UNITED STATES            ---------------------
                       SECURITIES AND EXCHANGE COMMISSION      OMB APPROVAL
                             WASHINGTON, D.C. 10549        ---------------------
                                                           OMB Number: 3235-0145
                                                           Expires: December
                                                           31, 2005
                                                           Estimated average
                                                           burden hours per
                                                           response......11
                                                           ---------------------

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                               (Amendment No. 1)*

                                 Firstgold Corp.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    33765W105
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                December 31, 2007
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[_]  Rule 13d-1(b)

[X]  Rule 13d-1(c)

[_]  Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED
IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY
VALID OMB CONTROL NUMBER.


                               Page 1 of 10 pages



Cusip No.  33765W105

--------------------------------------------------------------------------------
1.   Names of Reporting Persons.
     I.R.S. Identification Nos. of above persons (entities only).

     1346049 Ontario Limited
     I.R.S. Identification No. - Not applicable
--------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See Instructions)
     (a)  [X]
     (b)  [_]
--------------------------------------------------------------------------------
3.   SEC Use Only

--------------------------------------------------------------------------------
4.   Citizenship or Place of Organization.
     Ontario, Canada
--------------------------------------------------------------------------------
                   5.   Sole Voting Power
                        19,843,724
Number of          -------------------------------------------------------------
Shares Benefi-     6.   Shared Voting Power
cially Owned            0
by Each            -------------------------------------------------------------
Reporting          7.   Sole Dispositive Power
Person With:            19,843,724
                   -------------------------------------------------------------
                   8.   Shared Dispositive Power
                        0
--------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person
     19,843,724*
--------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
     Instructions)      [_]
--------------------------------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9).
     16.3%
--------------------------------------------------------------------------------
12.  Type of Reporting Person (See Instructions)
     HC
--------------------------------------------------------------------------------

----------

*  See Item 4 below.


                               Page 2 of 10 pages



--------------------------------------------------------------------------------
1.   Names of Reporting Persons.
     I.R.S. Identification Nos. of above persons (entities only).

     Trapeze Asset Management Inc.
     I.R.S. Identification No. - Not applicable
--------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See Instructions)
     (a)  [X]
     (b)  [_]
--------------------------------------------------------------------------------
3.   SEC Use Only

--------------------------------------------------------------------------------
4.   Citizenship or Place of Organization.
     Ontario, Canada
--------------------------------------------------------------------------------
                   5.   Sole Voting Power
                        15,837,624
Number of          -------------------------------------------------------------
Shares Benefi-     6.   Shared Voting Power
cially Owned            0
by Each            -------------------------------------------------------------
Reporting          7.   Sole Dispositive Power
Person With:            15,837,624
                   -------------------------------------------------------------
                   8.   Shared Dispositive Power
                        0
--------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person
     19,843,724*
--------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
     Instructions)      [_]
--------------------------------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9).
     16.3%
--------------------------------------------------------------------------------
12.  Type of Reporting Person (See Instructions)
     IA
--------------------------------------------------------------------------------

----------

* See Item 4 below.


                               Page 3 of 10 pages



--------------------------------------------------------------------------------
1.   Names of Reporting Persons.
     I.R.S. Identification Nos. of above persons (entities only).

     Trapeze Capital Corp.
     I.R.S. Identification No. - Not applicable
--------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See Instructions)
     (a) [X]
     (b) [_]
--------------------------------------------------------------------------------
3.   SEC Use Only

--------------------------------------------------------------------------------
4.   Citizenship or Place of Organization.
     Ontario, Canada
--------------------------------------------------------------------------------
                   5.   Sole Voting Power
                        4,006,100
Number of          -------------------------------------------------------------
Shares Benefi-     6.   Shared Voting Power
cially Owned            0
by Each            -------------------------------------------------------------
Reporting          7.   Sole Dispositive Power
Person With:            4,006,100
                   -------------------------------------------------------------
                   8.   Shared Dispositive Power
                        0
--------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person
     19,843,724*
--------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
     Instructions)      [_]
--------------------------------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9).
     16.3%
--------------------------------------------------------------------------------
12.  Type of Reporting Person (See Instructions)
     BD
--------------------------------------------------------------------------------

----------

*  See Item 4 below.


                               Page 4 of 10 pages



--------------------------------------------------------------------------------
1.   Names of Reporting Persons.
     I.R.S. Identification Nos. of above persons (entities only).

     Randall Abramson
     I.R.S. Identification No. - Not applicable
--------------------------------------------------------------------------------
2.   Check the Appropriate Box if a Member of a Group (See Instructions)
     (a)  [X]
     (b)  [_]
--------------------------------------------------------------------------------
3.   SEC Use Only

--------------------------------------------------------------------------------
4.   Citizenship or Place of Organization.
     Canadian
--------------------------------------------------------------------------------
                   5.   Sole Voting Power
                        19,843,724
Number of          -------------------------------------------------------------
Shares Benefi-     6.   Shared Voting Power
cially Owned            0
by Each            -------------------------------------------------------------
Reporting          7.   Sole Dispositive Power
Person With:            19,843,724
                   -------------------------------------------------------------
                   8.   Shared Dispositive Power
                        0
--------------------------------------------------------------------------------
9.   Aggregate Amount Beneficially Owned by Each Reporting Person
     19,843,724*
--------------------------------------------------------------------------------
10.  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
     Instructions)      [_]
--------------------------------------------------------------------------------
11.  Percent of Class Represented by Amount in Row (9).
     16.3%
--------------------------------------------------------------------------------
12.  Type of Reporting Person (See Instructions)
     HC
--------------------------------------------------------------------------------

----------

See Item 4 below.


                               Page 5 of 10 pages



ITEM 1.

     (a)  NAME OF ISSUER:

          Firstgold Corp.

     (b)  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

          3108 Gabbert Dr., Suite 210, Cameron Park, CA 95682

ITEM 2.

     (a)  NAMES OF PERSONS FILING:

          This joint filing statement is being filed by 1346049 Ontario Limited
          ("Holdco"); Trapeze Asset Management Inc. ("TAMI"); Trapeze Capital
          Corp. ("TCC"); Randall Abramson ("Abramson"); and the group the
          above-named persons comprise. Holdco, TAMI, TCC, Abramson and the
          group they comprise are each sometimes referred to as a Reporting
          Person and, collectively, referred to as Reporting Persons. Holdco is
          a parent holding company for its operating subsidiaries, TCC and TAMI.
          TAMI is a Canadian investment adviser and is also registered as an
          investment adviser under the Investment Advisers Act of 1940, as
          amended. TCC is a Canadian investment dealer. Abramson serves as
          Director, Chief Executive Officer, President, Secretary and Treasurer
          of Holdco; Director, President, Chief Executive Officer, Secretary,
          Treasurer and Portfolio Manager of TAMI; and Director, President,
          Portfolio Manager and Compliance Officer of TCC. Holdco owns 100% of
          the outstanding voting stock of each of TCC and TAMI. Abramson owns
          82% of the outstanding capital stock of Holdco.

     (b)  ADDRESS OF PRINCIPAL BUSINESS OFFICE:

          The business address for each of the Reporting Persons is 22 St. Clair
          Avenue East, 18th Floor, Toronto, Ontario, Canada M4T 2S3.

     (c)  CITIZENSHIP:

          See Item 4 of the cover sheet for each Reporting Person.

     (d)  TITLE OF CLASS OF SECURITIES:

          Common Stock

     (e)  CUSIP NUMBER:

          33765W105


                               Page 6 of 10 pages



ITEM 3.   NA

ITEM 4.   OWNERSHIP

          (a)-(c) The responses of the Reporting Persons to items 5 through 11
          on the cover pages are incorporated herein by reference. Since
          Abramson, Holdco, TAMI and TCC comprise a "group" within the meaning
          of Section 13(d)(3) of the Exchange Act of 1934, as amended, each
          Reporting Person is reporting beneficial ownership in accordance with
          Exchange Act Rule 13d-5(a). As of the close of business on December
          31, 2007, the Reporting Persons' beneficial ownership of Common Stock,
          including an aggregate of 4,888,008 shares of Common Stock issuable
          upon the exercise of common stock warrants held by the Reporting
          Persons, was 19,843,724. Of this amount, nil shares of Common Stock
          were held by Abramson directly; nil shares of Common Stock were held
          by Holdco directly; 4,006,100 shares of Common Stock were owned by
          advisory clients of TCC and held in accounts managed by TCC; and
          15,837,624 shares of Common Stock were owned by advisory clients of
          TAMI and held in accounts managed by TAMI. The foregoing amounts
          include nil, nil, 1,126,400 and 3,761,608 shares issuable upon the
          exercise of common stock warrants owned by (or in client investment
          accounts managed by), Abramson, Holdco, TCC and TAMI, respectively. In
          respect of the common stock warrants reported herein, each warrant is
          exercisable for one share of Common Stock at a price of $0.65 per
          share prior to December 21, 2008.

          Abramson exercises sole voting and dispositive power over shares held
          by each of the Reporting Persons. Holdco exercises sole voting and
          dispositive power over shares held by each of the Reporting Persons.
          TAMI exercises sole voting and dispositive power over the shares held
          in discretionary investment accounts managed by it. TCC exercises sole
          voting and dispositive power over the shares held in discretionary
          investment accounts managed by it. The Reporting Persons disclaim
          beneficial ownership in shares of Common Stock owned by the directors
          and officers of the Reporting Persons (except to the extent that
          shares are held in discretionary investment accounts managed by TAMI
          and TCC).

ITEM 5.   OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

          If this statement is being filed to report the fact that as of the
          date hereof the reporting person has ceased to be the beneficial owner
          of more than five percent of the class of securities, check the
          following [_].


                               Page 7 of 10 pages



ITEM 6.   OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

          The clients of TAMI and TCC have the right to receive or the power to
          direct the receipt of dividends from, or the proceeds from the sale
          of, a portion of the shares beneficially owned by the Reporting
          Persons. No individual clients' holdings of such shares are more than
          five percent of the Issuer's total outstanding Common Stock.

ITEM 7.   IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
          SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.

          See Items 2(a) and 4 above.

ITEM 8.   IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

          A group has filed this schedule pursuant to Rule 13d-1(c). See Exhibit
          1, which states the identity of each member of the group.

ITEM 9.   NOTICE OF DISSOLUTION OF GROUP

               NA

ITEM 10.  CERTIFICATION

          (a)  NA

          (b)  By signing below I certify that, to the best of my knowledge and
               belief, the securities referred to above were not acquired and
               are not held for the purpose of or with the effect of changing or
               influencing the control of the issuer of the securities and were
               not acquired and are not held in connection with or as a
               participant in any transaction having that purpose or effect.


                               Page 8 of 10 pages



                                    SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


Date: February 6, 2008


                                                  1346049 ONTARIO LIMITED


                                                  By: /s/ Randall Abramson
                                                  ------------------------
                                                  Randall Abramson
                                                  Chief Executive Officer


                                                  TRAPEZE ASSET MANAGEMENT INC.


                                                  By: /s/ Randall Abramson
                                                  ------------------------
                                                  Randall Abramson
                                                  Chief Executive Officer


                                                  TRAPEZE CAPITAL CORP.


                                                  By: /s/ Randall Abramson
                                                  ------------------------
                                                  Randall Abramson
                                                  President


                                                  /s/ Randall Abramson
                                                  ------------------------
                                                  Randall Abramson


                               Page 9 of 10 pages



EXHIBIT 1

The members of the group filing this Schedule 13G are:

1.   1346049 Ontario Limited
2.   Trapeze Asset Management Inc.
3.   Trapeze Capital Corp.
4.   Randall Abramson



                              Page 10 of 10 pages