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Mexican Gold Corp.
Summary
| Project: | Queensway | |
|---|---|---|
| Deposit: | Queensway | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 1/28/2020 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-1-2020: Mexican Gold Corp. announces an Exploration/Drilling Update report for its Queensway deposit at the Queensway project. Drilling results incl. 19.0m @ 92.86g/t Au from 96.0m. Mexican Gold Corp. (the “Company” or “Mexican Gold") (TSXV: MEX) is pl | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Greg Matheson (Internal) | |
| ABSTRACT: | Mexican Gold Corp. (the “Company” or “Mexican Gold") (TSXV: MEX) is pleased to announce that on January 26, 2020, it entered into a binding letter agreement with Toronto based New Found Gold Corp. (“NFGC” or “New Found Gold”) to acquire all of the issued and outstanding shares of NFGC (the “Transaction”). It is anticipated that the transaction will constitute either a Fundamental Acquisition or a Reverse Takeover pursuant to TSXV policies, and as such the shares of the Company will remain halted pending TSXV approval. Closing is expected to occur on or before April 30, 2020. At closing, the Company’s name will be changed to Bonanza King Mining Corp., or such other name that is acceptable to regulatory authorities. From November to December 2019 the corporation completed ten HQ size diamond drill holes totalling 1,985 metres. Drilling has tested a number of targets generated over the past 2 years from geochemical, geophysical and structural analysis combined with machine learning. The first hole of the 2019 drilling program NFGC-19-01 intersected a broad quartz-iron carbonate breccia carrying significant high-grade gold mineralization within the Keats zone. Associated with secondary fault structures to the regional Appleton fault zone and hosted within the Davidsville group turbidite sequence the Keats zone is known to extend for over 300 metres along strike and displaying a low-grade gold halo with widths of up to 100 metres. This zone is both open along strike and at depth. | |
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