill program on the corporations
property package in the Guadalupe - Santa Anna area of Sonora
State, Mexico. The Company's property package (known as Guadalupe
Property, 1566 hectares) is contiguous to Corex Gold Corp. (TSX
VENTURE: CGE) Santana Property where consistently good exploration
results have been demonstrated.
The initial three holes, all from the Karen zone, returned very
good grade intersections from surface or near surface occurrences
over potential mineable widths as highlighted in Hole HDH 11-05
where beginning at surface, drilling intersected 33.4 meters
averaging 4.27 g/t Gold, 395 g/t Silver, and 1.24% Copper.
Results
Holes HDH 11-04 and HDH 11-05 were collared at the same location
with hole four having an azimuth of 70 degrees and a dip of -66
degrees. Hole 5 had the same azimuth and a dip of -50 degrees. Both
holes were drilled to approximately 100 metres and were mineralized
throughout. These Holes were not believed to be perpendicular to
the mineralization on the Karen Zone.
Hole HDH 11-06 was collared 45 metres to the NW and 23 metres
higher in elevation with an azimuth of 140 degrees and a dip of 54
degrees effectively cross cutting holes 4 & 5 on an 85 degree
angle.
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FROM TO LENGTH
DRILL HOLE (M) (M) (M) AU (G/T) AG (G/T) CU (%)
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HDH 11-04 0.00 15.24 15.24 1.57 335.5 0.18
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in addition 21.35 43.70 22.35 0.35 200.3 1.21
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HDH 11-05 0.00 33.46 33.46 4.27 394.7 1.24
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HDH 11-06 17.90 39.50 21.60 4.90 104.2 0.73
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"We are very pleased with the results of this initial drilling
of our 2011 drill program at the Karen zone of the Guadalupe
property and look forward to further drill results," said Jim
Voisin, President and Chief Executive Officer of First Mexican. Mr.
Voisin adds: "These initial holes for 2011 have confirmed the
higher grade potential of this project and provide a good start to
our 2011 program which has just barely begun."
Having now completed 5 diamond drill holes to date on the Karen
zone, with 2 still to report, the company will now take the time to
model and interpret these very positive results to date before
advancing the next phase of drilling on this zone. The next step
planned for the Karen zone is an IP (Induced Polarization) survey
program.
The drill rig is presently being moved approximately one
kilometre west to Hilda 38 and the Diana zone where we expect to
drill two or three holes into what we consider a lower grade higher
tonnage mineralized target. The final holes of this program are
intended to be drilled on the Bailey zone, a recently acquired
property with a very interesting display of azurite laden rock,
where assays of initial rock samples from the adit of the historic
copper mine has confirmed the significance of this high potential
drill target.
SJ Geophysics Ltd. of Delta B.C. has been contracted to mobilize
an IP (Induced Polarization) crew to the Guadalupe project as
quickly as possible to begin a 25 kilometre program. This 3D IP
program is designed to enhance the drill targeting over future
multiple target rich areas and provide follow-up data to assist in
the next phase of drilling the initial discoveries within our
continually expanding property package.
In addition to completion of the present drill program,
construction of the new camp and the IP program, the company will
continue to focus on extensive soil and rock chip sampling/mapping
across the Guadalupe property. Precious metal results to date have
been very encouraging and support the company's view of the
positive exploration potential of this prospective
gold/silver/copper bearing area.
John Archibald, PGeo, of Billiken Management Services Inc., a
qualified person pursuant to NI 43-101, has reviewed and approved
the technical information in this press release on behalf of the
company. Samples were prepared and assayed by an accredited lab,
ALS Chemex, Vancouver, BC.
First Mexican Gold Corp. is an active explorer for precious
metals in Mexico and holds an option to acquire 80% interest in the
Guadalupe property package (now 1566 hectares) from (MIMSA) a
wholly owned subsidiary of International Millennium Mining Corp.
(TSX VENTURE: IMI).
On behalf of the Board of Directors,
Jim Voisin, President & CEO
First Mexican Gold Corp.
We seek safe harbour.
This news release includes certain forward-looking statements or
information. All statements other than statements of historical
fact included in this release, including, without limitation,
statements relating to the potential mineralization and geological
merits of the Guadalupe property and other future plans, objectives
or expectations of the Company are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's plans or expectations
include risks relating to the actual results of current exploration
activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of
capital and financing, general economic, market or business
conditions, regulatory changes, timeliness of government or
regulatory approvals and other risks detailed herein and from time
to time in the filings made by the Company with securities
regulators. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities
legislation.
Contacts: First Mexican Gold Corp. Jim Voisin President &
CEO Toll Free: 1-800-366-8566 (Canada & USA)
www.fmgoldcorp.com
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