QUEBEC – First Mexican Gold (FMG) announced that it has received approval from the TSX Venture Exchange and has completed the acquisition of a 100% interest in the Golden Giant project.
In a press release, the Canadian miner said the acquisition was carried out in accordance with the terms of a share purchase agreement between 2678581 Ontario Inc. and the sole shareholder of OntCo, pursuant to which FMG acquired all of the issued and outstanding common shares of OntCo, which holds a 100% interest in Golden Giant.
As consideration for the purchase, First Mexican paid $75,000 and issued 3 million shares.
Golden Giant is located in the James Bay lowlands area of northwestern Quebec. The project is comprised of two land packages covering approximately 88.7 sq. km, one of which is contiguous with Azimut Exploration’s Elmer project and approximately 2.8 km south of the Patwon gold discovery.
The land packages are the GGEast property, which covers 54.9 sq. km, and the GGWest property, which encompasses 33.8 sq. km. According to First Mexican, both are underlain by felsic and mafic volcanic Archean rocks of the Wabamisk and Komo formations, which are favourable hosts to gold mineralization in the James Bay region.
“The properties are cut by regional fault structures, and have parallels to that of numerous other gold showings in the area, including Azimut’s Patwon discovery from which recent drill results included up to 3.15 g/t gold over 102 metres,” the miner’s release states. “Of particular interest is the magnetic signature underlying the GGEast property, which consists of disrupted high-magnetic felsic volcanics, which may be associated with hydrothermal alteration or the emplacement of low-magnetic felsic intrusions.”