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SONORO GOLD COMPLETES PHASE IV DRILLING PROGRAM AT CERRO CALICHE REPORTS MULTIPLE HIGHER-GRADE INTERCEPTS & EXPANSION OF GOLD MINERALIZED ZONES
7:30 AM ET, 06/13/2022 - GlobeNewswire
VANCOUVER, Canada, June 13, 2022 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report assay results from the final seven drill holes, completing the Phase IV drilling program at its Cerro Caliche gold project in Sonora, Mexico. In total, the Company completed over 7,200 meters of reverse circulation drilling with 63 drill holes which returned multiple higher-grade gold intercepts and demonstrated the expansion of several known mineralized gold zones within the Cerro Caliche concession.
The objective of the program was to increase the estimated size and grade of the project’s oxide gold mineralization, as well as to extend the estimated life of a proposed heap leach mining operation as outlined in the Preliminary Economic Assessment (“PEA”) and updated Mineral Resource Estimate filed under the Company’s profile on SEDAR on October 29, 2021.
On May 9, 2022, the Company announced positive results of an updated PEA based on an optimized mine plan to potentially increase the project’s previously reported economic parameters. The updated report was based on the same mineral resource estimate contained in the Company’s initial PEA and did not include the new geological data from the Phase IV campaign.
Drilling results from the now completed Phase IV campaign will be included in an updated resource estimation scheduled to be announced in the fall of 2022. The economic impact of the updated resource on the proposed heap leach mining operation is also to be assessed and will be contemplated in a further technical report.
Mel Herdrick, Sonoro’s VP Exploration, commented, "Phase four has been a successful drilling campaign with continued reporting of mineralized extensions and higher-grade intercepts.As the project continues to move through the current permitting phase, the objective of the exploration team now is to refine our understanding of the new extensions and higher-grade zones, as well as the potential impact of the new drilling data on the project’s resource."
Kenneth MacLeod, Sonoro’s President and CEO, added, “The completion of the drilling program is another important milestone in the development of Cerro Caliche. Last month we announced the positive results of an updated PEA and are currently assessing the potential economic impact of the new drilling data on the proposed heap leach mining operation. An updated resource estimation is expected to be filed this fall and we will continue to work on securing project financing and moving the project forward.”
John Darch, Sonoro's Chairman, noted, “With regards to the successful completion of the drilling program, the Board would like to specifically commend the efforts of our exploration team in Mexico, most notably VP of Exploration Mel Herdrick, VP of Operations Jorge Diaz and Chief Geologist Oscar Gonzalez.These individuals have been instrumental in the success of Cerro Caliche’s exploration and development programs.”
Final Drilling ResultsThe results announced in this news release reflect drilling activity conducted at the Abejas gold mineralized zone located at the eastern perimeter of the Central Pit Zone, with the reported intercepts situated outside of the pit shell used to calculate the mineral resource estimate in the initial PEA.
Highlights are as follows:
SCR-321 intercepted 15.24m averaging 1.336 g/t Au; including 4.57m averaging 3.657 g/t Au;SCR-322 intercepted 18.29m averaging 0.785 g/t Au; including 1.52m averaging 4.88 g/t Au.
The map below illustrates the location of the drill holes.
Figure 1: Drill holes at Abejas...
SEE NEWS RELEASE FOR BALANCE OF ARTICLE...
SONORO GOLD REPORTS HIGHER-GRADE INTERCEPTS AND EXPANDS GOLD MINERALIZATION AT CERRO CALICHE GOLD PROJECT
VANCOUVER, Canada, May 25, 2022 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) pleased to report assay results from an additional 10 drill holes completed at its Cerro Caliche gold project in Sonora, Mexico. Results reflect drilling conducted at El Colorado and Buena Suerte gold mineralized zones where intercepts include 1.52 meters averaging 9.57 grams of gold per tonne (“g/t Au”), 28.95 meters averaging 1.021 g/t Au and 10.67 meters averaging 1.183 g/t Au. As with drilling results announced on May 17, 2022, current intercepts are also situated outside of the pit shells used to calculate the mineral resource estimate as part of an updated Preliminary Economic Assessment (“PEA”) announced May 9, 2022, for a proposed heap leach mining operation.
Highlights are as follows:
SCR-313 intercepted 21.34m averaging 0.557 g/t Au, including 3.04m averaging 1.523 g/t Au
SCR-314 intercepted 3.05m averaging 1.185 g/t Au, including 1.52m averaging 2.19 g/t Au;
and 7.62m averaging 0.72 g/t Au, including 1.53m averaging 1.635.
SCR-315 intercepted 10.67m averaging 1.183 g/t Au, including 1.52m averaging 3.27 g/t Au;
and 4.57m averaging 1.087 g/t Au, including 1.53m averaging 2.28 g/t Au.
SCR-318 intercepted 1.52m averaging 9.57 g/t Au and 28.95m averaging 1.021 g/t Au;
including 1.53m averaging 2.07 g/t Au, including 3.05m averaging 2.706 g/t Au
The map below illustrates the location of the drill holes.
SONORO GOLD REPORTS HIGH GRADE INTERCEPTS AT CERRO CALICHE INCLUDING 9.14 METERS AVERAGING 9.577 GRAMS OF GOLD PER TONNE
9:00 AM ET, 05/17/2022 - GlobeNewswire
VANCOUVER, Canada, May 17, 2022 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report assay results from an additional seven drill holes completed at its Cerro Caliche gold project in Sonora, Mexico. Results reflect recent drilling activity conducted at two of the property’s gold mineralized zones, El Colorado and El Rincón, with the reported intercepts situated outside of the pit shells used to calculate the mineral resource estimate announced in September 2021 as part of a Preliminary Economic Assessment (“PEA”) for a proposed heap leach mining operation.
Highlights are as follows:
SCR-305 intercepted 36.5m averaging 0.54 g/t Au; including 1.53m averaging 3.59 g/t Au; including 1.53m averaging 3.32 g/t Au.SCR-307 intercepted 9.14m averaging 9.58 g/t Au; including 6.09m averaging 14.17 g/t Au; including 1.52m averaging 38.3 g/t Au.SCR-309 intercepted 6.10m averaging 1.37 g/t Au; including 1.53 averaging 3.97 g/t Au.
The map below illustrates the location of the drill holes.
Figure 1: New Drill Holes
https://sonorogold.com/wp-content/uploads/2022/05/2022-05.16_Map-of-New-Drill-Holes.png
The drilling campaign at Cerro Caliche is now complete with final assays expected to be announced in June. New geological data from over 7,200 meters and 63 drill holes will be included in a further updated resource estimate scheduled to be released in the fall of 2022. The updated technical report will also assess the potential economic impact of the new drilling data on the proposed heap leach mining operation.
Mel Herdrick, Sonoro’s VP Exploration, commented, "We continue to report good gold bearing intervals of mineralization as well as higher-grades intercepts that continue to add to potential mineralized material. Results from another 15 drill holes are still pending andwe are working to determine the structural controls of the new higher-grade zones."
Kenneth MacLeod, Sonoro’s President and CEO, commented, “Our continued success with demonstrating high-grade intercepts at the Colorado zone suggests the potential for an increase in both the grade and size of the gold resource at El Colorado. Additional success at the Rincon zone through infill drilling has also achieved our objective of identifying continuous mineralization between two pit shells located 400meters apart, suggesting the potential for coalescing the pit shells into one larger pit shell.”
John Darch, Sonoro's Chairman, noted, “The expansion of the El Coloradoand El Rincóngold mineralized zones, along with the multiple higher-grade intercepts we have announced during the Phase IV drilling program, adds to our optimism that this new geological data may potentially increase both the size and gold grade of the resource.If confirmed, an expanded resource may also improve the project’spotential economics and extend the mine life of the proposedmining operation.”
A Message from the Chairman of Sonoro Gold Corp.
May 16, 2022
As I write this, I am reminded of the Chairman’s letter I wrote on March 17, 2020, shortly after the World Health Organization declared COVID-19 a global pandemic. I remember feeling overwhelmed with the undaunting task of maintaining operations and investor confidence while keeping our site crew safe and healthy as management adapted to a virtual workspace. Since that day, the Company has successfully navigated multiple global shutdowns, market uncertainty and constant socio-economic changes. Yet despite these challenges, and what seemed at times to be never ending delays, we continued to advance our flagship Cerro Caliche gold project in Sonora, Mexico with successful drilling campaigns, comprehensive technical studies and positive Preliminary Economic Assessments.
While I am honoured to be part of such an exciting project and work alongside such a dedicated and tenacious group of people, I am also aware of the ongoing impact of COVID-19. Again, I would like to express my heartfelt sympathy for those continuing to be affected by the pandemic.
Market downturns are not new and we cannot point to COVID as the only culprit. Rising inflation and interest rates, the war in eastern Europe and global economic uncertainty are all likely contributing to the recent increase in market volatility. Unfortunately, the decline in market sentiment not only impacts share price but also impacts the abilities for juniors, such as Sonoro Gold, to successfully secure financing within the capital markets as we witnessed during the recent periods of volatility.
Private Placement Withdrawn
On April 25, 2022, Sonoro Gold announced a CAD $3 million Private Placement to fund ongoing project development including permitting, land agreements and technical studies. Even though we continued to announce positive results from our now completed drilling program as well as two material events for the project’s development, it was not enough to shield our stock from declining almost 20%. Successfully closing a financing that is priced higher than the current market price would be a challenge, so as opposed to delaying closing until market sentiment improved, the Company announced it had decided to withdraw its financing offering. This gives us the freedom to seek financing at a time and with terms that are in the best interest of Sonoro Gold.
While several factors, such as market sentiment or third-party related delays, are beyond the control of the Company, it is always management’s top priority to protect the Company’s assets and ensure all concession payments, taxes and regulatory filings are up to date with minimum dilution to shareholders. While financing may be delayed, we continue to move the project forward, as highlighted by the recently announced environmental permit filing and updated PEA results.
Environmental Permit Filed
On May 4, 2022, the Company announced that it filed its Environmental Impact Statement (or “MIA”) with the Mexican federal permitting authority (“SEMARNAT”). Under Mexican law, mining construction and operation activities require MIA, as well as a Land Use Change (ETJ) permit. The MIA is a compilation of extensive technical and environmental studies conducted by our exploration team over the past four years. Its filing is a significant milestone in the project’s development and the Company will continue to work alongside its stakeholders during the permitting process. We are currently completing the required documentation for the ETJ application and anticipate filing with SEMARNAT soon.
Updated PEA Results
On May 9, 2022, the Company announced positive results of an updated independent Preliminary Economic Assessment (“PEA”) on Cerro Caliche. Based on the same mineral resource estimate contained in the Company’s initial PEA dated October 29, 2021, the updated PEA contemplates an optimized mine plan commencing production at a lower rate of 8,000 metric tonnes per day (“mtpd”) utilizing higher-grade ore and then increasing to 15,000 mtpd for the remaining life of mine (“LOM”).
The optimized mine plan projects an increase in total tonnes processed as well as the average gold grade including an increase in the average grade during the first three years where gold-equivalent grade increased from 0.51 g/t AuEq to 0.58 g/t AuEq. Total recovered gold equivalent ounces also increased from 323,550 ounces to 344,674 ounces.
The economic result is an increase in after-tax NPV and IRR of 29% and 40.4%, respectively, and a decrease of the initial CAPEX by over 19%.
Below are a few highlights, but I would also encourage you to click here to read the news release.
Drilling Data
Approximately 7,000 meters of additional drilling recently completed at Cerro Caliche were not included in the current mineral resource estimate. Final assay results are still pending, with the new geological data to be included in a further updated resource estimate scheduled to be released in the fall of 2022.
Since drilling resumed in November 2021, the Company announced multiple high-grade intercepts and expansions on March 1, 2022 and again on April 21, 2022. The objective of the drilling program was to increase the estimated size and grade of the resources as this may not only extend the mine life but also improve the overall economics. The potential economic impact of these results on the proposed mining operation will also be assessed during the resource estimate update.
Recently confirmed higher-grade intercepts at depth also suggest the potential for underground gold mineralization, but further geological data is required. With just over 30% of the mapped mineralized zones drilled and assayed to date, we continue to be very encouraged with the drilling results from Cerro Caliche. Final assay results from the recent drilling campaign are expected to be announced in June.
For the project’s short-term objectives, click here to view our Corporate Summary. To view our latest Corporate Presentation, please click here.
Conclusion
Thank you for your continuing support and confidence in Sonoro Gold. I know it’s been a bit of a bumpy ride, but the Company continues to move the project forward with site preparation work and arranging project financing. And although pandemics, volatile markets and delays can be both frustrating and exhausting, the Company remains committed to its objective to bring Cerro Caliche into production.
Kindest Regards,
John M. Darch, Chairman
Sonoro Gold Corp.
I looked at the last paragraph and I got a little lost. I wonder if you , Lawrenzo, what that means as to the present per share value of the stock, assuming everything comes to pass.
SONORO ANNOUNCES POSITIVE UPDATED PEA RESULTS INCREASING PRE-TAX NPV TO USD $84.4 MILLION AND PRE-TAX IRR TO 74.9%
10:14 AM ET, 05/09/2022 - GlobeNewswire
VANCOUVER, Canada, May 09, 2022 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the positive results of an updated independent Preliminary Economic Assessment (“PEA”) on the Company’s Cerro Caliche gold project located in Sonora State, Mexico. The updated PEA highlights several opportunities to potentially increase the project’s previously reported economic parameters, as well as potentially lower several identified risks. As the engineering and costing outlined in both the initial and updated studies are at the PEA level, potential variations in operation and capital costs may occur.
Based on the same mineral resource estimate contained in the Company’s initial PEA, dated October 29, 2021, the updated PEA contemplates an optimized mine plan for an open pit, heap leach mining operation with an initial two-year production rate of 8,000 metric tonnes per day (“mtpd”) and an increase to 15,000 mtpd for the remaining life of mine (“LOM”).
The updated PEA has been prepared in accordance with the requirements of National Instrument 43-101 (“NI 43-101”) by D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”), with confirmation of the applicable resource estimates completed by Micon International Limited of Toronto, Ontario (“Micon”).
Updated PEA Highlights:
Pre-Tax net present value discounted at 5% (“NPV5”) of USD $84.4 millionPre-Tax Internal Rate of Return (“IRR”) of 74.9%After-Tax NPV5 of USD $53.5 million with an IRR of 45.6%Gold recovery of 74% and silver recovery of 27%7-year LOM with 344,500 ounces (“oz”) of gold equivalent (“AuEq”)LOM annual average production of 45,000 oz AuEq (Years 1-7)Years 1 to 3 annual production of 46,000 oz AuEq at 0.58 g/t AuEqInitial CAPEX costs of USD $26 million, including USD $3 million in contingencySustaining capital costs of USD $7.4 millionCash(1) costs of USD $1,206/oz AuEqAISC(2) of USD $1,333/oz AuEqPayback period of 2.2 years
SONORO SUBMITS FEDERAL ENVIRONMENTAL PERMIT APPLICATION FOR CERRO CALICHE
9:00 AM ET, 05/04/2022 - GlobeNewswire
VANCOUVER, Canada, May 04, 2022 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce it has filed an Environmental Impact Statement, or Manifestacion de Impacto Ambiental (“MIA”) for its Cerro Caliche gold project in Sonora, Mexico. Under Mexican law, mining construction and operation activities require an approved MIA, as well as a Change of Land Use permit, or Autorizacion en Cambio de Uso de Suelo (“ETJ”), from the Mexican federal permitting authority, Secretaria de Medio Ambiente y Recursos Naturales (“SEMARNAT”). The Company is currently completing the required documentation for the Change of Land Use application and anticipates filing with SEMARNAT in the near future.
“Completing the MIA provided us with an opportunity to work closely with various stakeholders and I would like to thank everyone who worked alongside us as we conducted multiple environmental baseline studies and socio-economic assessments,” stated VP of Operations, Jorge Diaz. “The filing of the MIA is an important step in the project’s development and we will continue to move the project forward during the permitting process.”
Kenneth MacLeod, Sonoro’s President and CEO commented, “The filing of the MIA follows the compilation of extensive technical and environmental studies conducted on the Cerro Caliche concession over the past four years and supports the Company’s objective to develop Sonoro's proposed heap leach mining operation.”
John Darch, Sonoro's Chairman added, "We are delighted to report to our shareholders the filing of the Environmental Impact Statement, as it is a key milestone in the development of our proposed heap leach mining operation."
The scope of the MIA includes open pits, waste dumps, crushing facilities, heap leach pad, leach solution ponds, gold recovery facilities, haul roads, building structures and infrastructure, as proposed in the Company’s Preliminary Economic Assessment dated October 29, 2021. The document also provides flexibility for the continual optimization of the mine plan to support operational growth and resource expansion.
During the MIA-ETJ permitting phase, the Company will continue to move the project forward as it initiates site preparation work and focuses on arranging project financing. Management will also update the project’s estimated resource to incorporate the results from its nearly completed Phase IV drilling program and assess the potential impact on the project’s mine life and economic viability.
About Sonoro Gold Corp.Sonoro Gold Corp. is a publicly listed exploration and development Company holding the near-development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.Per:
Kenneth MacLeod”Kenneth MacLeodPresident & CEO
SONORO GOLD REPORTS HIGH GRADE INTERCEPTS AT CERRO CALICHE INCLUDING 10.67 METERS OF 9.02 GRAMS OF GOLD PER TONNE
9:00 AM ET, 04/21/2022 - GlobeNewswire
VANCOUVER, Canada, April 21, 2022 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report assay results from an additional 15 drill holes completed as part of a drilling campaign currently underway at its Cerro Caliche gold project in Sonora, Mexico. As previously announced, the objective of the program is to increase the estimated size and grade of the project’s oxide gold mineralization as well as to potentially extend the estimated life of the proposed heap leach mining operation as outlined in the Preliminary Economic Assessment (PEA) filed in October 2021.
These latest results include drilling conducted at El Colorado and Guadalupe gold mineralized zones in the southwest of the concession’s mineralized zones where multiple high-grade gold intercepts were previously reported within larger intervals of higher-grade gold mineralization, as well as at El Bellotoso gold mineralized zone in the northeast region.
Highlights are as follows:
SCR-289 intercepted 7.62m averaging 0.562 g/t Au; including 1.52m averaging 1.385 g/t AuSCR-292 intercepted 3.04m averaging 1.765 g/t Au; including 1.52m averaging 3.370 g/t AuSCR-293 intercepted 12.19m averaging 0.874 g/t Au; including 1.52m averaging 3.62 g/t Au;
and 6.10m averaging 0.922 g/t Au; including 1.53m averaging 2.22 g/t Au;and 7.62m averaging 2.262 g/t Au; including 1.53m averaging 10.25 g/t Au
SCR-295 intercepted 1.52m averaging 1.455 g/t Au; and 1.53m averaging 6.00 g/t AuSCR-296 intercepted 7.62m averaging 0.673 g/t Au; including 1.53m averaging 1.835 g/t Au;
and 6.10m averaging 0.422 g/t Au; including 1.52m averaging 1.00 g/t Au
SCR-298 intercepted 3.05m averaging 0.884 g/t Au; including 1.53m averaging 1.455 g/t AuSCR-299 intercepted 10.67m averaging 9.018 g/t Au; including 6.10m averaging 15.558 g/t AuSCR-301 intercepted 10.67m averaging 0.497 g/t Au; including 1.52m averaging 1.795 g/t Au
Mel Herdrick, Sonoro’s VP Exploration noted, “With the discovery of multiple prospective high-grade ore-shoots identified by drilling at El Colorado, we are developing an understanding of the permissible extent and trend of these potential ore-shoots that may have up to seven additional repetitions in the footwall of the Guadalupe vein zone extendingup to 700 meters to the northwest of El Colorado. These high-grade ore-shoots may add significantly to the existing resource. The process of defining these zones also allows us to refine our understanding of the structural geology and, consequently, identify additional areas for possible material resource expansion and a recalculation of the existing resource.”
Kenneth MacLeod, Sonoro’s CEO and President commented, “We continue to be very pleased with the results from our Phase IV drilling program which is expected to be completed by early May with the remaining results expected at the end of May. While we move forward with the development of the proposed mining operations, we will now begin assessing the potential economic impact of the new geological data on the project.”
John Darch, Sonoro's Chairman commented, "We are very encouraged with the latest drilling results. The extension of several gold mineralized zones as well as the multiple deeper higher-grade intercepts suggests the drilling program may meet its objective of increasingthe size and grade of the resourceand therefore potentially extend the life of our proposed mining operation as well as improve the overall economics of the project. This is a very exciting time for Sonoro and its shareholders.”
view entire news release:
https://sonorogold.com/archives/news/sonoro-gold-reports-multiple-high-grade-gold-intercepts-at-cerro-caliche-including-27-43-meters-of-5-36-grams-of-gold-per-tonne?utm_source=Sonoro+All+Contacts&utm_campaign=58e3308075-EMAIL_CAMPAIGN_2020_02_26_02_16_COPY_01&utm_medium=email&utm_term=0_79d1829b60-58e3308075-188037257
SONORO GOLD REPORTS MULTIPLE HIGH GRADE GOLD INTERCEPTS AT CERRO CALICHE INCLUDING 27.43 METERS OF 5.36 GRAMS OF GOLD PER TONNE
VANCOUVER, Canada, March 1, 2022 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report the initial assay results from the first 24 drill holes of a 10,000-meter drilling campaign currently underway at its Cerro Caliche gold project in Sonora, Mexico. The objective of the program is to increase the estimated size and grade of the project’s oxide gold mineralization as well as to establish a basis for an extension of the estimated life of the proposed heap leach mining operation as outlined in the Preliminary Economic Assessment and updated Mineral Resource Estimate filed under the Company’s profile on SEDAR on October 29, 2021 (the “Mineral Resource Estimate”).
The results include drilling conducted in the gold mineralized zones of El Colorado and Guadalupe, located in the southwestern region of the property, where assays returned multiple higher-grade gold intercepts within larger intervals of high-grade gold mineralization. Drilling is continuing at both zones.
Highlights are as follows:
SCR-266 intercepted 9.14m averaging 1.04 g/t Au; including 1.52m averaging 2.28 g/t Au; including 1.53m averaging 3.01 g/t Au
SCR-277 intercepted 22.86m averaging 1.55 g/t Au; including 6.10m averaging 5.18 g/t Au; including 3.05m averaging 9.10 g/t Au
SCR-280 intercepted 3.05m averaging 19.56 g/t Au; including 1.53m averaging 37.90 g/t Au
SCR-282 intercepted 4.57m averaging 2.43 g/t Au; including 1.53m averaging 4.54 g/t Au
SCR-286 intercepted 27.43m averaging 5.36 g/t Au; including 4.57m averaging 7.16 g/t Au; including 4.57m averaging 22.09 g/t Au;
including 1.53m averaging 46.5 g/t Au
SCR-287 intercepted 4.57m averaging 2.18 g/t Au; including 1.52m averaging 4.70 g/t Au
Mel Herdrick, Sonoro’s VP of Exploration commented, “These results indicate that we are successfully extending gold mineralization at Cerro Caliche while simultaneously demonstrating the potential for higher-grade mineralized zones deeper in the system.”
John Darch, Sonoro’s Chairman noted, “We are very pleased with these drilling results. The shallow high-grade drill intercepts and higher-grade gold intercepts at depth suggest the potential to increase both size and grade of the project’s resource, which, if confirmed, may not only extend the life of the proposed heap leach mine, but also may improve the overall economics of the project.”
Kenneth MacLeod, Sonoro’s CEO and President added, “These positive assay results support our decision to continue drilling while moving forward with the proposed development of an open pit mining operation. Confirmation of higher-grade intercepts at depth may suggest the possibility for underground gold mineralization. Further geological data is required, but we are very encouraged by these initial results.”
I like seeing this company hold so many shares by insiders
"Company insiders took down almost 20% of that ?nancing, with Ken and me each investing an additional $100,000 in Sonoro. In addition, our senior geologist, Mel Herdrick, and our mining engineer, Jorge Diaz, each contributed almost $150,000 to the private placement. Obviously, the Company is very excited about completing the ?nancing. Not only does it give us the ability to move forward, it also demonstrates a lot of con?dence that the senior people and insiders have in the Company, that they were prepared to contribute to the ?nancing to the extent that each did. It's worth mentioning that we've always contributed to each of the ?nancings over the last three years."
http://metalsnews.com/t1394596i
This was a great read, I started a position yesterday. will continue to bid and take some asks at anything below the PP price. I'm very happy adding to a Gold developer that'll be in production later this year.
SONORO ANNOUNCES CLOSING OF $3,000,000 PRIVATE PLACEMENT
AND COMMENCEMENT OF 10,000 METER DRILLING PROGRAM
VANCOUVER, Canada, December, 21, 2021 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the closing of its previously announced non-brokered private placement of 16,666,667 units (the “Units”) at $0.18 per unit, for aggregate gross proceeds of $3,000,000 (the “Offering”). Each Unit consists of one Sonoro Common Share and one Share Purchase Warrant. Each warrant entitles the holder to purchase one additional Sonoro Common Share for a period of two years from the closing date at an exercise price of $0.30 per share.
All securities issued and issuable in connection with the Offering will be subject to a 4-month plus one day hold period ending April 21, 2022. The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final approval from the TSX Venture Exchange.
In connection with the Offering, the Company entered into finder’s fee agreements with iA Capital Markets, PI Financial Corp., Haywood Securities Inc., IBK Capital Corp. and GloRes Securities Inc. (collectively, the “Finders” and each, a “Finder”) pursuant to which the Company paid to each Finder:
...1. at the election of the Finder, either a cash finder’s fee or Units equal to a maximum 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder, and
...2. non-transferable finder’s warrants (the “Finder’s Warrants”) equal in number to 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder. Each Finder’s Warrant entitles the Finder to purchase one common share in the capital of the Company at a price of $0.30 for a period of two years following the closing of the Offering.
In total, the company paid $47,420.30 in Finder’s fees and 263,447 in non-transferable Finder’s Warrants.
Directors and Officers of the Company participated in the Offering by subscribing for 3,011,461 Units, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.
The net proceeds from the Offering will be used primarily to fund a 10,000-meter drilling campaign now underway at the Company’s Cerro Caliche Gold Project in Sonora, Mexico and will also be used for concession maintenance and general working capital.
As announced on October 25, 2021, the drilling program will focus on expanding the project’s oxide gold mineralization included in the updated Resource Estimate announced September 15, 2021, as well as the potential higher-grade targets recently identified by a surface sampling program. Previously announced sample assay results returned grades between 2.5 and 14.3 grams of gold per tonne and revealed multiple oxide gold mineralized “windows” with strong stockwork quartz veining and broad zones of gold and silver mineralization. Drilling will also focus on extending mineralization in the southeast region of the concession that was excluded from the updated resource estimate due to lack of required drilling density.
Sonoro’s President and CEO, Kenneth MacLeod, stated, “We are excited to have commenced the next phase of drilling and anticipate another successful program. The wealth of technical data amassed to date suggests the potential to increase the resource within the project’s known mineralized structures as well as the potential for higher grade and extended mineralized structures identified through scout drilling and surface sampling.”
Sonoro’s Chairman of the Board, John Darch, added, “I believe participation by Sonoro’s directors and officers for 18% of the current financing is a clear demonstration of our confidence in the success of the Cerro Caliche Project. I am also very pleased we have resumed drilling and are assessing the potential for higher-grade near-surface gold and silver mineralization. Increasing the size and grade of the resource could potentially extend the life of the proposed Heap Leach Mining Operation (HLMO) thereby materially improving the economics for the conceptual 15,000 tonnes per day HLMO.”
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development Company holding the near-development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per:
“Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
Sonoro Files Cerro Caliche Preliminary Economic Assessment on SEDAR
6:17 PM ET, 10/29/2021 - GlobeNewswire
VANCOUVER, British Columbia, Oct. 29, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the filing of a technical report titled “Preliminary Economic Assessment of the Cerro Caliche Project, Sonora, Mexico” (the “PEA”) with an effective date of September 15, 2021.
The PEA has been prepared in accordance with the requirements of National Instrument 43-101 by D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”) with David Salari. P.Eng. as the lead author. William Lewis, P.Geo., of Micon International Limited of Toronto, Ontario (“Micon”) was the Qualified Person responsible for the updated mineral resources estimate. The PEA can be found under the Company’s profile at www.sedar.com and on Sonoro’s website at www.sonorogold.com.
The results of the PEA were previously announced in the Company’s news releases dated September 15 and 16, 2021 and are summarized as follows:
Pre-Tax NPV (5% discount rate) of US$68.7 million and an IRR of 52.7% with a price of US$1,750 per ounce of gold and US$22.00 per ounce of silver.After-Tax NPV (5% discount rate) of US$41.5 million with an IRR of 32.4% with a price of US$1,750 per ounce of gold and US$22.00 per ounce of silver.7 years Life of Mine (“LOM”) producing 323,500 ounces (“oz”) of gold equivalent (“AuEq”)Gold recovery of 74% and silver recovery of 27% produced from a 3-stage crushing circuit, crushing the ore to p80 of ½”.LOM annual average production of 45,700 oz AuEq.Years 1 to 3 annual production of 56,500 oz AuEq with average grade of 0.51 g/t AuEq.Initial CAPEX costs of US$32.2 million, including US$3.8 million in contingency.Sustaining capital costs of US$4.8 million.OPEX costs of US$1,227/oz AuEq.All-In Sustaining Cost ("AISC") of US$1,351/oz AuEq.Payback period of 2.2 years.
Updated Mineral Resource Estimate Highlights at 0.207 g/t Au Cut-off:
Measured and Indicated Mineral Resources of 349,000 ounces of gold at a 0.41 g/t Au grade.Updated Inferred Mineral Resources of 71,000 ounces of gold at 0.40 g/t Au grade.
Also noted in Micon’s report, a range of the potential mineralization that may conceptually exist outside of the resource pit shells has been included in the report. Utilizing the same 0.207 g/t Au cut-off grade as the current resource estimate, the range of the potential mineralization is believed to be from 19,250,000 to 34,370,000 tonnes containing:
204,000 to 365,000 ounces of gold.1,683,000 to 3,005,000 ounces of silver.
The reader is cautioned that the potential mineralization ranges are conceptual in nature and that despite being based on a limited amount of exploration drilling and sampling outside the current resource pit shells, it is uncertain that further exploration will result in the mineralization targets being delineated as a mineral resource.
PEA SummaryThe PEA is preliminary in nature and includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the estimates presented in the PEA will be realized.
Qualified Person StatementDavid Salari, P.Eng., of D.E.N.M. Engineering Ltd. and William Lewis, P.Geo., of Micon International Limited, both of whom are independent of the Company, have reviewed and approved the scientific and technical information herein regarding the Company’s Cerro Caliche Project. William Lewis, P.Geo., was responsible for the updated Cerro Caliche Mineral Resource Estimate and, along with David Salari, P.Eng., has approved the information pertaining to the Cerro Caliche Project in this news release. Each of David Salari, P.Eng. and William Lewis, P.Geo., is a Qualified Person as defined in NI 43-101.
Stephen Kenwood, P.Geo., a Director of Sonoro Gold, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release.
About D.E.N.M. Engineering Limited
D.E.N.M. Engineering Ltd. is a niche engineering company servicing the mining / mineral processing sector that specializes in Engineering & Design, Equipment Supply, Project & Construction Management, Commissioning and Operations Support. D.E.N.M. Engineering Ltd. has proven success while championing projects for over fifteen years in Canada, USA, Mexico and Central America.
In addition, D.E.N.M. Engineering, with its principal and independent specialists, performs NI 43-101 compliant assessments and studies in the sections of mineral processing metallurgical design, process design, capital and operating costing and cash flow analysis.
About Micon International Limited
Micon International Limited (Micon) has provided consulting services to the worldwide mining industry since 1988 from its offices in Canada and the UK. Micon comprises a multi-disciplinary group of highly qualified and experienced professionals who are guided by the Company principles of Integrity, Competence and Independence.
Micon’s experience in Mexico ranges from exploration programs and resource estimation to technical studies on operating mines as well as due diligence for precious metals and base metals projects. Micon has worked in most of the major mining districts throughout Mexico, as well as some lesser-known historical districts. In northern Mexico, assignments have been undertaken in the gold and silver districts of Sonora, Durango, Zacatecas, Chihuahua and Baja California.
About Sonoro Gold Corp.Sonoro Gold Corp. is a publicly listed exploration and development company holding the near development stage Cerro Caliche project and the exploration stage San Marcial properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of Sonoro Gold Corp.Per: “Kenneth MacLeod” Kenneth MacLeod President & CEO
For further information, please contact: Sonoro Gold Corp. - Tel: (604) 632-1764 Email: info@sonorogold.com
Sonoro Gold Announces 10,000-Meter Drilling Program at Cerro Caliche
9:00 AM ET, 10/25/2021 - GlobeNewswire
VANCOUVER, British Columbia, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the intention to resume drilling at the Company’s Cerro Caliche gold project in Sonora State, Mexico. The 10,000-meter reverse circulation drilling campaign will proceed alongside the proposed development of a heap leach mining operation (HLMO) with a projected capacity of up to 15,000 tonnes per day.
The six-month drilling program will focus on expanding the project’s oxide gold mineralization included in the updated Resource Estimate announced September 15, 2021, as well as potential higher-grade targets recently identified by a surface sampling program announced on August 30, 2021, and July 20, 2021.
The map below shows the proposed drill holes for the upcoming program:
(see original news release for maps and charts)
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
https://sonorogold.com/wp-content/uploads/2021/10/Proposed-Drill-Holes_10k-Meter-Program.png
The reader is cautioned that drill locations may change as drilling and sampling results may impact drilling sequence, location and priority.
The Company plans 705 meters of infill and expansion drilling at El Colorado (A) where previous drilling by the Company returned higher-grade results including drill-hole SCR-044 which intercepted 12.19 meters averaging 11.2 grams of gold per tonne (“g/t Au”) including 6.1 meters averaging 21.58 g/t Au. A further 1,230 meters of drilling is planned along the El Colorado/La Ventana Corridor (B) where assay results from surface sampling announced on July 20, 2021, confirmed linear structural corridors of anomalous gold, silver, and base metal mineralization with a 600-meter extension to the southeast from El Colorado to La Ventana. Additional sampling results announced on August 30, 2021, identified three oxide gold mineralized “windows” within the El Colorado/La Ventana Corridor with assay results from 39 samples averaging 0.63 g/t Au and results from 51 samples averaging 0.76 g/t Au. Another seven samples returned grades between 4.4 g/t Au and 9.9 g/t Au.
To the east of El Colorado at the Buena Suerte mineralized zone, the Company plans 1,215 meters of infill and extension drilling at the north and south ends of Buena Suerte (C). An additional 1,800-meters of drilling is targeted along the Buena Suerte/San Quintín Corridor (D) to the south of Buena Suerte. Surface sampling confirmed a 750-meter southern extension of the Buena Suerte/San Quintin Corridor where two windows of oxide gold mineralization were identified also suggesting the potential for higher-grade and near surface mineralization. Previously announced assay results from 61 samples averaged 0.65 g/t Au and another 11 samples returned grades between 2.5 and 14.5 g/t Au.
Another 1,110-meters of expansion drilling is planned at El Rincón (E) to connect with the northwest extension of the Veta de Oro gold mineralized zone located over 500 meters to the southeast along the same structure. An additional 1,290-meters of drilling is planned at Cuervos (F), located at the southernmost extension of the Japoneses mineralized zones to expand the Cuervos zone toward the northwest and to the south and southwest. Drilling is planned to extend the Cabeza Blanca (G) vein zone to the north as well as at the Abejas/Chinos Altos Corridor (H) where the Company plans to investigate the horse tailed bifurcation of the Abejas (I) vein zone with four vein splays to the southwest into Chinos Altos where reported drill hole SCR-069 intercepted 7.632 meters averaging 0.947 g/t Au.
Drilling will also focus on extending mineralization at two zones excluded from the updated resource estimate due to lack of required drilling density. The first is the Guadalupe zone (J), located parallel to the west side of Cabeza Blanca where reported results included drill hole SCR-030 which intercepted 22.86 metres averaging 0.725 g/t Au and drill hole SCR-061 which intercepted 15.2 meters averaging 0.599 g/t Au. The Company plans 300 meters of infill drilling to investigate the potential for the Guadalupe zone to coalesce with the Cabeza Blanca open pit.
The second excluded zone is La Española (K), located in the southeast region of the concession. Reported results from La Española included drill hole SCR-068 which intercepted 9.14 m of 1.25 g/t Au and surface sampling which identified
identified the area as being within the recently defined La Magdalena/La Española Corridor. The Company plans to drill approximately 1,800 meters at La Española and another 190-meters at La Magdalena (L).
Mel Herdrick, Sonoro’s VP of Exploration noted, “We will initiate this program armed with important new data that will allow us to potentially add to our resource and target areas where sampling indicates the potential for higher-grade mineralization. Previous drilling intercepted gold mineralization in most holes, demonstrating a very good success rate, which I expect will continue based on the sampling and drill results.”
Sonoro’s President and CEO, Kenneth MacLeod, commented, “This program has been under development since we paused drilling in May 2021. It is strategically designed to expand the project’s mineralized zones and target potentially higher-grade, near surface mineralization. We maintain our strategy to expedite the commencement of operations to generate cashflow that will contribute to further drilling to increase the project’s potential.”
Sonoro’s Chairman, John Darch, added, “The drilling campaign will focus on potentially increasing the size and grade of the gold resource while we continue with the proposed development of the HLMO. Confirmation of extensive, higher-grade mineralization could potentially improve the overall economics of the project.”
The table below includes the number of high priority drill holes and meters allocated to each zone, with the targeted 10,000 meters to be selected from the list. The locations, sequencing and configuration of the holes may be modified as assay results are received. Drill hole lengths are designed for an average length of 100 - 110 meters within a range of 70 to 140 meters per hole.
Mineralized Zones Map Holes Meters
El Colorado Zone A 9 705
El Colorado/La Ventana Corridor B 13 1,230
Buena Suerte Zone C 12 1,215
Buena Suerte/San Quintín Corridor D 23 1,800
El Rincón Zone E 14 1,110
Cuervos Zone F 13 1,290
Cabeza Blanca Zone G 5 390
Abejas/Chinos Altos Corridor H 16 1,490
Abejas Zone I 8 590
Guadalupe Zone J 3 300
La Española Zone K 13 1,030
La Magdalena Zone L 3 190
Total 132 11,340
Geologic DescriptionCerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic small underground gambusino gold mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district include variants of epithermal low sulfidation veins and related mineralized dikes and associated volcanic domes. Local altered and mineralized felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization both in the dikes and meta-sedimentary rocks.
Qualified Person StatementStephen Kenwood, P.Geo., a Director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of economic gold mineralization in the concessions held by the Company.
About Sonoro Gold Corp.Sonoro Gold Corp. is a publicly listed exploration and development company holding the near development stage Cerro Caliche project and the exploration stage San Marcial properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of Sonoro Gold Corp.Per: “Kenneth MacLeod” Kenneth MacLeod President & CEO
For further information, please contact: Sonoro Gold Corp. - Tel: (604) 632-1764 Email: info@sonorogold.com
This is coppied and pasted from the SGO Channel on CEO.ca but thought it worth sharing to other platforms & investors.
I have a few thoughts regarding SGO’s PEA and a conversation I had with Sonoro. In Summer of 2020, SGO announced a “Project Development Report” for it’s Cerro-Caliche project in Sonora Mexico. There was an estimate added to the resource that could bring the ounces to SGO to > 1 million. In the latest PEA the resource estimate was M&I of 349,000 + 71,000 oz inferred. The report also mentions that outside of these pits there could be another 365,000 gold and up to 3mm ounces of silver. We also must remember that only part of the property has been mapped and sampled, and of this explored portion only 30% has been drill tested, meaning there is significant upside for SGO still ahead.
The importance of this fact is that once in production (estimated sometime H1 of 2022) SGO will be able to self fund the additional exploration, resource increase and as a result the mine life. If additional ounces are uncovered (which is highly likely based on the past reports noted above) this would change the PEA significantly. I’m not an expert so I reached out to SGO to discuss further what this could look like, and they had some solid answers (they told me they have run some numbers for different scenario’s internally are really like what they see. Some scenarios included decreasing CAPEX by leasing equipment, contract crushing or contracting other portions of mining operations; as well as obviously increasing the resource size). They did tell me that if they expanded to 1mm they felt confident and conservative in stating that this would increase the mine life to at least 15 years. Obviously as a result of increasing mine life, the financing costs and repayment would amortized (repaid) over 15+ years vs 7 years in the PEA. This would therefore increase the economics, specifically the NPV and IRR.
I’m also told that SGO is in discussion with financers now and are reviewing different mine scenarios and the economics of those plans (which they hope to release in due time). I still hold the opinion that SGO is undervalued here. There is significantly more gold that SGO were hitting (and high grade) weeks before the PEA was announced. These high grade zones/windows weren’t included in the PEA but will be drilled this fall creating more catalysts for the stock. My average cost base is low 20’s and I continue to bid and pick up more shares on this post PEA sell off.
As a strong kicker I was reminded that during the first three years, the average gold production is estimated to be net 56,500 ozs per annum. Gross revenue per annum = 56,500 x $1,750 USD = $99mm USD PER ANNUM…. And we are currently trading at a $20M market cap, imo this is an easy buy here.
SONORO PROVIDES UPDATE TO ALL-IN SUSTAINING COST FOR PEA COMPLETED ON THE CERRO CALICHE GOLD PROJECT
VANCOUVER, Canada, September 16, 2021 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) wishes to correct a calculation error regarding the all-in sustaining cost (“AISC”) disclosed on September 15, 2021, as part of the results from an independent Preliminary Economic Assessment (“PEA”) and updated Mineral Resource Estimate completed on the Company’s Cerro Caliche gold project located in Sonora State, Mexico.
Due to the inadvertent inclusion of certain tax and depreciation expenses in its calculations, the Company reported the AISC to be US$489.3 million LOM, and US$1,462 per ounce (“oz.”) of gold equivalent (“AuEq”). The corrected amounts, as reported in the table below, are US$437 million LOM, and US$1,351 per oz. AuEq.
Operating Costs LOM (US$M) US$/oz AuEq
Mining $174.7 $540
Processing $204.9 $633
Administration $17.3 $53
Tot. Cash Costs $396.9 $1,227
Refining $20.7 $64
Royalties $11.7 $36
Sustaining $4.8 $15
Closure $2.9 $9
All-in Sustaining Costs (AISC) $437.0 $1,351
The other results of the PEA reported in the Company’s September 15, 2021 announcement remain unchanged. The
The other results of the PEA reported in the Company’s September 15, 2021 announcement remain unchanged. The PEA has been prepared in accordance with the requirements of National Instrument 43-101 by D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”).
Qualified Person Statement
David Salari, P.Eng., of D.E.N.M. Engineering Ltd., who is independent of the Company and a Qualified Person as defined under NI 43-101, has reviewed and approved the scientific and technical information herein regarding the Company’s Cerro Caliche Project.
Stephen Kenwood, P.Geo., a Director of Sonoro Gold, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release.
About D.E.N.M. Engineering Limited
D.E.N.M. Engineering Ltd. is a niche engineering company servicing the mining / mineral processing sector that specializes in Engineering & Design, Equipment Supply, Project & Construction Management, Commissioning and Operations Support. D.E.N.M. Engineering Ltd. has proven success while championing projects for over fifteen years in Canada, USA, Mexico and Central America.
In addition, D.E.N.M. Engineering, with its principal and independent specialists, performs NI 43-101 compliant assessments and studies in the sections of mineral processing metallurgical design, process design, capital and operating costing and cash flow analysis.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company holding the near development stage Cerro Caliche project and the exploration stage San Marcial properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
as far as i know all pp were fully suscribed and paid for...
time will tell if you are correct...
When will companies learn not to hurt their shareholders by allowing short covering via private placement!
SONORO ANNOUNCES POSITIVE PEA RESULTS AND UPDATED MINERAL RESOURCE ESTIMATE FOR THE CERRO CALICHE GOLD PROJECT WHICH DEMONSTRATES A PRE-TAX NPV OF US$68.7 MILLION AND AN IRR OF 52.7%
VANCOUVER, Canada, September 15, 2021 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report the results of an independent Preliminary Economic Assessment (“PEA”) including an updated Mineral Resource Estimate completed on the Company’s Cerro Caliche gold project located in Sonora State, Mexico.
The PEA has been prepared in accordance with the requirements of National Instrument 43-101 by D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”), with an updated resource estimation completed by Micon International Ltd. of Toronto, Ontario (“Micon”) and metallurgical testing completed by McClelland Laboratories Inc. of Sparks, Nevada (“McClelland”).
PEA Highlights:
Pre-Tax NPV (5% discount rate) of US$68.7 million and an IRR of 52.7% with a price of US$1,750 per ounce of gold and US$22.00 per ounce of silver.
After-Tax NPV (5% discount rate) of US$41.5 million with an IRR of 32.4% with a price of US$1,750 per ounce of gold and US$22.00 per ounce of silver.
7 years Life of Mine (“LOM”) producing 323,500 ounces (“oz”) of gold equivalent (“AuEq”)
Gold recovery of 74% and silver recovery of 27% produced from a 3-stage crushing circuit, crushing the ore to p80 of ½”.
LOM annual average production of 45,700 oz AuEq.
Years 1 to 3 annual production of 56,500 oz AuEq with average grade of 0.51 g/t AuEq.
Initial CAPEX costs of US$32.2 million, including US$3.8 million in contingency.
Sustaining capital costs of US$4.8 million.
OPEX costs of US$1,227/oz AuEq.
All-In Sustaining Cost (“AISC”) of US$1,462/oz AuEq.
Payback period of 2.2 years.
Updated Mineral Resource Estimate Highlights at 0.207 g/t Au Cut-off:
Measured and Indicated Mineral Resources of 349,000 ounces of gold at a 0.41 g/t Au grade.
Updated Inferred Mineral Resources of 71,000 ounces of gold at 0.40 g/t Au grade.
Also noted in Micon’s report, a range of the potential mineralization that may conceptually exist outside of the resource pit shells has been included in the report. Utilizing the same 0.207 g/t Au cut-off grade as the current resource estimate, the range of the potential mineralization is believed to be from 19,250,000 to 34,370,000 tonnes containing:
204,000 to 365,000 ounces of gold.
1,683,000 to 3,005,000 ounces of silver.
The reader is cautioned that the potential mineralization ranges are conceptual in nature and that despite being based on a limited amount of exploration drilling and sampling outside the current resource pit shells, it is uncertain that further exploration will result in the mineralization targets being delineated as a mineral resource.
“The PEA really highlights the intrinsic value and potential economic viability of the Cerro Caliche project,” said Mel Herdrick, VP Exploration of Sonoro Gold. “Considering only 30% of the mapped mineralized zones have been drilled and assayed to date, I believe the PEA also justifies resuming drilling this fall to continue expanding and categorizing the project’s oxide gold mineralization.”
Kenneth MacLeod, President and CEO of Sonoro Gold, stated, “We are extremely pleased to announce the completion of the PEA. The results support management’s continuing strategy to develop a Heap Leap Mining Operation (HLMO) with a targeted operating capacity of up to 15,000 tons per day (tpd). We are preparing to resume drilling this fall to investigate the prospect for expansion of the mineralized zones to extend the potential life of the proposed future mining operation.”
John Darch, Chairman of Sonoro Gold, commented, “The completion of the PEA is a decisive step in our efforts to unlock the potential value of Cerro Caliche and deliver value to our shareholders. The PEA demonstrates the potential for economic viability which we hope will support our strategy to establish an initial mining operation that will generate the funds to continue exploring and developing the project’s potential. As we continue working towards these goals, Management believes we will continue building additional value for our shareholders.”
PEA Summary
The PEA is preliminary in nature and includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the estimates presented in the PEA will be realized. The full PEA will be filed on SEDAR at www.sedar.com and Sonoro’s website www.sonorogold.com within 45 days of the issuance of this news release.
Table 1: Key Economic Parameters of PEA
Assumption / Results Value
Total Tonnes Processed 31.5 M
Total Tonnes Waste 65.5 M
Strip Ratio 2.1
Gold Grade (g/t) 0.41
Silver Grade (g/t) 4.05
Gold Recovery 74%
Silver Recovery 27%
Gold Price (US$/oz) $1,750
Silver Price (US$/oz) $22
Annual Gold Equivalent Production (Ounces) 45,700
Total Gold Equivalent Production (Ounces) 323,500
Net Revenue (Gold and Silver) (US$ millions) $566.2M
Initial Capital Costs (US$ millions) $32.2
Sustaining Capital Costs (US$ millions) $4.8
LOM Operating Costs (US$ millions) $396.9
Operating Cash Cost per AuEq ounce $1,227
All in Sustaining Cost per AuEq ounce $1,462
Mine Life 7 years
Average Process Rate (tonnes per day) 15,000
Pre-Tax NPV (5% discount) (US$ millions) $68.7
After-Tax NPV (5% discount) (US$ millions) $41.5
Pre-Tax IRR 52.7%
After-Tax IRR 32.4%
Payback Period 2.2 years
Table 2: Gold & Silver Price Sensitivity Analysis
Sensitivity US$1,700 Au
US$20 Ag
US$1,750 Au
US$22 Ag
US$1,800 Au
US$24 Ag
US$1,900 Au
US$26 Ag
US$2,000 Au
US$28 Ag
After-Tax NPV (5%) $32.6 $41.5 $50.4 $67.1 $83.9
Pre-Tax NPV (5%) $55.0 $68.7 $82.5 $108.3 $134.1
After-Tax IRR 26.8% 32.4% 37.9% 48.1% 58.0%
Pre-Tax IRR 43.9% 52.7% 61.3% 77.1% 92.4%
After-Tax Payback 2.6 2.2 1.9 1.5 1.2
Table 3: Operating & Capital Sensitivity Analysis
Sensitivity -20% -10% Base Case 10% 20%
Operating Costs – Pre-tax NPV (US$ million) $129.8 $99.3 $68.7 $38.1 $7.6
Operating Costs – IRR 93.1% 73.2% 52.7% 31.7% 10.2%
Capital Costs – Pre-tax NPV (US$ million) $75.7 $72.2 $68.7 $65.2 $61.7
Capital Costs – IRR 67.8% 59.6% 52.7% 47.0% 42.1%
Capital Costs
The estimated capital costs for the Cerro Caliche Gold Project are based on an open pit mining and heap leach operation processing five million tonnes per year and utilizing contract mining. An initial capital expenditure is estimated at US$32.2 million for the construction period, including 15% contingency. An additional US$4.8 million is estimated for sustaining capital and US$2.9 million is estimated for reclamation.
Capital cost estimates are based on industry standards and were developed using quotes provided by mining contractors and specialists experienced in mining development in Mexico.
Table 4: Capital Costs
Initial Capital Costs Costs (US$M)
Direct Facility Costs $19.1
Indirect Facility Costs $1.4
Engineering and Procurement $3.4
Pre-Stripping and Mine Development $0.2
Infrastructure $4.2
Subtotal $28.4
Contingency $3.8
Total Initial Capital Costs $32.2
Sustaining Capital Costs Costs (US$M)
Leach Pad Expansion $3.3
Equipment and Other $1.5
Total Sustaining Capital Costs $4.8
Total Capital Costs $37.0
Reclamation Capital Costs Costs (US$M)
Environmental $2.3
Engineering and Procurement $0.3
Subtotal $2.6
Contingency $0.3
Total Reclamation Costs $2.9
Operating Costs
Cash costs for Cerro Caliche for the life of mine are estimated at US$396.9 million or US$1,227 per gold equivalent ounce and include mining, crushing and processing as well as maintenance and administration costs. All-in Sustaining Costs for the project for the life of mine are estimated at US$489.3 million or US$1,462 per gold equivalent ounce and include operating costs, sustaining capital, reclamation, taxes, royalties and refining charges.
Royalties include a 2% NSR to certain landholders and taxes include payments to the Mexican government for mining royalty and specific mining related taxes. Refining costs include shipping loaded carbon to a 3rd party processing facility as well as costs for processing the carbon and production of doré bars.
Open pit mining will be undertaken by a contractor and carried out by drill and blast conventional loading and truck haulage to the crushing facility. An estimated mining cost of US$1.90 per tonne includes drilling, blasting, hauling waste and mineralized ore to the heap leach area.
The Processing facilities at Cerro Caliche will be comprised of a crushing circuit where mineralized material is processed through a three-stage crushing plant to produce material that is has p80 of ½” (80% passing) method. The material is then conveyed and stacked in a conventional heap leach pad and irrigated with a low concentrate cyanide solution. Solution collected from the leach pad is then directed through a system of ditches to the processing ponds where it passes through a series of carbon columns. Gold and silver impregnated carbon is collected periodically from the columns and then dried and shipped to a 3rd party processing facility for stripping and doré bar production. An estimated processing cost of US$5.70 per tonne operating costs includes crushing, leaching, assaying, carbon handling and labour.
Operating cost estimates are based on industry standards and were developed using quotes provided by mining contractors and specialists experienced in mining development in Mexico.
Table 5: Operating Costs
Operating Costs LOM (US$M) US$/oz AuEq
Mining $174.7 $540
Processing $204.9 $633
Administration $17.3 $53
Total Cash Costs $396.9 $1,227
All-in Sustaining Costs (AISC) $489.3 $1,462
Mineral Resource Estimate
As part of the PEA, an updated Mineral Resource Estimate was completed to incorporate geological data from the Company’s 2020 and 2021 drilling campaign. The resource estimate is based on Sonoro’s geological interpretation of the deposit that established six geological domains. The geological domains account for the two primary trends of Vein-Breccia structures which are surrounded by stockwork mineralization. These domains were analyzed for grade capping, variography and interpolated using ordinary kriging method. Once the block model was completed it was classified into the Measured, Indicated and Inferred categories followed by a Lerchs-Grossman open pit optimization which resulted in the Mineral Resource Statement presented in Table 6.
Table 6: Mineral Resource Estimate1-5
Mining
Method
Category Tonnes Average Grades Metal Content
Au-Eq Au Ag Au-Eq Au Ag
kt g/t g/t g/t (000s Oz) (000s Oz) (000s Oz)
Open Pit Measured 12,844 0.39 0.37 3.79 163 155 1,566
Indicated 13,851 0.45 0.44 3.1 201 194 1,378
M+I 26,695 0.42 0.41 3.43 364 349 2,944
Inferred 5,463 0.44 0.40 7.34 77 71 1,289
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Definition Standards for Mineral Resources and Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council on May 14, 2014.
The pit constrained AuEq cut-off grade of 0.207 g/t Au was derived from US$ 1,800/oz Au price, US$ 25.00/oz Ag price, 74.0% Au and 27.2% Ag process recoveries, US$1.90 mining, US$6.47/tonne process and US$0.49 G&A costs and 50-degree pit slopes.
The effective date of the mineral resource estimate is August 24, 2021 and the estimate is only for the oxide portion of the mineralization on the Cerro Caliche Project.
Qualified Person Statement
David Salari, P.Eng., of D.E.N.M. Engineering Ltd. and William Lewis, P.Geo., of Micon International Limited, both of whom are independent of the Company, have reviewed and approved the scientific and technical information herein regarding the Company’s Cerro Caliche Project. William Lewis, P.Geo., was responsible for the updated Cerro Caliche Mineral Resource Estimate and, along with David Salari, P.Eng., has approved the information pertaining to the Cerro Caliche Project in this news release. Each of David Salari, P.Eng. and William Lewis, P.Geo., is a Qualified Person as defined in NI 43-101.
Stephen Kenwood, P.Geo., a Director of Sonoro Gold, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release.
About D.E.N.M. Engineering Limited
D.E.N.M. Engineering Ltd. is a niche engineering company servicing the mining / mineral processing sector that specializes in Engineering & Design, Equipment Supply, Project & Construction Management, Commissioning and Operations Support. D.E.N.M. Engineering Ltd. has proven success while championing projects for over fifteen years in Canada, USA, Mexico and Central America.
In addition, D.E.N.M. Engineering, with its principal and independent specialists, performs NI 43-101 compliant assessments and studies in the sections of mineral processing metallurgical design, process design, capital and operating costing and cash flow analysis.
About Micon International Limited
Micon International Limited (Micon) has provided consulting services to the worldwide mining industry since 1988 from its offices in Canada and the UK. Micon comprises a multi-disciplinary group of highly qualified and experienced professionals who are guided by the Company principles of Integrity, Competence and Independence.
Micon’s experience in Mexico ranges from exploration programs and resource estimation to technical studies on operating mines as well as due diligence for precious metals and base metals projects. Micon has worked in most of the major mining districts throughout Mexico, as well as some lesser-known historical districts. In northern Mexico, assignments have been undertaken in the gold and silver districts of Sonora, Durango, Zacatecas, Chihuahua and Baja California.
About McClelland Laboratories
McClelland Laboratories (“MLI”) has been providing quality laboratory and consulting services to the minerals industry for over 33 years. Their services include metallurgical, environmental, analytical testing and consulting to meet their clients’ needs during all phases of project development, operation and closure. MLI started as a lab dedicated to the gold, silver and copper industries and has expanded to provide services in a wide range of mineral markets.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
Not affecting the price yet.
VANCOUVER, Canada, August 30, 2021 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP)
SONORO REPORTS SURFACE SAMPLING EXPOSED MULTIPLE VEIN WINDOWS OVER 750METER EXTENSION TO BUENA SUERTE AND EL COLORADO ZONES
SONORO REPORTS SURFACE SAMPLING EXPOSED MULTIPLE VEIN WINDOWS OVER 750 METER EXTENSION TO BUENA SUERTE AND EL COLORADO ZONES
Assays of 17 High-Grade Samples Reported 2.5 g/t Au to 14.3 g/t Au
VANCOUVER, Canada, August 30, 2021 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report additional assay results from the ongoing surface sampling program at the Company’s Cerro Caliche gold project in Sonora State, Mexico. 275 new samples were assayed, bringing the total for the current sampling program to 1,567 samples over four mineralized corridors as described in the Company’s news release dated July 20, 2021.
The new results further confirmed material extensions of up to 750 meters over two southern linear structural corridors at the Buena Suerte and El Colorado zones. The sampling results also revealed oxide gold mineralized “windows” among the two southern structural corridors. The windows were accessed via recently built road cuts and drill site excavations and future sampling will investigate potential continuation and extensions.
Surface rock samples were collected from several well-defined vein and gold mineralized structures by channel sampling perpendicular across measured veins and wall rocks with sample lengths ranging from 0.4 to 2.0 meters. Assay results from 17 samples returned grades between 2.5 and 14.3 grams of gold per tonne (“g/t Au”). The image below illustrates five high-priority window targets for the upcoming drilling program as each demonstrated strong stockwork quartz veining and outlined broad zones of gold and silver mineralization.
Analysis of approximately 284 surface samples collected during the current program from the El Colorado/La Ventana and Buena Suerte/San Quintin corridors confirm the southern extensions of the vein trends with numerous parallel sheeted veins and quartz veinlet stockwork. All samples were given equal weighting.
Sample highlights from the El Colorado/La Ventana Corridor:
Window A, approximately 100 meters by 130 meters along strike, with 39 samples averaging36 g/t Au and 0.6 grams of silver (“g/t Ag”), including one sample grading 8.6 g/t Au.
Window B, approximately 300 meters by 280 meters along strike, with 39 samples averaging 0.63 g/t Au and 4.8 g/t Ag, including one sample grading 4.9 g/t Au over 1 meter and another sample grading 3.7 g/t Au over 1.2 meters.
Window C, approximately 300 meters by 50 meters oriented northeast perpendicular to the northwest-oriented regional vein trends, with 51 samples averaging 0.76 g/t Au and 1.9 g/t Ag.
Sample highlights from the Buena Suerte/San Quintin Corridor:
Window D, a teardrop shaped area at the Buena Suerte vein zone extension, covering 350 meters in length by a width ranging from 40-80 meters, with 61 samples averaging 0.65 g/t Au and 18.5 g/t Ag.
Window E, approximately 220 meters by 100 meters along strike, with 94 samples averaging 0.28 g/t Au and 1.3 g/t Ag, including one sample grading 2.7 g/t Au.
Outside of the targeted windows, sample assays from a vein considered to be the Hanging Wall of the Cabeza Blanca vein (located between windows B and D), returned 1.2 meters averaging 10.8 g/t Au. This vein is hosted in the rhyolitic intrusive rock and is mostly soil covered. Almost one kilometer to the east of window D, sample assays from a one-meter vein located near the Cuervos vein returned 7.5 g/t Au.
Rock types hosting veining in the southern corridor are mainly a rhyolite sub-volcanic unit and a meta quartzite-shale unit with lesser biotite granodiorite. Alteration is predominantly silicification associated with quartz veinlets and sericite with gold-silver mineralization cutting these rock types.
The remaining samples were collected from more widespread areas to the northeast and east of the southern extensions (outside of the above map area). Samples results from this region are generally encouraging and the eastern La Española corridor is another priority target for the Company. Mapping and sampling are currently underway at La Española to quantify the size of the exposed vein. Four prior drill holes intersected the vein including previously announced scout hole SCR-068 which was drilled in 2019 and which intercepted 6.179 g/t AuEq over 3.05 meters and 1.327 g/t AuEq over 9.14 meters.
Stockpiled vein material at the La Española mine surface is noteworthy for its distinct multiple bands with greenish quartz, while dikes of rhyolitic composition are common within the ridge that hosts the vein, which cuts both the rhyolitic unit and quartzite.
Mel Herdrick, Sonoro’s VP of Exploration noted, “With this latest round of mapping-sampling information, new priority drill targets have been identified, increasing management’s confidence the next drilling campaign may extend gold mineralization to the south.”
Kenneth MacLeod, Sonoro’s President and CEO added, With the continuing success of the surface sampling program in areas that had not been previously explored, we are confident that mineralization at Cerro Caliche will continue to expand with the reverse circulation drill program scheduled to restart in the fall.”
John Darch Sonoro’s Chairman commented, “These newly identified oxide gold mineralized windows are essential to our fall drilling campaign to expand mineralization at Cerro Caliche. The presence of strong stockwork quartz veining and broad zones of gold and silver mineralization in all five windows confirm that these will be our high-priority targets. We are particularly encouraged with the number of high-grade samples results as we continue to investigate the potential for near-surface higher-grade mineralization. Confirmation of high-grade mineralization could potentially improve the economics of our proposed open-pit Heap Leach Mining Operation in the initial years of mining.”
As previously announced, drilling activities on the concession have been paused since April 2021 to provide the exploration team sufficient time to ensure all data and assistance was available for the completion of a Preliminary Economic Assessment (PEA) anticipated to be completed in the Fall. The Company has engaged Micon International Ltd. to prepare an updated resource estimation for inclusion in the PEA being prepared by D.E.N.M. Engineering Ltd.
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical Procedures
Samples are collected as continuous chip samples by hand into plastic bags, GPS positions and rock descriptions noted, the bags are numbered using Bureau Veritas (BV) bar code number books, then sealed and taken to secure storage in Cucurpe village near the project.
Company personnel transport those bagged samples directly to the BV preparation laboratory in Hermosillo, Sonora. At the preparation laboratory samples are logged into the BV system using bar code labels, opened, then reduced in size through crushing, splitting and pulverization. Thirty grams of each pulverized sample is split apart in that laboratory and undergoes a fire assay for gold content by reducing the fire assay to a concentrated button of material that is dissolved in acids, and from the solution the gold content is determined by atomic absorption. About 200 grams of each sample are sent by BV to their Vancouver, Canada laboratory where samples are individually dissolved in aqua regia for multi-element ICP analysis, including silver. Quality control standards were inserted in the sample lineup by the BV Vancouver, laboratory.
No QA/QC issues were noted with the results received from the laboratory.
Geologic Description
Cerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic small underground gambusino gold mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district include variants of epithermal low sulfidation veins and related mineralized dikes and associated volcanic domes. Local altered and mineralized felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization both in the dikes and meta-sedimentary rocks.
Qualified Person Statement
Stephen Kenwood, P.Geo., a Director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of economic gold mineralization in the concessions held by the Company.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Sonoro Gold Corp. (TSX.V: SGO | OTCQB: SMOFF) Critical Milestone
A critical milestone was achieved last week when we announced the completion of metallurgical tests for
our Cerro Caliche project. The independent tests determined that the heap leach
characteristics of the oxide gold mineralization at our Cerro Caliche project were optimal, with consistent
recoveries in all ore zones or material types. The recoveries averaged 74% – higher than the 72% used in
our maiden 43-101 resource study.
What’s Next
The next significant milestone for Sonoro Gold is now only a few weeks away. That is, the completion of the
Cerro Caliche’s Preliminary Economic Assessment (PEA) on which the metallurgical results will have a very
decisive impact. Our discussions regarding project finance and the construction of the initial 15,000 tons
per day Heap Leach Mining Operation have been based on internal yet independent professional
assessments which the PEA is expected to confirm.
Sonoro’s Trading vs the Junior Gold Stock Index
When we announced on June 1 that drilling had been paused so we could focus on the completion of the
PEA, Sonoro's shares were trading between $0.26 and $0.29. The GDXJ junior gold index was at 55.79.
Since then, the Index has experienced a major correction, falling by almost 30%. It reached a low last Friday
of 39.5. During the same period, and contrary to very poor market conditions which depressed many
mining companies’ shares, Sonoro’s shares traded as high as $0.39 but closed last Friday back at $0.29
where they were when the GDXJ began its decline.
So Why the Correction?
So why is Sonoro’s share price back to where it was in June? While the overall market conditions may have
contributed, it is reasonable to conclude that the selling may primarily be attributed to the shares issued in
April's private placement becoming free-trading as of Friday, April 20. Some of the participants electing to
take a short-term profit, with even some "short selling" over the prior two weeks. However, we believe a
significant majority of the participants in the April Private Placement invested to benefit from Cerro Caliche
being taken to production in the first half of 2022 and therefore this correction is a chance to accumulate.
The Opportunity
Sonoro is on the cusp of its transformation from an explorer to a gold producer. As we execute, it is
reasonable to anticipate that we will successfully build value and grow the company which will be reflected
in Sonoro’s share price. Sonoro is now at a low-risk development stage, under the direction of a team that
has been acquiring or discovering and developing and operating mines for decades. In speaking with some
of Sonoro’s major shareholders who recognize the significance of the imminent publication of the PEA , they
view this short-term weakness as an opportunity to increase their stake in Sonoro.
In the meantime, we remain totally focused on our fast track our path to production with Sonoro’s next
major catalyst, the Cerro Caliche’s PEA, only weeks away.
John M. Darch
Chairman
Sonoro Gold Corp. (TSX.V: SGO)
Suite 408, 470 Granville Street, Vancouver, BC, V6C 1V5, Canada
T: (604) 632-1764 | D: (778) 357-1097 | C: (778) 997-7135
Sonoro Gold Corp
Sonoro Gold Reports Surface Sampling Materially Extends Oxide Gold Mineralized Zones & Announces Priority Targets for Fall 2021 Drill Campaign
9:00 AM ET, 07/20/2021 - GlobeNewswire
VANCOUVER, British Columbia, July 20, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report assay results from surface sampling recently completed at the Company’s Cerro Caliche gold project, located in Sonora State, Mexico. The results confirm material extensions of several of the project’s oxide gold mineralized zones and demonstrate linear structural corridors of anomalous gold, silver, and base metal mineralization.
This ongoing surface sampling program will be part of the foundation for the upcoming drilling program designed to materially expand and categorize the project’s oxide gold mineralization.
The following maps shows the locations of the surface samples and mineralized corridors referenced in this news release.
A Media Snippet accompanying this announcement is available by clicking on the image or link below
https://sonorogold.com/wp-content/uploads/2021/07/Map-of-Surface-Samplings-at-Cerro-Caliche.pdf
Highlights:
Collected 1,292 soil and surface rock samples from several well-defined vein and gold mineralized, structural corridors.Surface sampling methods consist of continuous chip sampling perpendicular across measured veins and wall rocks.Confirmed 600-meter southern extension of the El Colorado - La Ventana Corridor; assay results returned 23.7 meters averaging 1.7 grams of gold per tonne (“g/t Au”), including 5.5 meters averaging 6.0 g/t Au; 8.0 meters averaging 0.6 g/t Au.Confirmed 750-meter southern extension of the Buena Suerte - San Quintin Corridor; assay results returned 52.6 meters averaging 0.2 g/t Au including 2.6 meters averaging 2.2 g/t Au; 8.0 meters averaging 0.8 g/t Au; 1.0 meters averaging 9.4 g/t Au.High silver content identified at La Magdalena from the northeastern La Magdelena - La Española corridor; assay results returned 1 meter averaging 1,230 g/t Ag with 6.6 g/t Au.
The following map shows two gold bearing northeastern corridors with high silver contents, a common character of Low Sulfidation mineralization at higher levels in the boiling zones.
A Media Snippet accompanying this announcement is available by clicking on the image or link below
https://sonorogold.com/wp-content/uploads/2021/07/Northeastern-Corridors.pdf
Sampling will continue to focus on near surface mineralized structures which outcrop from thick soil and alluvium and is associated with detailed geological mapping completed in preparation of the upcoming drilling program, scheduled to commence in the fall of 2021. To date, the Company has drilled and assayed results from over 34,500 meters of drilling, including a 24,221-meter Phase III drill program completed in the spring of 2021. When combined with historical data, total exploration at Cerro Caliche totals over 47,500 meters, 433 drill holes and 9,365 surface samples.
Drilling activities on the concession have been paused since May 2021 pending financing and to provide the exploration team sufficient time to ensure all data and assistance was available for the completion of two independent NI 43-101 technical reports, scheduled to be filed by mid-August 2021. As previously announced, the Company engaged Micon International Ltd. to prepare an updated Technical Report and D.E.N.M. Engineering Ltd. to prepare a Preliminary Economic Assessment (PEA).
These reports are expected to expand the resource size and upgrade the classification of Cerro Caliche’s identified mineralization and confirm if it is sufficient to support the Company’s proposed HLMO with an initial operating capacity of up to 15,000 tons per day (tpd).
Exploration at Cerro Caliche has identified a broadly mineralized low-sulphidation epithermal vein structure and the presence of multiple northwest trending gold mineralized zones along trend and near surface. As discussed in the Company’s revised Cerro Caliche Project Development Report (“PDR”) and announced in a related news release date May 26, 2021, the current exploration program was designed to test an exploration target of between 75,000,000 to 100,000,000 tonnes with grades potentially between 0.3 g/t to 0.5 g/t AuEq. This is in addition to the estimated inferred resource of 11.5 million tonnes at an average grade of 0.495 g/t gold and 4.3 g/t as stated in the initial NI 43-101 Technical Report1 filed in July 2019.
The reader is cautioned that the potential tonnages and grades in the PDR are conceptual in nature, as at the time of the report’s issue there had been insufficient exploration to define a mineral resource and it was uncertain if further drilling would result in the target being delineated as a mineral resource.
With a limited amount of the property’s mapped gold mineralized zones having been drilled and assayed to date, the upcoming drilling program will strategically target a 750-meter zone along the southern extensions of the El Colorado - La Ventana and Buena Suerte - San Quintin corridors where extensive surface samplings and geological mapping suggests the potential for material expansion of the oxide gold mineralization.
Mel Herdrick, Sonoro’s VP of Exploration noted, “The sampling and mapping program is producing important new data that, when added to Sonoro’s database, significantly assists our ability to locate drill targets and prioritize our drilling, which is anticipated to resume this fall. Previous drilling intercepted gold mineralization in most holes, demonstrating a very good success rate, which I expect will continue in the mineralized zone corridors. I also expect that ongoing sampling at the higher ridge zones to the northeast will show a continuation of gold mineralization that has been previously defined, and as it does, it should lead to additions of mineralized material, especially at El Bellotoso, and El Desprecio, as well as La Española.”
Kenneth MacLeod, Sonoro’s President and CEO added, “The sampling data cited in this news release, together with the additional sampling awaiting assaying, will be instrumental in supplementing recommendations for future exploration to be outlined in the upcoming PEA, anticipated to be released in August. Sonoro is scheduling the next phase of drilling to commence this fall.”
John Darch Sonoro’s Chairman commented, “This sampling program and the highly encouraging results are one of the key components of management’s strategy to develop the conceptual heap leach mining operation and, if successful, to use the cash flow to fund our on-going drilling program and continue expanding already known gold resources and the proposed mine’s rate of production. Our efforts to date have tested barely 20% of the known mineralized zones and I look forward to reporting to our shareholders additional results from this program as well as our upcoming drilling program.”
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical Procedures Samples are collected as continuous chip samples by hand into plastic bags, GPS positions and rock descriptions noted, the bags are numbered using ALS-Chemex bar code number books, then sealed and taken to secure storage in Cucurpe village near the project.
Company personnel transport those bagged samples directly to the preparation laboratory of ALS- Chemex in Hermosillo, Sonora. At the preparation laboratory samples are logged into ALS-Chemex system using bar code labels, opened, then reduced in size through crushing, splitting and pulverization. About 200 grams of each sample are sent by ALS-Chemex to their Vancouver, Canada laboratory where samples are individually dissolved in aqua regia for multi-element ICP analysis, including silver. Thirty grams of each pulverized sample is split apart in that laboratory and undergoes a “Fire Assay” for gold content by reducing the fire assay to a concentrated button of material that is dissolved in acids and from the solution, the gold content is determined by atomic absorption. Quality control standards were inserted by the ALS-Chemex, Vancouver, B.C. laboratory.
EQUITY RESEARCH
The Swiss Research Group
this is from Equity Research July 4th, 2021 page 17
Sonoro Gold: As Building its Mine Gets
Closer, Its Shares Move Higher
Ivanhoe’s share price sprint, from less than
US $2 in 2020 to almost US $10 a year later,
is a classic example of what going into
production can do for a company’s share
price. We detailed a few months ago how
the shares of K92 Mining performed similarly
as it began producting gold.
Sonoro Gold Corp (TSX.V: SGO) is in the same sweet
spot as Ivanhoe was before it began its
share price run. In the next few weeks, It is
expected to disclose the economics of its
planned mining operation and though its
planned mine is considerably smaller, the
levitating effect of becoming a cash flowing
metals producer on its share price
should be no different, especially given
that the project’s internal rate of return is
apt to be a multiple of the Kamoa Kakula’s and
the payback on the Cerro Caliche’s capital
costs is likely to be measured in months rather
than years. Another more local example of what we
may expect in terms of share price performance
is Minera Alamos (TSX.V MAI). It has three
projects: its flagship, Santana, which has just
gone into production and two exploration
projects: the Cerro d’Oro, which has to date
outlined a 630,000 oz/Au resource averaging
0.41 g/t Au, and the La Fortuna, which has
a 300,000 ounce resource averaging around
3.5 g/t Au. Minera Alamos has 462 million shares
outstanding fully diluted, so nearly three
times Sonoro’s fully diluted number of shares.
Mineras Alamos fully diluted market capitalization
at $0.70 is CAD $323 million, compared to
Sonoro’s current fully diluted CAD $50 million.
The Perfect Storm
The GDX has surged 30% in the past six weeks, while the shares of little-known mine developer Sonoro Gold (SGO.V; SMOFF.OTC) have nearly doubled.
One prominent analyst just gave Sonoro a $2 share price target (and that assumes gold does not rise any further).
If gold rockets higher, Sonoro Gold could deliver massive profits…and make that $2 target just the beginning.
In 1991, a series of natural conditions occurred simultaneously to produce a hurricane so intense, America’s national weather service labelled it “The Perfect Storm.”
The storm and the Andrea Gail, a ship that it sank, become the subject of a book and movie by the same name.
Now we see the approach of a perfect storm of the financial kind, as a series of events appear set to occur simultaneously.
Inflation is accelerating as everything from microchip shortages to a lack of farm labor combine with massive increases in America’s money supply and government deficit spending.
The U.S. dollar has begun a multi-year bear market and as one fire is put out in Israel-Gaza, another much larger one — China versus the U.S. — threatens to ignite over Taiwan and the South China Sea.
A commodities super cycle is clearly underway; gold has broken out and is up $200 in the past six weeks.
Each of these events is reinforcing the profound effect of the other. And for those investors that are prepared, its impact has the potential to be exceptionally rewarding.
Ideally Positioned To Deliver Huge Gains
Sonoro Gold (SGO.V; SMOFF.OTC) is one way investors may prosper as these events unfold.
Sonoro expects to begin producing gold at its Cerro Caliche gold deposit as early as the first quarter of next year.
In short, the company’s transformation from a highly successful explorer to the ranks of high-growth gold producers is imminent.
The securing of project debt, followed by construction of its planned 15,000 tonne-per-day heap leach mining operation, is only months away. Building the mine is expected to take only around five months.
Bottom line: The timing for investors could not be better, as Sonoro looks set to start gold production just as gold is beginning a renewed and powerful move.
Consider that building a mine at the Cerro Caliche was originally conceived and assessed as likely viable when gold was less than $1,500.
...And that nearby mines with similar deposits, such as Argonaut Gold’s San Agustin Mine, are making record profits with half the gold grades Sonoro expects to mine. It is more than reasonable to expect the Cerro Caliche mine to be highly profitable too.
Simply put, Sonoro Gold offers investors a relatively low-risk opportunity to leverage the gold bull market — and the company’s recent share price rise gives some indication of this potential.
Consider that during the past two months gold is up 12%...while during the same period Sonoro’s shares have gained by 87.5%.
Sonoro Offers Leverage To Rising Gold Prices
Making the transition from explorer to developer, and ultimately gold producer, does not require a rising gold price to produce exceptional profits. But when gold does rise at the same time, it can multiply the profit potential.
Imaru Casanova at gold giant VanEck Investment Management estimates that an 11% increase in the gold price can translate into a 30% or more increase in cash flow for gold producers.
But small cap producers usually trade at three or four times cash flow. Given this, the leverage possibilities of a company like Sonoro Gold are obvious.
A Team That Knows How To Create Shareholder Wealth
The team that leads Sonoro has made fortunes for investors.
Take Sonoro’s VP of Exploration Mel Herdrick. Over his multi-decade career, he’s discovered no less than six major gold and copper deposits.
Hendrick’s work to develop the La Colorada and San Antonio deposits led to the takeover of Pediment Gold at almost 10 times its 2009 share price.
Sonoro’s VP of Operations, Jorge Diaz, is one of the original Glamis Gold Mine developers.
Glamis first started producing gold with its Picacho mine, a much smaller heap leach mine than what Sonoro is developing.
However, Glamis used the income wisely to acquire and develop mines...fueling an astounding growth rate...and was eventually taken over by Goldcorp for $8.6 billion.
Most recently, Diaz led the development of another major mining success — the giant Mulatos Mine, which has already produced more than two million ounces of gold.
On the heels of developing Mulatos, Diaz expects the Cerro Caliche to be his next major success, a tall order considering what he has already accomplished, and great news for Sonoro shareholders.
Big Upside With Relatively Little Risk
Sonoro’s team is set to hit the ground running following the delivery of its preliminary economic assessment (PEA) this July.
It is already in discussions regarding project finance, expects to start construction by September and, by early next year, be in production. Each of these milestones add to the likelihood of outsized shareholder profits.
Glamis Gold is a classic example of what going into production can mean to a company’s share price.
Despite its original mine’s small size (only 24,000 oz./year), its shares soared from C$0.80 to C$5.00 when it started production.
And after K92 Mining acquired a mothballed mine in Papua New Guinea from Barrick in 2016, until it started production it was basically an orphan. Its shares traded — when they traded, which was not very often — at around C$0.40.
K92’s shares currently trade around C$8.40, and it is one of the Toronto Stock Exchange’s best performers.
This is the kind of potential presented by Sonoro.
As Major Catalysts Approach, Time May Be Running Out
Sonoro has already completed a considerable amount of work to fast track Cerro Caliche’s development and is predicting exceptional economics.
As analysts crunch the data to compare Cerro Caliche to similar deposits in the area, the project’s exceptional potential is becoming increasingly apparent.
Sonoro’s recent record trading volume and rocketing share price may indicate that sophisticated investors have done their own calculations and concluded they should not risk paying a substantially higher price by waiting until Sonoro releases a PEA.
...The timing is critical, because things are now moving quickly: In the next two months, Sonoro will likely announce results from metallurgical studies, release an updated 43-101 resource estimate and issue that PEA, which will disclose economic parameters such as IRR, operating costs, cash flow and c…
After the resource estimate and PEA, the next catalysts will be the closing of the debt financing, the start of mine construction, and then the start of gold production in the first quarter of 2022.
A Future Takeover Target?
It is early days but, given the difficulty of finding mineable gold deposits and then putting them into production, the number of smaller gold producers is shrinking rapidly as larger companies buy them for their gold reserves.
Given that Sonoro management expects a material increase in Cerro Caliche’s existing 201,000-ounce resource, Sonoro is becoming increasingly attractive.
Management paused drilling in April when it estimated it had outlined enough gold to supply a 15,000- to 20,000-tonne-per-day operation for at least five years.
Two of Sonoro’s neighbors, Alio Gold and Premier Gold Mines, were taken over by larger gold producers during the past year. And going back further, Argonaut Gold acquired Mel Herdrick’s Pediment Gold.
As this trend continues, companies like Sonoro are likely to increase in value until they are eventually acquired.
Will it be bought out at a big premium like Herdrick’s Pediment Gold or will it grow first like Glamis Gold? Either way, it will be exciting!
News Release: SONORO GOLD COMPLETES PHASE 3 DRILL PROGRAM AND MOVES TOWARDS AN UPDATED N1 43-101 TECHNICAL REPORT AND NEW PEA FOR CERRO CALICHE
VANCOUVER, Canada, June 1, 2021 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report assay results from the final nine RC drill holes, completing Phase Three of its drilling program at the Cerro Caliche gold project, located in Sonora State, Mexico. As noted in news releases, dated April 5, 2021, and April 26, 2021, the Company extended drilling activities to investigate the potential merging of the Japoneses and Buena Suerte zones into a single body of shallow, oxide gold mineralization. Recent results indicate a coalescence of the two zones over a minimum length of 400 meters which may prove to have significant and positive economic implications for the Company’s proposed Heap Leach Mining Operation (HLMO).
Please have a look at this very Insightful interview with John Kaiser on @TalkDigitalNet... Why is Sonoro Gold Perking Up now?
SMOFF on OTC QB or SGO on TSX.V
SONORO GOLD CORP... MAY 2,2021
TSX.V: SGO
OTCQB: SMOFF
FRA: 23SP
WHY SONORO GOLD IS DISTINCTIVE IN THE JUNIOR GOLD MINING SECTOR
A LL THE ESSENTIAL COMPONENTS TO BE A SUCCESSFUL GOLD PRODUCER WITHIN 12 MONTHS
1. A diversified, proven and success - driven management and operations team with extensive
expertise in mining geology and engineering as well as in the discovery , delineation and
development of mineral deposits.
2. Directors and Officers of the Company ho ld over 18% of Issued and Outstanding shares and
participated for over 14% of the recent April 2021 CDN $3.11 million Private Placement. The
Company has a well - defined Business Plan and Execution Strategy to generate revenue by
early 2022 to fund further exploration and expand resources.
3. Drilling at Sonoro's flagship property , the Cerro Caliche gold project, has identified a broadly
mineralized low - sulphidation epithermal vein structure and the presence of at least
18 northwest trending gold mineralized zones along trend and near surface.
4. An NI 43 - 101 technical report filed in June 2019 stated an estimated inferred resource (at a
0.25 g/t gold equivalent cut - off grade) of 11.5M tonnes at an average grade of 0.495 g/t gold
and 4.3 g/t silver amenable to open pit extraction methods.
5. A n independent NI 43 - 101 compliant, updated Technical Report and Preliminary Economic
Assessment (PEA), scheduled to be filed July 2021, are expected to confirm viability and
sufficient resource to support a Heap Leach Mining Operation ( HLMO ) with a conceptual
capacity of up to 15,000 tonnes per day (tpd).
6. Metallurgical testing is currently underway with recent bottle roll tests confirming
mineralization is amenable to cyanide leaching with recoveries averaged at 80.3%.
7. Management anticipates the PEA will confirm annual gold production at 54,000 ounces per
year based on 15,000 tpd, with an aver age gold grade of 0.5 g/t and assumed rate of 72%
.
8. Over 47,500 meters have been drilled to date , including over 25,000 meters since September
2020 , confirming four major parallel northwest trending gold zones . Infill drilling along
adjacent boundaries of two of the four major zones has identified a potential convergence
into a single body of shallow, oxide gold mineralization.
9. If confirmed, a single larger gold mineralized zone may prove to have significant and positive
economic implications for the Company’s proposed Heap Leach Mining Operation (HLMO).
10. To minimize capital cost during the initial 18 to 24 months of operations, Sonoro will :
implement the following for the initial 18 - 24 months of operation :
a. Contract out mining activities such as excavation, material transport and processing .
b. Produce carbon instead of dore (reduces risk of theft) .
c. Use generators as power source s as opposed to transmission lines.
May 2, 2021
VANCOUVER, Canada, April 20, 2021
Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the closing of its oversubscribed non-brokered private placement of 17,283,586 units, at $0.18 per unit, for total gross proceeds of $3,111,045. The private placement was initially announced on March 29, 2021 for $2,000,000 (11,111,111 Units) and was increased, as announced on April 9, 2021, to $2,600,000 (14,444,444 Units), and increased again, as announced on April 13, 2021, to $3,000,000 (16,666,667 Units).
Each Unit consists of one Sonoro Common Share and one Share Purchase Warrant. Each warrant entitles the holder to purchase one additional Sonoro Common share for a period of two years from the closing date at an exercise price of $0.30 per share. All securities issued and issuable in connection with the Offering will be subject to a 4-month hold period ending August 21, 2021. The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final approval from the TSX Venture Exchange.
In connection with the Offering, the Company entered into finder’s fee agreements with Haywood Securities Inc. (“Haywood”), Echelon Wealth Partners Inc. (“Echelon”), Couloir Capital Securities Ltd. (“Couloir”), Canaccord Genuity Corp. (“Canaccord”), and National Securities Corp. (“National Securities”), (collectively, the “Finders” and each, a “Finder”) pursuant to which the Company paid to each Finder:
at the election of the Finder, either a cash finder’s fee or Units equal to a maximum 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder, and
non-transferable finder’s warrants (the “Finder’s Warrants”) equal in number to 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder. Each Finder’s Warrant entitles the Finder to purchase one common share in the capital of the Company at a price of $0.30 for a period of two years following the closing of the Offering.
In total the company paid $26,406 in Finder’s fees, 9,722 in Finder’s units and 167,922 in non-transferable Finder’s Warrants.
Directors and officers of the Company participated in the Offering by subscribing for 2,449,999 Units, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.
The net proceeds from the Offering will be used principally to fund Sonoro’s ongoing development plans at its Cerro Caliche Gold Project located in Sonora, Mexico, including completion of metallurgical testing, preparation of a 43-101 resource update, a Preliminary Economic Assessment, in addition to property maintenance payments, and secondarily for corporate and general administrative expenses.
Sonoro’s President and CEO, Kenneth MacLeod stated, “In light of the determination of Sonoro’s management to maintain a strong percentage ownership in the Company, we are pleased to report that members of the senior executive team contributed to 14% of the private placement financing. In addition, all members of the technical and management teams have demonstrated their commitment to the Company’s exploration and development plans for the Cerro Caliche project.”
Sonoro’s Chairman John Darch added, “Since the completion of our $8 million financing in September 2020, exceptional drilling results support the Company’s conceptual plan to develop a heap leach mining operation (“HLMO”) having a capacity of between 15,000 to 20,000 tons per day. The reception to this current financing, which continued to be oversubscribed despite being increased in size twice, reflects investors' confidence in the Company’s plans. We expect that the funds raised will sustain our operations beyond the completion of a 43-101 resource update and a Preliminary Economic Assessment, both expected by this July. On behalf of the Sonoro executive team, I would like to emphasize our confidence that these independent reports will reflect both a material increase and upgrade in our current inferred resource[1], together with robust economics for the conceptual heap leach mining operation, which we anticipate will enable us to raise debt financing to construct the HLMO with the objective to commence production in early 2022."
Readers are cautioned that, until the Preliminary Economic Assessment's completion, no definitive conclusions can be made as to the technical or economic viability of the proposed HLPO.
[1] NI 43-101 Technical Report on the Cerro Caliche Property, July 26, 2019, Strickland, D., Sim, R.C. prepared for Sonoro Metals; 11,5 Mt at avg 0.5 g/t Au + 4.3 g/t Ag containing 200,000 oz at 0.545 g/t AuEq.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Metals Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
Sonoro Gold Announces Addition of $0.6 Million Overallotment Option to $2.0 Million Unit Private Placement
4:04 PM ET, 04/09/2021 - GlobeNewswire
“THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTIONTO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES”
VANCOUVER, British Columbia, April 09, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that, in response to strong investor demand, it is increasing its non-brokered private placement first announced on March 29 (the "Offering") by providing for an overallotment option of up to 30% (3,333,333 Units) over and above the 11,111,111 Units previously announced. The Offering price remains $0.18 per Unit, each comprised of one Sonoro Common share and one Common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional Sonoro Common share for a period of two years from the closing at an exercise price of $0.30 per share. The Offering, if fully subscribed, will yield gross proceeds of $2,000,000, with the potential to add up to $600,000 of additional proceeds under the overallotment option.
The Company intends to pay finder’s fees as permitted under the policies of the TSX Venture Exchange in respect of Units placed with the assistance of registered securities dealers. All securities issued and issuable in connection with the Offering will be subject to a 4-month hold period in Canada from the closing date. The Offering, including the overallotment option, is subject to TSX Venture Exchange acceptance.
The net proceeds from the Offering will be used principally to fund Sonoro’s ongoing development plans at its Cerro Caliche Gold Project located in Sonora, Mexico and project property maintenance payments, and secondarily for corporate and general administrative expenses.
About Sonoro Gold Corp.Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:Sonoro Gold Corp. - Tel: (604) 632-1764Email: info@sonorogold.com
Sonoro Gold Announces $2.0 Million Unit Private Placement
9:00 AM ET, 03/29/2021 - GlobeNewswire
“THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES”
VANCOUVER, British Columbia, March 29, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that it will undertake a non-brokered private placement offering (the "Offering"), consisting of up to 11,111,111 units (the “Units”) at a price of C$0.18 per Unit, for gross proceeds of up to C$2,000,000. Each Unit will be composed of one Sonoro Common share and one Common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional Sonoro Common share for a period of two years from the closing at an exercise price of $0.30 per share.
The Company intends to pay finder’s fees as permitted under the policies of the TSX Venture Exchange in respect of Units placed with the assistance of registered securities dealers. All securities issued and issuable in connection with the Offering will be subject to a 4-month hold period in Canada from the closing date. The Offering is subject to TSX Venture Exchange acceptance.
The net proceeds from the Offering will be used principally to fund Sonoro’s ongoing development plans at its Cerro Caliche Gold Project located in Sonora, Mexico and project property maintenance payments, and secondarily for corporate and general administrative expenses.
Kenneth MacLeod, President and CEO of Sonoro stated, “We are pleased to report that metallurgical testing by McClelland Laboratories has been progressing on schedule, with completion of the column leach tests anticipated by July, together with the completion of the updated 43-101 resource report and a Preliminary Economic Assessment (“PEA”) for the Cerro Caliche project. The private placement will provide sufficient capital to conclude the current phase of the drilling program and complete the independent technical reports and position the Company for the next phase of development as we advance toward a production decision at Cerro Caliche.”
About Sonoro Gold Corp.Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: “Kenneth MacLeod”Kenneth MacLeodPresident & CEO
For further information, please contact: Sonoro Gold Corp. - Tel: (604) 632-1764 Email: info@sonorogold.com
Sonoro Gold Corp. Announces High Grade Intercepts at Buena Suerte and Japoneses; Zones Close to Merging
9:00 AM ET, 03/22/2021 - GlobeNewswire
VANCOUVER, British Columbia, March 22, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report assay results from its continuing drill program at the Company’s Cerro Caliche gold project in Sonora, Mexico. The new results reflect 20 RC drill holes, totaling 1,792 meters, from Buena Suerte and the adjacent Japoneses gold mineralized zones and highlight the following:
Spacing between the Buena Suerte and Japoneses zones has been reduced to approximately 100 meters in the northern extensions indicating the zones may merge with further infill drilling.Drill holes SCR-201, SCR-203, SCR-205 and SCR-207 at the 200-meter, high-grade north extension of Buena Suerte all cut high-grade intercepts.Drilling at the southwest extension of Buena Suerte identifies a 100-meter-long high-grade splay vein zone and widens the Buena Suerte zone toward the west.High-grade zone identified at the northwest extension of Japoneses, approximately 150 meters east of the 200-meter-long high-grade zone at Buena Suerte.
The map below shows the location of the 20 RC drill holes as well as the proximity between the Buena Suerte and Japoneses gold mineralized zones.
https://sonorogold.com/wp-content/uploads/2021/03/Plan-Map.png
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f38b71be-8108-4a96-90f3-15566c1bde8e
The image below illustrates a 1-kilometer cross section of the concession’s Central Zone.
https://sonorogold.com/wp-content/uploads/2021/03/Central-Zone-Cross-Section.png
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6bd440a8-718b-43ec-9739-fc9df4a9948e
Additional Longitudinal and Cross Sections can be found on the Cerro Caliche project page of the Company’s website.
Buena Suerte Gold Mineralization ZoneOn the southwest flank of the recently extended Buena Suerte zone, a new 100-meter-long high-grade vein, or splay, was identified with drill hole SCR-219 which intercepted 1.5 meters averaging 6.475 g/t Au within a larger interval of 16.76 meters averaging 1.427 g/t Au. Drill hole SCR-158, located 100 meters northwest of SCR-219, earlier reported a 6.10-meter intercept averaging 0.7 g/t Au, including 3.05 meters averaging 1.34 g/t Au. The northwest trending splay is located midway between the Buena Suerte vein and the El Quince vein 200 meters further west.
On the eastern flank of the Buena Suerte zone, drill hole SCR-201 intercepted 9.14 meters averaging 0.74 g/t Au. Within the zone’s main vein, drill hole SCR-209 intercepted 4.57 meters averaging 0.77 g/t Au and, 70 meters to the southeast, drill hole SRC-211 intercepted 3.05 meters averaging 4.766 g/t Au.
Highlights from Buena Suerte are as follows:
SCR-201 intercepted 9.14 m averaging 0.74 g/t Au; including 1.52 m averaging 2.096 g/t AuSCR-203 intercepted 6.09 m averaging 0.712 g/t Au; including 1.53 m averaging 2.04 g/t AuSCR-205 intercepted 9.14 m averaging 0.593 g/t Au; including 1.53 m averaging 1.528 g/t AuSCR-207 intercepted 3.05 m averaging 0.621 g/t Au; and 1.52 m averaging 1.292 g/t AuSCR-209 intercepted 4.57 m averaging 0.770 g/t Au; including 1.53 m averaging 1.786 g/t AuSCR-211 intercepted 3.05 m averaging 4.766 g/t AuSCR-219 intercepted 16.76 m averaging 1.427 g/t Au; including 1.52 m averaging 6.475 g/t Au
The image below illustrates a 900-meter longitudinal section of drill holes at Buena Suerte.
https://sonorogold.com/wp-content/uploads/2021/03/Buena-Suerte-Cross-Section.png
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bfad7e6e-b60b-46ab-bb4b-52cdb2c688cf
Japoneses Gold Mineralization ZoneOn the western flank of the Japoneses gold mineralized zone, directly adjacent to the eastern flank of the Buena Suerte gold mineralized zone, the distance between the two zones was reduced to approximately 100 meters with drill hole SCR-218 intercepting 22.86 meters averaging 0.505 g/t Au and drill hole SCR-220 intercepting 22.86 meters averaging 0.505 g/t Au. Future drilling within this area will continue to investigate surface exposures which include epithermal quartz veins in the highly silicified outcropping rock consisting of quartzite and rhyolitic intrusive.
Drilling results from the west-central flank of the Japoneses zone outline additional mineralized material with drill hole SCR-204 which intercepted 10.67 meters averaging 1.355 g/t Au, including 1.53 meters averaging 6.329 g/t Au. In the southern portion of Japoneses, infill drilling cut multiple veins, demonstrating an extensive shallow oxide gold mineralization with drill hole SCR-214 intercepting 18.29 meters averaging 0.577 g/t Au and drill hole SCR-215 intercepting 12.2 meters averaging 0.517 g/t Au.
Highlights from Japoneses are as follows:
SCR-204 intercepted 10.67 m averaging 1.355 g/t Au; including 1.53 m averaging 6.329 g/t AuSCR-214 intercepted 18.29 m averaging 0.577 g/t Au; including 1.52 m averaging 1.972 g/t AuSCR-215 intercepted 12.20 m averaging 0.517 g/t AuSCR-218 intercepted 22.86 m averaging 0.505 g/t Au; including 1.52 m averaging 1.952 g/t AuSCR-220 intercepted 22.86 m averaging 0.534 g/t Au; including 1.53 averaging 1.843 g/t Au
Kenneth MacLeod, President and CEO of Sonoro, stated, “With over 44,500 meters of drilling completed on Cerro Caliche to date, we are pleased to open the data room to geological and mining consultants, Micon International, for preparation of an updated NI 43-101 resource report. Additional assays for drilling to the end of March will be provided to Micon by mid-April for inclusion in the resource report, which is anticipated to be completed in mid-2021.”
John Darch, Chairman of Sonoro, added that, “The results continue to build a case for a substantial increase in our upcoming NI 43-101 resource update, as both zones look increasingly likely to coalesce into a single body of shallow, oxide gold mineralization which may justify a single larger pit. At the same time, the discovery of a high-grade gold vein near the Buena Suerte’s southwestern extent not only adds to the project’s resource potential, but it also illustrates the project’s potential for high-grade gold veins.”
Go to news release to see the below chart data in detail...
Assay Results from Buena Suerte and Japoneses Gold Mineralized Zones...
Sonoro Demonstrates 200-Meter-Long High-Grade Gold Zone at Buena Suerte
9:00 AM ET, 03/11/2021 - GlobeNewswire
VANCOUVER, British Columbia, March 11, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report the latest assay results from its ongoing drilling program at the Company’s Cerro Caliche gold project in Sonora, Mexico. The new results reflect 32 drill holes, totaling 2,830 meters and highlight the following:
Confirmation of a 200-meter-long, high-grade zone in the northwest extension of Buena SuerteHigh-grade intercepts at the northern extension of Buena Suerte including SCR-186 which intercepted 24.39 meters averaging 1.206 g/t Au, including 13.72 meters averaging 1.853 g/t AuFurther confirmation of continuous mineralization at the two kilometer long El Rincón - Veta de Oro - Abejas vein and stockwork gold mineralized zone.Further extension to the new Bellotoso gold mineralized zone through step-out drilling.
Map of Cerro Caliche Drill Holes Being Reported: https://www.globenewswire.com/NewsRoom/AttachmentNg/86f82d9c-584e-40e4-a2ea-33e73e26843d
Kenneth MacLeod, President & CEO of Sonoro, commented: “The current phase of the drill program is focused on expanding mineralized zones and upgrading the resource classification at the four main zones that Micon International will assess in the updated 43-101 technical report currently being prepared. At the same time, drilling is also addressing the potential pit optimization that might be achieved by combining the conceptual Japoneses and Buena Suerte open pits into one larger pit. The 43-101 technical report will incorporate all the drilling conducted to the end of March 2021 and is anticipated to be completed early in the third quarter of 2021.”
John Darch, Chairman of Sonoro, also noted: “The continued expansion of the Buena Suerte Gold Zone and the positive drilling results at El Rincón and the newly identified Bellotoso zone brings us closer to our goal of developing a major bulk-tonnage, oxide gold resource with the potential to provide a source of production and revenue in the years to come. At the same time drilling at the Japoneses zone is making an essential contribution to the project’s conceptual plan, to be addressed in a 2021 PEA, to develop a heap leach mine operation having an initial capacity of up to 20,000 tonnes per day.”
Buena Suerte shows a 200-meter-long High-grade Zone in the Northwest Extension Drilling at the northern extension of Buena Suerte demonstrated a 200-meter-long high-grade ore zone, suggesting the presence of an ore shoot, in the vicinity of holes SCR-109, SCR-186, SCR-148 and SCR-098. Hole SCR-186 is approximately 50-meters north of SCR-109 which, as previously reported, intercepted 45.72 meters averaging 0.97 g/t Au starting at three-meters below surface, including a high-grade section of 15.24 meters averaging 2.101 g/t Au.
Assay highlights include:
SCR-186 intercepted 24.39 m averaging 1.206 g/t Au, including 13.72 m averaging 1.853 g/t Au.SCR-187 intercepted 9.14 m averaging 0.522 g/t Au and 21.9 g/t Ag.SCR-191 intercepted 16.77 m averaging 0.451 g/t Au and 3.04 m averaging 0.409 g/t Au.SCR-194 intercepted 9.14 m averaging 0.466 g/t Au and 27.3 g/t Ag.
Drill hole SCR-195, the most northwesterly hole drilled to date at Buena Suerte, intercepted 6.09 meters averaging 0.466 g/t Au beginning at three-meters from surface. The drill hole is a 50-meter step-out from previous drilling and additional drilling is planned to test further continuity of the northwest extension.
Japoneses Zone DrillingAt Japoneses, drilling has identified numerous mineralized intersections along the full extent of the zone’s western boundary where future pit optimization may be achieved between the potential convergence of the conceptual Japoneses and Buena Suerte open pits.
Assay highlights include:
SCR-198 intercepted 19.8 19.81 m averaging 0.465 g/t Au from surface.SCR-197 intercepted 7.62 m averaging 0.513 g/t Au from 9.14 meters.SCR 188 intercepted 6.10 m averaging 0.560 g/t Au from surface.
Most notably, drill hole SCR-198 intercepted 19.81 meters averaging 0.465 g/t Au from surface, while approximately 50 meters to the south, drill hole SCR-197 intercepted 7.62 meters averaging 0.513 g/t Au from 9.14 meters below surface. Numerous additional RC drill holes have been completed along the western flank of Japoneses and pending assay results are expected to contribute further to the mineralization of the zone.
Mel Herdrick, VP of Exploration, commented, “Our drilling to define the 500-meter-long west side of Japoneses ridge is an important component of the upcoming PEA, as the most recent results increase the potential that we may combine the conceptual Japoneses and Buena Suerte pits into a single pit. It is very encouraging that drilling identified a 200-meter-long high-grade ore zone at the northern extension of Buena Suerte, while also expanding the size of the mineralized gold zones at Veta de Oro, El Rincon and Bellotoso zones.”
El Rincón, Veta De Oro, Bellotoso, and Gloria Exploration Drilling The El Rincón vein area was further tested with two RC drill holes. Drill hole SCR-174 cut an approximately 70-meter section of anomalous gold beginning at surface, where a 10.67-meter intercept averaging 0.308 g/t Au was cut between 45.72 meters to 56.39 meters. Drill hole SCR-175 cut a similarly broad anomalous interval and, beginning at 3 meters, intercepted 3.05 meters averaging 0.836 g/t Au. The drill holes are the furthest northwest step outs in the Rincon zone and are within the vein trend which remains open to the northwest following outcropping quartz veins.
At Veta de Oro, drill hole SCD-045 intercepted 5.1 meters averaging 0.367 g/t Au and 4.5 meters averaging 0.327 g/t Au. SCD-045 was completed to test the vein’s northwest extension along trend towards the El Rincon vein zone and is situated 250 meters southeast of drill hole SCD-021 at the El Rincon zone which intercepted 21 meters averaging 1.13 g/t AuEq. SCD-045 is a substantial step out, further confirming the continuity of the mineralization at the El Rincón – Veta de Oro – Abejas Zone. Sonoro’s geological team will be reviewing in detail the data set regarding vein characteristics, mineralogy, and metal zonation in relation to Cerro Caliche’s evolving low sulfidation epithermal model, to determine the best sections for future drilling of this promising area.
The Bellotoso vein zone drilling consisted of four core drill holes and two RC holes. The best interval from these holes is from core hole SCD-044 which intercepted 10.5 meters averaging 0.86 g/t AuEq. The other 3 core holes are located in the far northwest part of the Bellotoso vein trend and include SCD-047 which is a step-out to a secondary parallel vein zone. The Bellotoso strike is parallel to El Rincon and is separated in part by a rhyolitic dike that appears to be source of the gold bearing fluids that mineralized the local area.
At Gloria, five exploration holes were drilled approximately 500 meters northwest of Buena Suerte, in an area with historical artisanal gold workings. Drill hole SCR-179 intercepted 7.62 meters averaging 0.182 g/t Au and SCR-181 intercepted 1.52 meters averaging 1.47 g/t Au. The remaining holes contained minor intervals with low gold content without any significant gold bearing zones. The Gloria zone will be further assessed to determine its prospectively further to the northwest, where previous drilling demonstrated more consistent mineralization.
The low-grade intercepts indicate drilling cut deeper than the ‘ideal’ low sulfidation epithermal boiling zone. This observation is supported by low gold to silver ratios with low silver content as illustrated by the only anomalous interval from drill hole SCR-181 (from 22.86 to 24.38 meters) of 1.47 g/t Au and 0.15 g/t Ag illustrates. This mineralization is typical of deeper intersections at or just below the base of epithermal vein boiling zone.
Assay Results from Reverse Circulation Drilling
SEE PRESS RELEASE FOR HOLES COMPOSITES DETAILS...
Sonoro Gold Corp. Reports Bottle Roll Tests of Cerro Caliche Mineralization Return Average Recoveries of 80.3% for Gold
9:00 AM ET, 03/03/2021 - GlobeNewswire
VANCOUVER, British Columbia, March 03, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) “Sonoro” or the “Company” is pleased to report the bottle roll results from the Company’s Cerro Caliche property in Sonora, Mexico. The samples tested were from four specific mineralized zones: Japoneses, Cuervos, El Colorado/Cabeza Blanca and Buena Suerte, and included associated composites. The testing was conducted at McClelland Laboratories, Inc. in Sparks, Nevada as part of a detailed scope of work consisting of 43 bottle roll tests over 96-hours at a coarse sizing of 80% - 1.7 mm feed size. Subsequent leach recoveries averaged 80.3% for gold and 27.2% for silver. Sodium cyanide consumption rates averaged 0.20 kg/t and lime addition averaged 2.1 kg/t for the bottle roll tests at varying feed grades. These recoveries are similar in all structures and domains while cyanide consumption, which averaged 0.2-0.3 kg/t, together with the amount of lime required for pH control (approximately 2 kg/t) are well within acceptable levels.
The leaching profile indicated a fast recovery over the 24-hours for gold, with a slower profile for silver as expected. Variability is as shown in the following graphs supplied by McClelland Laboratories for the specific zones and composites.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/da6b5c99-9302-4323-9f8b-ef942c41e6b4https://www.globenewswire.com/NewsRoom/AttachmentNg/ff32ff19-dc0a-40d7-99b5-71d19fdfd815
The samples tested were from over 5,500 kilograms of mineralized material taken from ten 85-mm diameter PQ core holes which were drilled to depths ranging from 25 to 140 meters. The balance of the mineralized material is being used for the column leach tests at McClelland Laboratories.
Drilling at Cerro Caliche has shown that the mineralization throughout the various zones is oxidized to the full extent of all the drill holes. Bottle roll test results verify previous observations that mineralization characteristics of near-surface oxidized drill cuttings were similar to the deeper oxidized mineralization.
The map below shows the locations of the PQ core drill holes.
A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fc9a7785-ac22-4fc1-9f17-49f037559855
Sonoro’s Vice President Operations, Jorge Diaz, stated, “We are pleased with these results as it shows the mineralization is amenable to cyanide leaching and provides good recoverability at a coarse mesh bottle roll of 1.7mm. We are also encouraged by the fact that these bottle roll tests, which were conducted on various ore types and across various zones within the property, demonstrate similar positive metallurgical recoveries across the entire resource area.”
Sonoro’s President and CEO, Kenneth MacLeod, added, “The successful completion of these tests is an important
advancement of the Cerro Caliche project and will contribute towards the completion of the NI 43-101 P.E.A. that is expected to be released during Q3-2021. The results validate the projected 72% recovery rate used in the Company’s July 26, 2019 NI 43-101 Technical Report1 which provided the project’s initial mineral resource estimate.”
As previously planned, based on the bottle roll composites, the column test work has now commenced at McClelland Laboratories. The column testing consists of 17 columns on 9 mineralized zones and 8 composites on 2 crush sizes of 2-inch to 0.5-inch feed sizes. The Company expects these column tests to run for up to 90 days and will report the results as they become available.
Sonoro’s Chairman, John Darch, concluded, “The importance of this independent confirmation of the gold recoveries which now form the basis of our assessment of a 20,000 tpd heap leach mining operation cannot be understated as they are a critical milestone with regard to the project’s advancement. That these bottle roll test results are very much in line with management’s assumed recoveries speak volumes as to the acumen, professionalism and best-in-class practices employed by the Sonoro team.”
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical ProceduresThe PQ drill cores for metallurgical testing were drilled to normal industry standards, with the cores sequentially placed in 4-row plastic core boxes, then kept in secure storage and packed onto wooden pallets prior to shipping to McClelland Laboratories by DHL.
No QA/QC issues were noted with the results received from the laboratory. McClelland Laboratories, Inc. maintains accreditation with ISO/IEC Standard 17025:2017, for fields of testing that include the fire assay and solution analyses used for the current metallurgical testing program.
Geologic DescriptionCerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic underground mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district include variants of epithermal low sulfidation veins and related mineralized dikes and associated volcanic domes. Local altered felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization both in the dikes and meta-sedimentary rocks.
Host rocks include Jurassic-Cretaceous meta-sedimentary rock units including argillite, shale, quartzite, limestone, quartz pebble conglomerate and andesite. Younger intrusive rock consisting of medium coarse-grained granodiorite-granite is present in the westerly parts of the concessions near the historic Cabeza Blanca Mine. It is apparent that veining cuts and pervasively alters the intrusive stock. Rhyolite occurs in irregular bodies distributed in higher elevations in the northerly part of the concession, including the Rincon area, where it occurs as flows, sills, dikes and rhyolite domes. Part of the rhyolite is mineralized and appears to be related to epithermal gold mineralization throughout the property.
Qualified Person StatementStephen Kenwood, P.Geo., a Director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of gold mineralization in the concessions held by the Company.
Sonoro Gold Corp. Drilling Extends Buena Suerte Zone and Confirms New Bellotoso Gold Mineralized Zone
9:00 AM ET, 02/16/2021 - GlobeNewswire
VANCOUVER, British Columbia, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report the latest assay results from its ongoing drilling program at the Company’s Cerro Caliche gold project in Sonora, Mexico. The new results reflect 24 drill holes, totaling 2,591 meters and highlight the following:
Significant increase of strike length at the Buena Suerte gold mineralized zone to 900 meters.High-grade intercepts at the newly identified southern extension at Buena Suerte including SCR-159 which intercepted 3.05 meters averaging 6.839 g/t Au.Continuous mineralization confirmed at the two kilometers long El Rincón - Veta de Oro - Abejas vein and stockwork gold mineralized zone.Identification of the new Bellotoso gold mineralized zone with an initial strike length of 1.2 kilometers.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Mel Herdrick, Sonoro’s VP of Exploration, commented: “Thereported intervals show that where new zones are being drill tested, they demonstrate positive results with significant intervals of gold mineralization. We are currently drilling to define the 500-meter-long west side of Japoneses ridge and also drilling up to an additional 19 holes at Buena Suerte to increase the mineralization definition before we resume drilling in the Rincon and Bellotoso, areas in March.”
El Rincón - Veta de Oro and Bellotoso Assay Results
Cerro Caliche Project, holes composites with cutoff 0.15 Au g/t
Hole Target From To Interval Au Ag AuEq
meters g/t g/t g/t
SCD-036 VETA DE ORO 89.00 90.00 1.00 0.536 4.1 0.595
SCD-037 EL BELLOTOSO 39.20 43.25 4.05 0.333 7.8 0.444
and 52.00 61.00 9.00 0.215 2.1 0.244
and 74.10 80.10 6.00 0.286 1.3 0.305
and 96.00 98.00 2.00 1.384 28.4 1.789
includes 96.00 97.00 1.00 2.601 47.6 3.281
SCD-038 VETA DE ORO 51.40 55.10 3.70 0.431 33.5 0.909
SCD-039 EL BELLOTOSO 14.10 16.30 2.20 1.661 39.6 2.227
includes 15.10 16.30 1.20 2.800 59.9 3.656
and 40.00 44.90 4.90 0.407 2.6 0.444
SCD-040 EL BELLOTOSO 25.80 36.15 10.35 0.300 0.5 0.307
and 114.00 127.15 13.15 0.249 1.1 0.265
SCD-041 EL BELLOTOSO 37.50 46.50 9.00 0.310 10.1 0.453
and 52.40 53.30 0.90 1.418 20.5 1.711
and 61.30 64.80 3.50 0.776 14.6 0.985
includes 62.30 63.30 1.00 1.362 29.5 1.783
SCD-042 EL BELLOTOSO 22.00 24.40 2.40 0.615 43.1 1.230
and 58.20 63.10 4.90 0.239 1.1 0.255
SCD-043 EL BELLOTOSO 13.90 16.90 3.00 1.454 11.5 1.617
and 24.60 38.70 14.10 0.390 3.6 0.441
and 46.90 62.70 15.80 0.383 2.2 0.414
Gloria ZoneThe Gloria vein trend, located over one kilometer northwest of the Japoneses zone, was drill tested with holes SCR-169 through SCR-173. These five drill holes cut the targeted vein zone, with only SCR-10 containing a reportable interval of 12.19 meters averaging 0.331 g/t Au or 0.408 g/t AuEq. The remaining holes contained only minor intervals with low gold content without any significant gold bearing zones. Drilling by Sonoro during 2018 demonstrated multiple lower-grade intercepts in four drill holes along trend northwest of the current drilling, with the most notable being SCR-053 which reported 1.52 meters grading 0.676 g/t Au (see Sonoro news release dated April 29, 2019). The Gloria zone will be further assessed to determine the prospect for additional drilling along trend to the northwest.
Drill collar locations, azimuths and dips for the drill holes included in this release are provided in the table below.
Cerro Caliche Project, holes composites with cutoff 0.15 Au g/t
Hole Target From To Interval Au Ag AuEq
meters g/t g/t g/t
SCR-158 BUENA SUERTE 53.34 59.44 6.10 0.731 18.2 0.992
includes 56.39 59.44 3.05 1.354 26.7 1.735
and 62.48 67.06 4.58 0.304 6.1 0.393
and 86.87 89.92 3.05 0.538 0.3 0.543
SCR-159 BUENA SUERTE 19.81 27.43 7.62 3.088 7.3 3.192
includes 19.81 22.86 3.05 6.839 10.5 6.989
and 30.48 33.53 3.05 0.981 6.0 1.067
includes 32.00 33.53 1.53 1.608 9.7 1.747
SCR-160 BUENA SUERTE 0.00 4.57 4.57 0.754 0.9 0.767
includes 1.52 3.05 1.53 1.769 1.4 1.789
and 9.14 16.76 7.62 0.202 0.9 0.215
and 19.81 25.91 6.10 0.785 1.0 0.799
Cerro Caliche Project, holes composites with cutoff 0.15 Au g/t
Hole Target From To Interval Au Ag AuEq
meters g/t g/t g/t
SCR-161 BUENA SUERTE 35.05 38.10 3.05 0.403 0.3 0.408
and 74.68 77.72 3.04 1.150 1.2 1.167
includes 74.68 76.20 1.52 2.110 1.5 2.131
and 91.44 94.49 3.05 0.571 2.1 0.602
SCR-162 BUENA SUERTE 50.29 53.34 3.05 0.214 2.2 0.245
and 73.15 76.20 3.05 0.235 1.0 0.249
SCR-163 BUENA SUERTE 25.91 27.43 1.52 0.333 0.2 0.335
SCR-164 BUENA SUERTE 0.00 12.19 12.19 0.260 2.5 0.296
and 15.24 33.53 18.29 0.240 7.9 0.353
and 57.91 60.96 3.05 0.481 1.6 0.503
and 67.06 70.10 3.04 0.204 2.8 0.244
and 83.82 86.87 3.05 0.206 9.0 0.334
SCR-165 BUENA SUERTE 0.00 3.05 3.05 0.263 1.9 0.290
and 6.10 10.67 4.57 0.360 1.4 0.380
and 38.10 41.15 3.05 0.765 0.7 0.776
SCR-166 BUENA SUERTE 39.62 41.15 1.53 0.756 0.3 0.760
SCR-167 BUENA SUERTE 65.53 68.58 3.05 0.787 0.5 0.794
and 103.63 106.68 3.05 2.325 1.7 2.348
SCR-168 BUENA SUERTE 12.19 15.24 3.05 0.798 3.3 0.846
and 51.82 56.39 4.57 0.492 0.5 0.499
and 64.01 70.10 6.09 0.462 0.8 0.473
Continuous Mineralization at El Rincón - Veta de Oro - Abejas ZoneBetween El Rincón and Veta de Oro, infill drill holes SCD-036 and SCD-037 intersected narrow gold mineralized intervals confirming a one-kilometer-long gold mineralized zone connecting the 250-meter-long El Rincón zone with the 500-meter-long Veta de Oro vein system. The zone extends further southeast to the 300-meter-long Abejas stockwork zone and may extend another 500 meters southeast to include the Chinos Altos historic mine area. Future drilling will investigate this untested area.
Map of Cerro Caliche Drill Holes Being Reported
Kenneth MacLeod, President & CEO of Sonoro, commented: “Our strategy of infill and expansion drilling in our defined gold mineralized zones, together with strategically located scout holes in prospective new zones, is proving to be very successful. The addition of Bellotoso to our inventory of mineralized zones and the prospect of additional zones in parallel with Bellotoso, suggests that the mostly unexplored northeast region of Cerro Caliche may develop into a very significant exploration target.”
John Darch, Chairman of Sonoro, also noted: “The continued material expansion of the Buena Suerte Gold Zone and the positive drilling results at El Rincón and the newly identified Bellotoso zone not only brings us closer to our goal of developing a major bulk-tonnage, oxide gold resource to support both the conceptual 20,000 tonnes per day target capacity being addressed by our planned preliminary economic assessment, but also the potential for gold production growth in the years to come.”
Buena Suerte Zone Extended to the South and Southeast At Buena Suerte, results extend the zone to a total length of approximately 900 meters, suggesting a material contribution to Cerro Caliche’s growing inventory of drilling-defined potentially bulk mineable oxide gold mineralization. Drilling extended the vein zone to the southeast by approximately 300 meters along strike, with additional south-trending vein structures expanding the cross-section of the zone approximately 300 meters in the southern extension. Assay highlights include:
SCR-159 intercepted 7.62 m averaging 3.088 g/t Au, including 3.05 m averaging 6.839 g/t Au.SCR-158 intercepted 6.10 m averaging 0.731 g/t Au, including 3.05 m averaging 1.354 g/t Au.SCR-160 intercepted 6.10 m averaging 0.785 g/t Au, and 1.53 m averaging 1.769 g/t Au.SCR-167 intercepted 3.05 m averaging 2.325 g/t Au, and 3.05 m averaging 0.787 g/t Au.
Drill hole SCR-159 is located approximately 60 meters southeast of the previously reported SCR-143 which intercepted 12.19 meters averaging 0.687 g/t Au, including 1.52 meters averaging 1.741 g/t Au. Approximately 100 meters to the west of the main Buena Suerte vein structure, drill hole SCR-158 targeted a separate parallel vein zone. Drill hole SCR-164 extends the parallel running vein approximately 120 meters to the southeast to nearly intersect the main zone where drill hole SCR-168 cut several intercepts with gold mineralization, including 3.05 meters averaging 0.798 g/t Au, and 6.09 meters averaging 0.462 g/t Au.
El Rincón remains open along strike to the northwest following outcropping quartz veins and infill drilling focused on linear zones of disseminated-stockwork and higher-grade gold bearing veins along El Rincón’s southeastern striking trend beginning 100 meters southeast of SCD-021. As earlier reported in a news release dated December 8, 2020, SCD-021 intercepted 21 meters averaging 0.88 g/t Au including 2.9 meters averaging 3.86 g/t Au. The area is covered in soil and is steeply sloping, making the exact identification of the vein system challenging.
New Bellotoso Gold Mineralized Vein-Stockwork ZoneThe newly discovered Bellotoso zone is located parallel to the east side of the El Rincón - Veta de Oro mineralized zone and follows a similar northwest trend. Six core drill holes completed in this zone identify a range of very encouraging gold mineralized widths, including SCD-043 which intercepted 3 meters averaging 1.67 g/t AuEq. In the zone’s southeast, drill hole SCD-039 intercepted 2.2 meters averaging 2.227 g/t AuEq and 300 meters to the northwest, SCD-037 intercepted 2 meters averaging 1.78 g/t AuEq. Located approximately 200 meters to the northwest along strike, drill hole SCD-041 returned several intervals of gold mineralization, including 3.5 meters averaging 0.985 g/t AuEq.
The Bellotoso mineralized trend currently has a length of approximately 1.2 kilometers and scattered rock samples and historic soil samples from earlier exploration indicate mineralization may continue southeast to the Espanola vein zone. If confirmed, Bellotoso’s shallow, mineralized, oxide gold zone may extend another 1.5 kilometers. The Company plans to investigate this potential with drilling planned at the Espanola vein zone.
Drilling results from Bellotoso are part of a wider anomalous gold mineralized zone than identified in the reported intervals. For example, the three intervals reported in SCD-043 are within a broader 48.8-meter zone of anomalous gold mineralization averaging 0.372 g/t Au. Bellotoso has demonstrated wider zones containing higher-grade gold intercepts over its 1.2-kilometer length and geological indications suggest that it may merge with the Espanola vein zone into one potentially bulk mineable zone with a combined length of 2.7 kilometers. The Company is currently investigating Bellotoso’s potential as an additional source in the Cerro Caliche’s inventory of shallow oxide gold mineralization.
Mel Herdrick, Sonoro’s VP of Exploration, commented: “Thereported intervals show that where new zones are being drill tested, they demonstrate positive results with significant intervals of gold mineralization. We are currently drilling to define the 500-meter-long west side of Japoneses ridge and also drilling up to an additional 19 holes at Buena Suerte to increase the mineralization definition before we resume drilling in the Rincon and Bellotoso, areas in March.”
El Rincón - Veta de Oro and Bellotoso Assay Results
SEE THE NEWS RELEASE FOR THE ENTIRE INFO...
Sonoro Drills 45.72 Meters of 0.972 Grams per Tonne in New Zone at Cerro Caliche
9:00 AM ET, 11/24/2020 - GlobeNewswire
VANCOUVER, British Columbia, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) today reported that assay results from an additional 20 reverse-circulation (RC) drill holes at its Cerro Caliche project in Sonora State, Mexico include several of the best gold grade intercepts recorded to date on the property. The Company expects that these results will contribute to establishing a significant addition to Cerro Caliche’s existing 201,000 AuEq inferred resource1 estimate.
Map of Cerro Caliche RC Drill Holes
This group of drill holes has successfully enlarged the northwest and southeast extensions of the higher-grade mineralization at the now 450 meter longBuena Suertezone, which remains open along strike to the northwest and southeast, in addition to extending the strike length of the premier Japoneses mineralized body. The Japoneses increase, which occurred at the northerly Buena Vista and El Boludito extensions and the southerly extension at Cuervos, now demonstrate a continuous strike lengthof 1.3 km. As in each of the previous 107 drill holes, all 20 of the current group of drill holes encountered reportable mineralization. Assay highlights include the following key intercepts.
At Buena Suerte, SCR-109 successfully tested for a potential northwestern extension along strike and intercepted 45.72 meters averaging 0.97 g/t Au, from 3.05 meters to 48.77 meters, including 15.24 meters averaging 2.1 g/t Au. Hole SCR-124 tested for the Buena Suerte zone’s extension along strike to the southeast and intercepted 6.09 meters averaging 3.99 g/t Au, beginning at 71.63 meters, including 3.04 meters averaging 7.80 g/t Au. SCR-127, which is located near the middle of the zone, intercepted 10.67 meters averaging 0.96 g/t, including 1.52 meters averaging 2.81 g/t Au.
Drilling at the Buena Vista zone confirms that it represents the uninterrupted northwesterly extension component of the Japoneses zone and it remains open along strike to the northwest. Multiple intercepts demonstrate mineralization to over 80 meters depth with deeper potential:
- SCR-110 intercepted 12.19 meters averaging 0.94 g/t Au, including 6.1 meters averaging 1.47 g/t Au.- SCR-112 intercepted 27.43 meters averaging 0.48 g/t Au. - SCR 118 intercepted 19.81 meters averaging 0.57 g/t Au, including 1.53 meters averaging 2.34 g/t Au.
At the northernmost extension of the Japoneses zone, Hole SCR-111 at El Boludito intercepted 1.52 meters averaging 2.26 g/t Au and 34.5 g/t Ag. While most intercepts recorded low silver grades, the higher silver grade at SCR-111 reflected the intercept’s higher vertical level in the epithermal vein zoning. The Cuervoszone at the southern extension of Japoneses continues to report strong mineralization, with SCR-122 intercepting 3.05 meters averaging 1.12 g/t Au.
All drill holes are inclined 45 degrees crossing the intervals near perpendicular to the vein’s plane of mineralization. Interval true lengths are near the reported interval length but may be slightly less due to variations in vein zone dips. A cut-off of 0.15 g/t Au was used for reporting intervals and, for consistency, is in the same format as in all previous news reports.
Buena SuerteZone - Assay Results
Cerro Caliche Project, Holes Composites with Cut-Off 0.15 Au g/tHoleTarget FromToIntervalAuAgAuEq(meters)g/tg/tg/tSCR-109BUENA SUERTE 3.0548.7745.720.9724.01.029includes7.6222.8615.242.1019.72.239and53.3454.861.522.680.72.69and167.64169.161.521.3350.11.336and175.26178.313.050.2530.30.25SCR-124BUENA SUERTE 7.6210.673.050.50031.00.936and16.7621.344.580.2850.30.290and39.6242.673.050.2981.00.318and62.4865.533.050.8260.90.840and71.6377.726.093.9879.04.118includes76.277.721.527.80315.08.015SCR-125BUENA SUERTE 4.577.623.050.3669.00.497SCR-126BUENA SUERTE 15.2425.9110.670.2430.70.254and36.5845.729.140.44612.00.613and57.9164.284.570.2313.00.277SCR-127BUENA SUERTE 41.1551.8210.670.95813.01.14includes44.245.721.522.81130.03.242and59.4462.483.040.3602.00.392
The Buena Suerte zone is independent of other zones, occurring 150-200 meters west of the Japoneses mineralized body. Most of this zone has thin soil cover, especially over the north slope trace of vein extension. The Buena Suerte zone is now confirmed to have more than 450 meters of strike length that is up to 30 meters wide with 80 meters of depth. Host rocks are shattered and veined quartzite with local intrusive rhyolite and minor andesite dikes. Further drilling in this zone has been designed to extend the mineralized zone both to the north and south.
Japoneses Zone - Assay Results (includesBuena Vista, El Boludito and Cuervos)
Cerro Caliche Project, Holes Composites with Cut-Off 0.15 Au g/tHoleTarget FromToIntervalAuAgAuEq(meters)g/tg/tg/tSCR-108JAPONESES 64.0167.063.050.2021.90.229and109.73114.34.570.252.20.282and121.92129.547.620.3070.40.312and156.97164.597.620.4040.20.407SCR-110BUENA VISTA 19.8124.384.570.2540.60.263and47.2460.9613.720.3040.50.322and102.11114.312.190.9413.20.987includes103.63109.736.11.472.51.505and131.06165.544.580.5680.40.574SCR-111EL BOLUDITO 51.8253.341.522.2634.52.753Cerro Caliche Project, Holes Composites with Cut-Off 0.15 Au g/tHoleTarget FromToIntervalAuAgAuEq(meters)g/tg/tg/tSCR-112BUENA VISTA 13.7216.763.040.3210.50.329and22.8625.913.050.3620.40.367and30.4839.629.140.2160.50.224and42.6770.127.430.4840.70.494and77.7280.773.050.2210.30.224SCR-113JAPONESES 4.577.623.050.2610.40.267and21.3424.383.040.2930.30.298and56.3960.964.570.3930.40.399SCR-114JAPONESES 30.4847.2416.760.3336.50.426and70.173.153.050.4331.20.450and80.7788.397.620.3730.70.383SCR-115BUENA VISTA 04.574.570.5396.00.624and16.7624.387.620.2767.00.379and32.0044.2012.20.223.60.272and54.8660.966.10.2195.40.296and73.1582.39.150.5432.30.577SCR-116BUENA VISTA 15.2419.814.570.2107.50.317and27.4332.004.570.43312.00.599and38.1041.153.050.4461.30.464SCR-117BUENA VISTA 30.4835.054.571.0336.01.119includes33.5335.051.522.646.02.727and44.253.349.140.3183.00.359and56.3970.113.710.3640.40.369SCR-118BUENA VISTA 013.7213.720.2676.00.346and18.2927.439.140.2307.00.326and45.7248.773.050.1875.00.251and50.2970.119.810.5665.00.631includes62.4864.011.532.3417.02.589SCR-119CUERVOS 12.1918.296.10.6646.00.753and65.5373.157.620.3541.00.37SCR-120CUERVOS 18.2922.864.570.3073.00.345SCR-121CUERVOS 30.4836.586.10.4617.00.565SCR-122CUERVOS 9.1412.193.050.3490.40.355and48.7751.823.051.1174.01.167SCR-123CUERVOS 25.9141.1515.240.4473.00.486
A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/481106e0-f1e5-4c64-881b-39aa49ab8a31
Drill collar locations, azimuths and dips for the drill holes included in this release are provided in the tables below and have been posted to the Company’s website for all drill holes.
Drill Collar Locations (NAD 1927 UTM Zone 12N)Drill HoleZoneEastingNorthingElevationDepth (m)DipAzimuthSCR-108Japoneses53685733654261314170.69-45231SCR-109Buena Suerte53641033652561333182.88-45229SCR-110Buena Vista53664833653471328140.21-45247SCR-111Japoneses5367343365524127491.44-45233SCR-112Buena Vista53660733654091282128.02-45245SCR-113Japoneses5366573365441127991.44-45237SCR-114Japoneses53667933652881332131.06-45232SCR-115Buena Vista5366633365230133082.3-45236SCR-116Buena Vista5366603365177132767.06-45234SCR-117Buena Vista5366943365156133482.3-45232SCR-118Buena Vista5367143365124134582.3-45233SCR-119Cuervos SE53720833644851342100.58-45203SCR-120Cuervos SE5372493364457132082.3-45220SCR-121Cuervos SE5371963364599136382.3-45238SCR-122Cuervos SE5372253364557135082.3-45238SCR-123Cuervos SE5371843364677134682.3-45229SCR-124Buena Suerte53654533650171366100.58-45234SCR-125Buena Suerte5365763364992136482.3-45231Drill Collar Locations (NAD 1927 UTM Zone 12N)Drill HoleZoneEastingNorthingElevationDepth (m)DipAzimuthSCR-126Buena Suerte5364673365172136591.44-45234SCR-127Buena Suerte5364943365146134891.44-45234
The above drill holes are part of the program to define limits of gold mineralization within the Japoneses mineralized material zone that includes the Japoneses mine zone, the Cuervos mine zone, Boludito zone and Buena Vista zone. The geology in these zones is mainly mineralized structures crossing Mesozoic age quartzite with many fracture zones. This entire mineralized zone is a series of northwest-trending veins, shears and shatter bands in quartzite with shales in its central and southern parts. The northern extension of the Japoneses zone gold mineralization passes into andesite and vein associated rhyolitic dikes where both rock units host gold mineralization.
In total, 44 RC holes have been drilled this year to date, of which 32 have been reported, including the current group of holes. An additional 20 to 25 RC holes are expected to be completed by this coming mid-December and the Company expects that the results of all the drill holes to that date will be incorporated into a new NI 43-101 technical report for publication in the New Year.
Melvin Herdrick, Sonoro’s Vice President, Exploration, stated, “The evident success of the new RC drilling along with the parallel new exploratory core drilling that is oriented toward high grade targeting will be combined into a planned updated resource estimate in early 2021. We anticipate that news in December will also include results from core drilling at El Colorado, where the potential for shoot definition exists, in addition to other more exploratory findings from satellite zones.”
Kenneth MacLeod, Sonoro’s President & CEO, added, “The latest assay results from Buena Suerte provide compelling evidence that it has become one of the prime targets for developing a new, higher grade mineralized zone at Cerro Caliche. We are confident that the current results will contribute to a material increase of the current inferred resource estimate at Cerro Caliche.”
John Darch, Sonoro’s Chairman, further added, "The apparent increase in gold grades and substantial intercept widths adds to our confidence regarding both the viability of our planned 8,000 ton per day mining operation which is targeted to commence production next December 2021 and our longer term goal of materially increasing the size of themineralized body and proposed mine by continuing to successfully explore and develop the property.”
The current exploration work is part of the Company’s conceptual fast-track development schedule for the Cerro Caliche project with the aspirational goal of commencing gold production by the end of 2021. Key milestones, whose achievement is essential for the successful realization of this goal, include the satisfactory completion of metallurgical testing, securing the required environmental permitting, receiving a favorable preliminary economic assessment (PEA) and obtaining the necessary project financing. On November 18, 2021, the Company announced that it had retained McClelland Laboratories Inc. of Sparks, Nevada to conduct independent metallurgical testing. These tests are a fundamental component of the PEA which in turn is expected to be completed by April 2021. Earlier this year, after a period of extensive analysis of the Cerro Caliche project data, a major China-based Engineering, Procurement and Construction (EPC) company executed a Memorandum of Understanding with Sonoro making it the third EPC company to formally pursue discussions with the Company regarding the proposed mine’s financing and development.
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical ProceduresDrill samples are collected with an airstream cyclone and passed into a splitter that divides each sample into quarters. The quartered samples are then bagged and sealed with identification. The sample group has blanks, standards and duplicates inserted into the sample stream.
ALS-Chemex collects the samples and transports them directly to the preparation laboratory in Hermosillo, Sonora. At the laboratory, part of each sample is reduced through crushing, splitting and pulverization from which 200 grams is sent to the ALS-Chemex assay laboratory in Vancouver. Thirty grams undergoes fire assay for gold with the resulting concentrated button of material produced dissolved in acids and the gold content determined by atomic absorption. Another quantity of the sample is dissolved in four acids for an ICP multi-element analysis.
To improve upon assay turnaround times, the Company has contracted with the Hermosillo office of Bureau Veritas Laboratories to also provide assays in a timely fashion. Accordingly, the samples are now being collected by Bureau Veritas for direct transport to the preparation and assaying laboratory in Hermosillo, Sonora. At the laboratory, part of each sample is reduced through crushing, splitting and pulverization. About 200 grams is sent by BV to their Vancouver, BC laboratory and dissolved in aqua regia for multi-element ICP analysis including silver. Thirty grams undergoes fire assay in Hermosillo for gold by reducing the fire assay to a concentrated button of material that is dissolved in acids and the gold content determined by atomic absorption. No QA/QC issues were noted with the results received from either laboratory.
Geologic DescriptionCerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic underground mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district include variants of epithermal low sulfidation veins and related mineralized dikes and associated volcanic domes. Local altered felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization both in the dikes and meta-sedimentary rocks.
Host rocks include Jurassic-Cretaceous meta-sedimentary rock units including argillite, shale, quartzite, limestone, quartz pebble conglomerate and andesite. Younger intrusive rock consisting of medium coarse-grained granodiorite-granite is present in the westerly parts of the concessions near the historic Cabeza Blanca Mine. It is apparent that veining cuts and pervasively alters the intrusive stock. Rhyolite occurs in irregular bodies distributed in higher elevations in the northerly part of the concession, including the Rincon area, where it occurs as flows, sills, dikes and rhyolite domes. Part of the rhyolite is mineralized and appears to be related to epithermal gold mineralization throughout the property.
Qualified Person StatementStephen Kenwood, P.Geo., a director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of gold mineralization in the concessions held by the Company.
About Bureau Veritas LaboratoriesBureau Veritas Laboratories is a North American provider of analytical services and solutions to the environmental, energy, food, DNA and industrial hygiene industries with an extensive laboratory network in Canada. Bureau Veritas’ work supports critical decisions that improve performance, reduce risk or help customers meet safety, quality and regulatory objectives. Founded in 1828, Bureau Veritas is the global leader in testing, inspection and certification services with 78,000 employees in 1,500 locations worldwide.
About Sonoro Gold Corp.Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of Sonoro Gold Corp.Per:“Kenneth MacLeod” Kenneth MacLeod President & CEO
For further information, please contact: Sonoro Gold Corp. - Tel: (604) 632-1764 Email: info@sonorogold.com
SONORO LAUNCHES METALLURGICAL TESTING AT CERRO CALICHE
(VIEW ONLINE HERE)
VANCOUVER, Canada, November 18, 2020 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) announces that it has retained McClelland Laboratories Inc. of Sparks, Nevada to conduct independent metallurgical testing of the gold mineralization at the Cerro Caliche gold project in Sonora State, Mexico. As part of the Company’s strategy to fast-track the development of a Heap Leach Mining Operation (HLMO) at Cerro Caliche, over 5,500 kilograms of mineralized material from ten 85-mm diameter PQ core holes are being shipped to the laboratory for metallurgical testing. With continuing success from the ongoing drilling program, Sonoro’s management has expanded its development plans from the previously announced pilot level project to assess the economic viability of a proposed 8,000 ton per day mining operation.
The metallurgical testing program is focused on determining the heap leach characteristics of the oxide mineralization at Cerro Caliche and will provide quantified estimates of gold and silver recovery from the various mineralized zones near surface and at depth, in addition to providing recommendations for crushing sizes and associated process flow sheet development. The testing will incorporate the following components:
Heap leach testing, including variability composite testing, drill core composite testing, bottle roll testing and column leach testing.
Materials characterization testing, including comminution testing, mineralogy, load/ permeability testing, crushing work index, abrasiveness index and ore density.
Preliminary column leach testing of at-surface mineralized material sampled from the Japoneses Zone was carried out at a dedicated facility near Cerro Caliche by Sonoro during 2019. These tests demonstrated the material to be amendable to cyanide leaching, which will now be confirmed by an independent laboratory.
The current testing program will take into consideration the gold mineralization’s characteristics which are divided into two distinct metallurgical domains, as follows:
Hydrothermal vein quartz structures of variable thickness, from 0.10 to 5 meters, and with variable textures from massive quartz with some vuggy quartz zones to gray quartz. The vein structures are mostly related to fault zones with resulting breccias and silicified zones in the hosting rocks.
Veinlets-stockwork mineralization, with relatively lower average gold grades. These are zones with erratic and irregular quartz narrow veinlets from 0.01 to 0.20 meters width, sometimes with breccia and shatter textures. These veins, veinlets and stockwork are usually in silicified and oxidized zones in the hosting rock and frequently associated with similarly altered rhyolite dikes.
Drilling at Cerro Caliche has shown that the mineralization throughout the various zones is oxidized to the full extent of all the drill holes. Observation of the drill cuttings suggests that the near-surface oxidized mineralization characteristics are similar to the deeper oxidized mineralization.
The current exploration work is part of the Company’s targeted fast-track development schedule for the Cerro Caliche project with the aspirational goal of commencing gold production by the end of 2021. However, a successful realization of that goal remains subject to several material conditions, most notably including the satisfactory completion of metallurgical testing, securing required environmental permitting, a favourable preliminary economic assessment and the availability of project financing.
Jorge Diaz, Sonoro’s Vice President Operations, stated, “It is worth noting that current exploration results are confirming Sonoro’s expectations regarding Cerro Caliche’s potential to become another important heap leach mining operation in Sonora State.”
Kenneth MacLeod, Sonoro’s CEO, added, “Launching the metallurgical testing program represents an important advancement in the development of Cerro Caliche. We are also pleased to have engaged the services of McClelland Laboratories, a widely respected metallurgical testing firm with significant expertise in the successful planning of similar open-pit heap leach mining operations in Sonora State.”
John Darch, Sonoro’s Chairman added, “The engagement of McClelland Laboratories to independently conduct metallurgical testing at Cerro Caliche is a clear and decisive milestone on Sonoro’s fast-track development schedule for commencing gold production by the end of 2021.”
Geologic Description
Cerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic small underground mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district includes epithermal low sulfidation veins and related mineralized rhyolitic dikes and associated volcanic domes.
Host rocks include Jurassic-Cretaceous meta-sedimentary rock units including argillite, shale, quartzite, limestone, quartz pebble conglomerate and andesite. Tertiary age medium coarse-grained granodiorite-granite is present in the westerly parts of the concessions near the historic Cabeza Blanca Mine.
It is apparent that veining cuts pervasively alters the intrusive stock. Younger rhyolite occurs in irregular bodies distributed in higher elevations in the northerly part of the concession, including the Rincon area, where it occurs as flows, sills, dikes and rhyolite domes. Part of the rhyolite is mineralized and appears to have a connection with deposition of epithermal gold mineralization throughout the property.
Qualified Person Statement
Stephen Kenwood, P.Geo., a Director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of gold mineralization in the concessions held by the Company.
About McClelland Laboratories
McClelland Laboratories, Inc. (MLI) has been providing quality laboratory and consulting services to the minerals industry for over 33 years. Their services include metallurgical, environmental, analytical testing and consulting to meet their clients’ needs during all phases of project development, operation, and closure. MLI started as a lab dedicated to the gold, silver and copper industries and has expanded to provide services in a wide range of mineral markets.
MLI has an experienced staff of metallurgical, chemical, and environmental science and engineering professionals and technicians working in over 44,000 square feet of laboratory and office space in Sparks, Nevada. MLI works closely with their clients to design testing programs which meet their project objectives. The MLI philosophy is to design testing programs and procedures to produce the maximum amount of data to efficiently add value to their clients’ projects. MLI understands that attention to detail and quality of work, along with prompt professional service, are of utmost importance to their clients.
About Sonoro Gold Corp.
Sonoro Gold Corp. is an exploration and development company which is fast tracking plans to develop a heap leach gold mine at its flagship Cerro Caliche property in the mining friendly jurisdiction of Sonora, Mexico. Sonoro’s management team consists of expert mining, business, and finance professionals with multi-decade track records of gold and copper deposit discovery and development and ultimately, gold production.
On behalf of the Board of Sonoro Gold Corp.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. - Tel: (604) 632-1764
Email: info@sonorogold.com
Sonoro Gold <info@sonorogold.com>11/4/2020 11:25 AM SMOFF
SONORO ANNOUNCES INITIAL DRILLING RESULTS AND FAST-TRACK TO GOLD PRODUCTION IN 2021
SONORO ANNOUNCES INITIAL DRILLING RESULTS AND FAST-TRACK TO GOLD PRODUCTION IN 2021
(VIEW ONLINE HERE)
VANCOUVER, Canada, November 4, 2020 – Sonoro Gold Corp. (TSXV: SGO), formerly known as Sonoro Metals Corp. (TSXV: SMO) | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce assay results from 12 reverse-circulation (RC) drill holes at its Cerro Caliche project in Sonora State, Mexico. These results reflect all assays received to date from the Company’s ongoing RC drilling program focused on expanding four of the 17 gold mineralization zones at Cerro Caliche. Highlights include key intercepts at the premier Japoneses and Buena Suerte zones.
At Japoneses, SCR-104 intercepted 15.24 meters averaging 1.278 g/t Au and SCR-106 intercepted 16.76 meters averaging 0.853 g/t Au. At Buena Suerte, SCR-096 intercepted 16.76 meters averaging 0.841 g/t Au and SCR-097 intercepted 12.19 meters averaging 0.508 g/t Au. The Company expects that these results will contribute to establishing a significant addition to Cerro Caliche’s existing 201,000 gold equivalent (AuEq) inferred resource estimate[1]. In total, 34 RC holes have been drilled to date, but assay turn-around times are very slow due to COVID-19 related delays. An additional 25 to 30 RC holes are expected to be completed by this coming mid-December and rock density determinations have also been initiated for incorporation into the resource data.
Core drilling at Cerro Caliche to investigate the higher-grade gold targets remains ongoing. Nine exploratory holes have been completed to date and an additional ten core holes are expected to be completed by mid-December. Furthermore, an air-track drill rig is scheduled to commence shallow percussion drilling to investigate continuity of mineralization between the mineralized zones.
As part of the Company’s strategy to fast-track the development of a Heap Leach Mining Operation (HLMO) at Cerro Caliche, ten 85-mm diameter PQ Core holes were drilled to supply deeper mineralized material for metallurgical testing. Management is expanding its development plans from the previously announced pilot level project to assess the economic viability of a proposed 8,000 ton per day mining operation.
The current exploration work is part of the Company’s conceptual fast-track development schedule for the Cerro Caliche project with the aspirational goal of commencing gold production by the end of 2021. However, a successful realization of that goal remains subject to several material conditions, most notably including the satisfactory completion of metallurgical testing, securing required environmental permitting, a favourable preliminary economic assessment and the availability of project financing.
Crews for both the RC and Core drilling rigs are to take a one-week pause-break so that long-awaited assay results may be received and incorporated into the ongoing refinement of the drill targets within the two respective drill programs.
Sonoro CEO, Kenneth MacLeod stated, “We are very encouraged by the results thus far as they indicate we are on track with our plans to increase and upgrade Cerro Caliche’s inferred gold equivalent resource, while at the same time our work to develop a heap leach gold mining operation is proceeding right on schedule. We are also pleased to report that 100% of 5 million warrants exercisable at $0.15 have been exercised for proceeds to Sonoro of $750,000.”
John Darch, Sonoro’s Chairman, added, “While we continue drilling our higher-grade gold targets, our primary focus remains on accelerating the proposed heap leach mine development with the intention of achieving production and cash flow by December 2021. I expect both efforts, in addition to our high-grade drilling program, should produce an exceptional and exciting 2021 for Sonoro’s shareholders.”
The 12 RC drill holes tabulated or discussed here are listed with the below-selected assay intervals. A Cutoff of 0.15 grams per ton Au was used for reporting intervals and, for consistency, is in the same format as in previous years’ news reports. The drill holes are angled generally 45 degrees at azimuth 225° and are targeted to cut the vein zones near perpendicular to their plane of strike. The drill intervals are near true widths of the vein zones unless reported otherwise.
The Japoneses vein zone is the largest mineralized zone on the Cerro Caliche project with dimensions of up to 300 meters wide by 550 meters long with the five new holes reported here filling several drill pattern gaps and also extending the mineralized zone 100 meters to the northwest and 100 meters to the southeast. The apparent continuation of this zone by an additional 350 meters to the southeast is identified as the Los Cuervos zone. This entire mineralized zone is a series of northwest-trending veins, shears and shatter bands in quartzite with shales in its central and southern parts. The northern extension of the Japoneses zone gold mineralization passes into andesite and vein associated rhyolitic dikes where both rock units host gold mineralization.
Two drill holes were in the vicinity of the El Boludito vein, a small zone that begins in the hanging wall of the Japoneses vein zone and extends in a northerly direction away from the Japoneses zone. The results indicated insufficient dimensions and mineralization to add to the current mineralized material inventory.
Two RC drill holes cut the Chinos NW gold mineralized zone which is about 400 meters long and up to 30 meters wide running parallel to the Japoneses zone on its east side. It continues northerly for another 500 meters between El Boludito and the Veta de Oro vein zone before merging into Veta de Oro where a further outcrop of the vein zone is hidden by soil cover. The Chinos NW vein zone appears to be part of a classic vein splitting pattern called “horse tailing” on its southern part. Drill hole SCR-101 tested the Chinos NW mineralization’s northernmost extent with mixed results, including 3.05 meters averaging 0.517 g/t Au and 3.6 g/t Ag. Two of the core drill holes cut the southern part of Chinos NW and will be reported in upcoming diamond drill hole results.
Three holes were completed in the Buena Suerte vein zone and, while showing the vein zone is independent of other nearby vein zones, they also added to the potential for increasing the project’s current inferred gold resource. The veins are hosted in quartzite and a vein parallel - rhyolite dike. The three drill holes intersected gold mineralization that will potentially extend mineralized material to more than double the prior drill confirmed mineralized dimensions. The dimensions of the Buena Suerte mineralized zone are approximately 30 meters wide by 300 meters in length and located about 120 meters west of the Japoneses footwall structure with a parallel NW trend.
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical Procedures
Drill samples are collected with an airstream cyclone and passed into a splitter that divides each sample into quarters. The quartered samples are then bagged and sealed with identification. The sample group has blanks, standards and duplicates inserted into the sample stream. ALS-Chemex collects the samples and transports them directly to the preparation laboratory in Hermosillo, Sonora.
At the laboratory, part of each sample is reduced through crushing, splitting and pulverization from which 200 grams is sent to the ALS-Chemex assay laboratory in Vancouver. Thirty grams undergoes fire assay for gold with the resulting concentrated button of material produced is dissolved in acids and the gold is determined by atomic absorption. Another quantity of the sample is dissolved in four acids for an ICP multi-element analysis.
Geologic Description
Cerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic underground mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district include variants of epithermal low sulfidation veins and related mineralized dikes and associated volcanic domes. Local altered felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization both in the dikes and meta-sedimentary rocks.
Host rocks include Jurassic-Cretaceous meta-sedimentary rock units including argillite, shale, quartzite, limestone, quartz pebble conglomerate and andesite. Younger intrusive rock consisting of medium coarse-grained granodiorite-granite is present in the westerly parts of the concessions near the historic Cabeza Blanca Mine. It is apparent that veining cuts and pervasively alters the intrusive stock. Rhyolite occurs in irregular bodies distributed in higher elevations in the northerly part of the concession, including the Rincon area, where it occurs as flows, sills, dikes and rhyolite domes. Part of the rhyolite is mineralized and appears to be related to epithermal gold mineralization throughout the property.
Qualified Person Statement
Stephen Kenwood, P.Geo., a director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of gold mineralization in the concessions held by the company.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. - Tel: (604) 632-1764
Email: info@sonorogold.com
[1] NI 43-101 Technical Report on the Cerro Caliche Property, July 26, 2019, Strickland, D., Sim, R.C. prepared for Sonoro Metals; comprised of an inferred resource of 201,000 AuEq ounces at a grade of 0.55 AuEq (0.495 g/t Au and 4.3 g/t Ag)
Forward-Looking Statement Cautions: This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company's plans for the drilling of the above-described Cerro Caliche Concessions, located in the municipality of Cucurpe, Sonora, Mexico, and the Company’s future exploration and development plans for those properties. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavourable interim exploration results, the lack of sufficient future financing to carry out exploration plans, and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company 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 required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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there are 2 boards for sonoro gold on ihub...
this board...smoff...which reflects trades from otc..
and
sgo which reflects trades from tsxv...
trades are the same and volume is the same but on
occasions they differ...
sgo reflects trades in canadian dollars
smoff reflects trades in u.s. dollars
Sonoro Metals Corp. changed to Sonoro Gold Corp.:
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
kaiser research elevates opinion on sonoro metals...
file:///C:/Users/19494/Downloads/Kaiser%20Research%20Online%20-%20Trackers%20-%20Tracker%20What's%20Next%20for%20Sonoro%20Metals%20Corp%20-%20Sat%20Aug%2015,%202020%20(1).pdf
Sonoro Metals Announces Closing of $8 Million Private Placement Including the Fully Subscribed 60% Overallotment Option
9:00 AM ET, 08/12/2020 - GlobeNewswire
“THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTIONTO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES”
VANCOUVER, British Columbia, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Sonoro Metals Corp. (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that it has closed a non-brokered private placement for $8,000,000 with a lead order from Palisades Goldcorp Ltd. The private placement was initially announced on July 23, 2020 for 22,727,273 Units and was increased, as announced on July 31, 2020, by way of an overallotment option of up to 60% (i.e. an additional 13,636,364 Units) at $0.22 per Unit, for total gross proceeds of $8,000,000 (collectively, the “Offering”). Each Unit consists of one Sonoro Common Share and one Share Purchase Warrant. Each warrant entitles the holder to purchase one additional Sonoro Common share for a period of three years from the closing date at an exercise price of $0.30 per share.
All securities issued and issuable in connection with the Offering will be subject to a 4-month hold period ending December 13, 2020. The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to the receipt of final approval from the TSX Venture Exchange.
In connection with the Offering, the Company entered into finder’s fee agreements with Mackie Research Capital Corp., PI Financial Corp., Haywood Securities Inc., Canaccord Genuity Corp., Arbora A.G., Raymond James, Echelon Wealth Partners Inc. and Odlum Brown (collectively, the “Finders” and each, a “Finder”) pursuant to which the Company paid to each arm’s length Finder: (i) at the election of the Finder, either a cash finder’s fee or Units equal to 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder and(ii) such number of non-transferable finder’s warrants (the “Finder’s Warrants”) equal to 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder. Each Finder’s Warrant entitles the Finder to purchase one common share in the capital of the Company at a price of $0.30 for a period of three years following the closing of the Offering. Odlum Brown will only receive a cash finder’s fee with respect to its portion of the Finder’s Fee.
Directors and officers of the Company participated in the Offering by subscribing for 1,593,181 Units, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.
The Company plans to use the proceeds from the Offering to launch Phase One of the 2020-21 Core Drilling Program to test the Cerro Caliche epithermal system’s potential to host high-grade gold mineralization at depth as discussed in the Company's June 26, 2020 News Release titled, “Sonoro Drilling Targeting High-grade Epithermal Gold Mineralization at Cerro Caliche” which referenced Sonoro’s Report, “2020 Drilling Program - Phase 1 Targeting High Grade Mineralization at Depth”.
The Company also intends to apply a portion of the Offering proceeds to fund additional shallow reverse circulation drilling for the advancement of the Company’s proposed Heap Leach Pilot Operation (HLPO) which is intended to assess the economic feasibility of the bulk mining of the shallow oxide gold mineralization at Cerro Caliche. The initial target for such future test production is the Japoneses zone, which is the location of most of the 201,000 ounce AuEq (gold equivalent) inferred resource documented in a July 26, 2019 independent NI 43-101 Technical Report on the Cerro Caliche Gold Project (the “July 2019 Report”) available on the Company’s website under the “Investors” tab at www.sonorometals.com.
As an initial step, the Company plans to expedite the completion of a Preliminary Economic Assessment of the proposed HLPO. Readers are cautioned that, until the Preliminary Economic Assessment's completion, no definitive conclusions can be made as to the technical or economic viability of the proposed HLPO.
The inferred resources documented in the July 2019 Report, together with the deeper high-grade gold targets, are located within a larger 3km by 4km area of near-ubiquitous surface gold mineralization which hosted seven 19th century artisanal mine workings. High grade chip and channel samples returned from 4 to 95 g/t Au (See the Company’s May 25, 2020Cerro Caliche Project Development Report available under the “Projects” tab at www.sonorometals.com). The Company intends to use the balance of the proceeds of the Offering for additional project assessment, general corporate and administrative costs, and working capital purposes.
With the requisite environmental permits in place and the initial drill pads ready for operations, Sonoro has contracted drilling company, Layne de Mexico, a subsidiary of Granite Construction Incorporated (NYSE: GVA) to immediately commence the core drilling program, with the reverse circulation drilling program scheduled to commence before the end of August 2020. Both the drilling crews and Sonoro’s technical team are based in Hermosillo, Mexico and are not restricted by cross-border issues related to the COVID-19 pandemic.
Sonoro has also received proceeds in the amount of $162,143 through the exercise of 600,528 share purchase warrants at an exercise price of $0.27 per warrant share. These warrants were issued pursuant to a private placement dated July 31, 2019, with an expiry date of August 1, 2020.
Sonoro’s President and CEO, Kenneth MacLeod, stated, “Sonoro’s management team is delighted by the recognition and faith demonstrated by investors as to the merits of our dual strategy of higher risk but potentially high reward exploration drilling of the Cerro Caliche deeper high-grade gold targets, while we concurrently advance our proposed Heap Leach Pilot Operation as an initial step in assessing the property’s shallow bulk gold mining potential. I would also like to express my thanks on behalf of our directors and shareholders to Palisades Goldcorp for acting as the financing’s lead and the exceptional role they have played.”
Sonoro Metals Chairman, John Darch, commented, “A strong, diverse and loyal shareholder base is a key component of any company’s long term success and while it was impossible to accommodate everyone, the private placement and the overallotment gave many new investors an initial stake in Sonoro’s future success.” Darch added that, “the overallotment should allow us to accelerate and expand our Phase One core drilling program while ensuring that we have the funds to proceed expeditiously to complete a Preliminary Economic Assessment for the HLPO, just as we continue to explore, develop and potentially expand the Cerro Caliche gold resource.”
About Palisades Goldcorp.Palisades Goldcorp is Canada’s new resource focused merchant bank. Palisades’ management team has a demonstrated track record of making money and is backed by many of the industry’s most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.
About Sonoro Metals Corp.Sonoro is a publicly listed mineral exploration and development company with two exploration stage precious metal properties in Sonora State, Mexico. The Company’s current principal focus, under the leadership of its management team with proven track records for the discovery and development of natural resource deposits, is the pursuit of a three-pronged exploration and development strategy for its Cerro Caliche Project. This strategy consists of:
first: executing an aggressive exploration program to test the project’s deeper high-grade gold potential,second: developing the Company's proposed Heap Leach Pilot Operation and its supporting inferred gold resource, andthird: concurrently continuing exploration and infill drilling to further assess the Project’s potential for near-surface bulk mineable oxide inferred gold resource.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”Kenneth MacLeodPresident & CEO
For further information, please contact: Sonoro Metals Corp. - Tel: (604) 632-1764 Email: info@sonorometals.com
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things the intended use of the proceeds of the Offering and the Company’s intention to proceed with the execution of its exploration and development plans for its Cerro Caliche Project, including the development of a heap leach pilot operation. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties, including the risks that the Company will not be able to secure sufficient future financing necessary to fund all of its proposed exploration and development of its Cerro Caliche Project, or to fund its other project exploration and development business; future exploration results will be unfavourable and will not support the proposed plan to build a heap leach pilot operation or justify further exploration efforts; equipment failures, accidents, or external problems (e.g. civil unrest, public health emergencies) may materially increase the Company’s business expenses or delay (or prevent altogether) the execution of the Company’s business plans; and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s mineral exploration programs and development plans for its projects, at present, all of which are located in Mexico, may prevent the Company from carrying out some or all of its business plans.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company 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 required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com for further information regarding the Company’s business and the risks associated therewith.
“This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act (“Regulation S”), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act.”
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Source: Sonoro Metals Corp.
Price Performance Comparison As of 08/12/2020
Price Performance Comparison Table
Index Comparison 1 Month 6 Months 1 Year 52-Week Range
SMOFF:TSXV
+68.57% +118.52% +78.79% Percentile : 61.2681524518481%
S&P 500 +4.77% +0.03% +17.22% Percentile : 99.0696203585041%
S&P Global BMI +5.70% -2.21% +11.80% Percentile : 93.5922242525846%
ETFs Holding This Company
ETFs Holding this Company Table
Symbol Name Morningstar Category % of Fund 52-Week Range
No ETFs Available
Company Profile
Business Summary
Sonoro Metals Corp. is an exploration-stage company. The Company is engaged in the acquisition, exploration and development of exploration and evaluation assets. The Company operates through the exploration of mineral properties segment. The Company's subsidiary, Minera Mar De Plata, S.A. de C.V., holds an interest in the Chipriona and Los Pinos properties, located in Sonora State, Mexico. Chipriona consists of over four concessions totaling approximately 410 hectares and adjoins Agnico Eagle's La India and Tarachi deposits. The Los Pinos property is approximately three kilometers west of Chipriona. The Company's subsidiary, Minera Breco, S.A. de C.V., holds the San Marcial project, located in Sonora State, Mexico, which consists of over three contiguous mineral concessions. It has interest in approximately 1,280 hectare Monroe Property located in the Fort Steele Mining Division in southeastern British Columbia.
Executives
John Darch
Executive Chairman of the Board
Kenneth MacLeod
President, Chief Executive Officer, Director
Scott Kelly
Chief Financial Officer, Director
Dayna Leigh
Secretary
Katharine Regan
Corporate Secretary
Stephen Kenwood
Director
Contact Information
Website
https://sonorometals.com/
Office
789 Pender St W Suite 480
VANCOUVER, BC V6C 1H2
Phone
(604) 632-1764
Fax
(604) 632-1764
SONORO METALS ANNOUNCES ADDITION OF $3.0 MILLION OVERALLOTMENT OPTION
TO $5.0 MILLION UNIT PRIVATE PLACEMENT
VANCOUVER, Canada, July 31, 2020 – Sonoro Metals Corp. (TSXV: SMO | OTCQB: SMOFF | FRA:
23SP) (“Sonoro” or the “Company”) is pleased to announce that, in response to strong investor
demand, it is increasing its non-brokered private placement first announced on July 23 (the
"Offering") by providing for an overallotment option of up to 60% (13,636,364 Units) over and above
the 22,727,273 Units previously announced. The Offering price remains $0.22 per Unit, each
comprised of one Sonoro Common share and one Common share purchase warrant. Each warrant
will entitle the holder thereof to purchase one additional Sonoro Common share for a period of
three years from the closing at an exercise price of $0.30 per share. The Offering, if fully subscribed,
will yield gross proceeds of $5,000,000, with the potential to add up to $3,000,000 of additional
proceeds under the overallotment option.
The Company intends to pay finder’s fees as permitted under the policies of the TSX Venture
Exchange in respect of Units placed with the assistance of registered securities dealers. All securities
issued and issuable in connection with the Offering will be subject to a 4-month hold period in
Canada from the closing date. The Offering, including the overallotment option, is subject to TSX
Venture Exchange acceptance.
The net proceeds from the Offering will be used principally to fund Sonoro’s previously announced
exploration and development plans at its Cerro Caliche Project located in Sonora, Mexico and project
property maintenance payments, and secondarily for corporate and general administrative expenses.
About Sonoro Metals Corp.
Sonoro is a publicly listed mineral exploration and development company with two exploration stage
precious metal properties in Sonora State, Mexico. The Company’s current principal focus, under
the leadership of its management team, with proven track records for the discovery and
development of natural resource deposits, is the pursuit of a dual-track strategy for its Cerro Caliche
Project – developing a heap leach pilot operation, while continuing an aggressive exploration program
to potentially expand the project’s size.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Metals Corp. - Tel: (604) 632-1764
Email: info@sonorometals.com
PRESS RELEASE: SONORO METALS ANNOUNCES $5.0 MILLION UNIT PRIVATE PLACEMENT
VANCOUVER, Canada, July 23, 2020 – Sonoro Metals Corp. (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that it will undertake a non-brokered private placement offering (the "Offering"), consisting of up to 22,727,273 units (the “Units”) at a price of C$0.22 per Unit, for gross proceeds of up to C$5,000,000. Each Unit will be comprised of one Sonoro Common share and one Common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional Sonoro Common share for a period of three years from the closing at an exercise price of $0.30 per share.
The Company intends to pay finder’s fees as permitted under the policies of the TSX Venture Exchange in respect of Units placed with the assistance of registered securities dealers. All securities issued and issuable in connection with the Offering will be subject to a 4-month hold period in Canada from the closing date. The Offering is subject to TSX Venture Exchange acceptance.
The net proceeds from the Offering will be used principally to fund Sonoro’s previously announced exploration and development plans at its Cerro Caliche Project located in Sonora, Mexico and project property maintenance payments, and secondarily for corporate and general administrative expenses.
“Upon completion of the financing, we intend to immediately commence the deeper drill program, as the requisite permits are in place and both our technical team and the drill crews are based in Hermosillo and do not require any cross-border travel,” said Kenneth MacLeod, President and CEO of Sonoro.
About Sonoro Metals Corp.
Sonoro is a publicly listed mineral exploration and development company with two exploration stage precious metal properties in Sonora State, Mexico. The Company’s current principal focus, under the leadership of its management team, with proven track records for the discovery and development of natural resource deposits, is the pursuit of a dual-track strategy for its Cerro Caliche Project – developing a heap leach pilot operation, while continuing an aggressive exploration program to potentially expand the project’s size.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Metals Corp. - Tel: (604) 632-1764
Email: info@sonorometals.com
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things: (i) the proposed development and financing of the Company’s exploration and development plans for its Cerro Caliche Project, including the development of a heap leach pilot operation; and (ii) the Company’s intention to undertake a Unit private placement financing. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties, including the risks that the Company will not be able to successfully sell any or all of the Units; the Company will not be able otherwise to secure the financing necessary to fund its proposed exploration and development of its Cerro Caliche Project, or to fund its other project exploration and development business; future exploration results will be unfavourable and will not support the proposed plan to build a heap leach pilot operation or justify further exploration efforts; equipment failures, accidents, or external problems (e.g. civil unrest, public health emergencies) may materially increase the Company’s business expenses or delay (or prevent altogether) the execution of the Company’s business plans; and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s mineral exploration programs and development plans for its projects, at present, all of which are located in Mexico, may prevent the Company from carrying out some or all of its business plans.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company 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 required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com for further information regarding the Company’s business and the risks associated therewith.
“This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act (“Regulation S”), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act.”
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
PRESS RELEASE: Sonoro drilling targeting high-grade Epithermal gold mineralization at Cerro Caliche
VANCOUVER, Canada, June 26, 2020 - Sonoro Metals Corp., (“Sonoro” or the “Company”) (TSXV: SMO) (OTCQB: SMOFF) is pleased to announce plans for its 2020 Phase One Drilling Program at Cerro Caliche, and has issued an illustrative plan titled ‘Targeting High Grade Gold Mineralization at Depth’ (the “Drilling Plan”) available here and on the Cerro Caliche project page of the company’s website*. Sonoro is also investigating alternative plans for its proposed Heap Leach Pilot Operation (HLPO).
Phase One of the program will total 6,000 meters of core drilling to test 20 targets, of which the initial 11 holes have been identified in the Drilling Plan. Of the remaining nine holes, seven have been tentatively identified in the Drilling Plan and two are reserved depending on the results of prior holes. This initial core drilling program is the first segment of the proposed 50,000 meters of core and rotary drilling contemplated in the Company’s May 26, 2020 news release.
Permitting for Phase One in place, financing discussions underway
The Company has the required permits to proceed with the first phase of the drilling program. Sonoro is currently in talks with various parties regarding the structure and amount of a potential financing for the program. Consequently, subject to Sonoro securing the necessary financing, drilling could commence within three weeks of completion of the financing.
The main purpose of the 2020 Phase One drilling program is to explore the potential for Cerro Caliche’s outlined, previously drilled, shallow, gold-bearing epithermal mineralization to explore zones to test for the presence of deeper high-grade gold mineralization. The Drilling Plan is based on the content and conclusions explained in the Cerro Caliche Project Development report (the “PDR”) and subsequent work to define specific drill targets. The PDR, which outlined the potential for higher grade gold zones deeper in the epithermal system, was disseminated to the public by the Company on May 25th, 2020 and is available on the Sonoro website at: www.sonorometals.com.
As illustrated in the Drilling Plan, the proposed 6,000 meters of core drilling will target mineralized zones projected to support vein zone coalescences at elevations favorable for the deposition of high-grade gold, at a depth from surface averaging approximately 200 to 300 meters. Drilling will test the confluence of parallel striking gold bearing vein zones that, at surface, are expressed as gold enriched sheeted vein sets. It will also similarly test at depth, the area’s coalescing of gold enriched stockwork zones. An additional focus is on areas where the rock type changes from quartzite to cretaceous andesite host rock.
Projected potential gold grades
The deep potential targeted by Sonoro will test for similarities to the neighbouring Mercedes mine, 9 km to the southeast. The Mercedes mine operates mainly underground with mining supplying a 2,000 tonnes per day mill that has operated since 2011 (Premier Gold website). The Mercedes mine is located in the same mineralized epithermal district and related hydrothermal - igneous system that hosts the Cerro Caliche mineralized area. Average mine-mill grades at the Mercedes mine have ranged between 3 and 6 grams/tonne gold with up to 100 grams/tonne silver. While encouraging because Cerro Caliche shares similarities with the geology at the Mercedes mine site, there can be no assurance that high grade gold zones similar to those at Mercedes will be discovered at Cerro Caliche.
Drilling to be concurrent to Heap Leach Pilot Operation development
The Phase One drilling is expected to take up to five months. It will continue concurrent with Sonoro’s ongoing efforts to complete an agreement with one of the four China-based EPC companies that the Company is in discussions with for the financing and development of its proposed Cerro Caliche Heap Leach Pilot Operation (HLPO). Advancing productive discussions with the Chinese EPC companies has been delayed by COVID-related travel restrictions since February 2020. Because there can be no assured date as to when COVID related restrictions will be lifted, Sonoro is investigating an alternative plan to advance its proposed HLPO with Mexican technical expertise, thereby possibly eliminating the impact of future COVID-19 related travel restrictions. Additional information on the alternative plan will be announced in due course.
"Aside from the evident bull market gold is building", said John Darch Sonoro’s Chairman, “Sonoro is in a position to potentially benefit from multiple high-impact value catalysts in the coming months. Of these catalysts, the drill-testing of these deeper, possible high-grade gold targets is the most immediate and has the greatest potential to add value in the near-term,” he added.
“As this news release details, our strategy is to employ what we think is an ideal combination of well-targeted exploration drilling, which has the potential to define wider vein intercepts with the potential to demonstrate higher gold grades across the project, together with proposed plans for development of a Heap Leach Pilot Operation which, if achieved, has the potential to fund Sonoro’s future growth,” said Kenneth MacLeod, President & CEO of Sonoro. “Consequently, it could greatly reduce the need for future equity financings.”
Sampling Results
To assist in the selection of targets for the Drilling Plan, Sonoro has completed an in-depth analysis of a total of 4,397 surface samples comprised of chips and channel samples of veins, stockwork and rocks that are confirmed to conform to Sonoro’s QA/QC protocols. Of these, the results of 3,834 samples were summarized in Sonoro’s news release dated October 10, 2018. Since that date, an additional 406 samples collected by Sonoro and 406 samples collected under NI 43-101 standardized methods by prior operator, Paget Southern Resources, have been added to the database. The 4,397 sample results averaged 0.48 g/t Au and 6.7 g/t Ag. Further analysis of the database showed that 495 samples averaged 3 g/t Au and 35 g/t Ag.
Sonoro has also received additional data from the historical exploration program carried out by Corex Gold in 2006 and 2007. Assay data for a total of 563 trenches and road-cut samples are being analyzed and will be added to the Sonoro database. This data is from sampling conducted under NI 43-101 standardized methods and is useful for resolving geology and assessing mineralized zones for future drilling.
On-Site Quality Assurance/Quality Control (QA/QC) Measures
Rock samples were collected by Sonoro’s geological and technical employees utilizing industry-standard methods of collection, including recording of descriptive data with hand held GPS-determined locations in UTM NAD 27 grid locations of center point of continuous chipped fine to coarse rock material collected directly into micropore or plastic bags from 1.5 to 3 meter lengths. Rock material collected was contained in numbered plastic bags with plastic zip ties closing them and numbered paper tags were inserted into the bags to confirm identification. Bags are locked in secure locations under the supervision of Sonoro personnel and are then transported by Sonoro personnel to the ALS-Chemex sample preparation facility in Hermosillo, Sonora, Mexico. The ALS-Chemex laboratory in Hermosillo prepares the samples by crushing, splitting and grinding to a fine pulp culminating with shipment to the ALS-Chemex analytical laboratory in Vancouver, B.C. for gold analysis by 30 gram fire assay with AA finish. In addition, a second small fraction of pulp is dissolved in a 4-acid mixture and is processed for the ICP determination of normal 35 element package. The ALS-Chemex laboratory inserts blanks and gold standards into the sample stream to verify the accuracy of the laboratory processes.
Qualified Person Statement
All scientific and technical information contained in the Drilling Plan and this press release has been reviewed and approved by Stephen Kenwood, P.Geo., a Director of Sonoro Metals Corp., who is a "qualified person" as defined in NI 43-101.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
KENNETH MACLEOD
President & CEO
For further information, please contact:
Sonoro Metals Corp. - Tel: (604) 632-1764
Email: info@sonorometals.com
*Link to “Drilling Plan” on website: https://sonorometals.com/wp-content/uploads/2020/06/20200626-Drilling-Targeting-High-Grade-FINAL.pdf
Forward-Looking Statement Cautions: This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company's plans for 50,000 meters of drilling of the above-described Cerro Caliche Concessions, located in the municipality of Cucurpe, Sonora, Mexico, the Company’s future exploration plans for those properties, the development of a heap leach pilot operation, and the need for future financing to support the Company’s operations. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavourable interim exploration results, the lack of sufficient future financing to carry out exploration plans, and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company 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 required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION
PRESS RELEASE: Sonoro drilling targeting high-grade Epithermal gold mineralization at Cerro Caliche
VANCOUVER, Canada, June 26, 2020 - Sonoro Metals Corp., (“Sonoro” or the “Company”) (TSXV: SMO) (OTCQB: SMOFF) is pleased to announce plans for its 2020 Phase One Drilling Program at Cerro Caliche, and has issued an illustrative plan titled ‘Targeting High Grade Gold Mineralization at Depth’ (the “Drilling Plan”) available here and on the Cerro Caliche project page of the company’s website*. Sonoro is also investigating alternative plans for its proposed Heap Leach Pilot Operation (HLPO).
Phase One of the program will total 6,000 meters of core drilling to test 20 targets, of which the initial 11 holes have been identified in the Drilling Plan. Of the remaining nine holes, seven have been tentatively identified in the Drilling Plan and two are reserved depending on the results of prior holes. This initial core drilling program is the first segment of the proposed 50,000 meters of core and rotary drilling contemplated in the Company’s May 26, 2020 news release.
Permitting for Phase One in place, financing discussions underway
The Company has the required permits to proceed with the first phase of the drilling program. Sonoro is currently in talks with various parties regarding the structure and amount of a potential financing for the program. Consequently, subject to Sonoro securing the necessary financing, drilling could commence within three weeks of completion of the financing
The main purpose of the 2020 Phase One drilling program is to explore the potential for Cerro Caliche’s outlined, previously drilled, shallow, gold-bearing epithermal mineralization to explore zones to test for the presence of deeper high-grade gold mineralization. The Drilling Plan is based on the content and conclusions explained in the Cerro Caliche Project Development report (the “PDR”) and subsequent work to define specific drill targets. The PDR, which outlined the potential for higher grade gold zones deeper in the epithermal system, was disseminated to the public by the Company on May 25th, 2020 and is available on the Sonoro website at: www.sonorometals.com.
As illustrated in the Drilling Plan, the proposed 6,000 meters of core drilling will target mineralized zones projected to support vein zone coalescences at elevations favorable for the deposition of high-grade gold, at a depth from surface averaging approximately 200 to 300 meters. Drilling will test the confluence of parallel striking gold bearing vein zones that, at surface, are expressed as gold enriched sheeted vein sets. It will also similarly test at depth, the area’s coalescing of gold enriched stockwork zones. An additional focus is on areas where the rock type changes from quartzite to cretaceous andesite host rock.
Projected potential gold grades
The deep potential targeted by Sonoro will test for similarities to the neighbouring Mercedes mine, 9 km to the southeast. The Mercedes mine operates mainly underground with mining supplying a 2,000 tonnes per day mill that has operated since 2011 (Premier Gold website). The Mercedes mine is located in the same mineralized epithermal district and related hydrothermal - igneous system that hosts the Cerro Caliche mineralized area. Average mine-mill grades at the Mercedes mine have ranged between 3 and 6 grams/tonne gold with up to 100 grams/tonne silver. While encouraging because Cerro Caliche shares similarities with the geology at the Mercedes mine site, there can be no assurance that high grade gold zones similar to those at Mercedes will be discovered at Cerro Caliche.
Drilling to be concurrent to Heap Leach Pilot Operation development
The Phase One drilling is expected to take up to five months. It will continue concurrent with Sonoro’s ongoing efforts to complete an agreement with one of the four China-based EPC companies that the Company is in discussions with for the financing and development of its proposed Cerro Caliche Heap Leach Pilot Operation (HLPO). Advancing productive discussions with the Chinese EPC companies has been delayed by COVID-related travel restrictions since February 2020. Because there can be no assured date as to when COVID related restrictions will be lifted, Sonoro is investigating an alternative plan to advance its proposed HLPO with Mexican technical expertise, thereby possibly eliminating the impact of future COVID-19 related travel restrictions. Additional information on the alternative plan will be announced in due course.
"Aside from the evident bull market gold is building", said John Darch Sonoro’s Chairman, “Sonoro is in a position to potentially benefit from multiple high-impact value catalysts in the coming months. Of these catalysts, the drill-testing of these deeper, possible high-grade gold targets is the most immediate and has the greatest potential to add value in the near-term,” he added.
“As this news release details, our strategy is to employ what we think is an ideal combination of well-targeted exploration drilling, which has the potential to define wider vein intercepts with the potential to demonstrate higher gold grades across the project, together with proposed plans for development of a Heap Leach Pilot Operation which, if achieved, has the potential to fund Sonoro’s future growth,” said Kenneth MacLeod, President & CEO of Sonoro. “Consequently, it could greatly reduce the need for future equity financings.”
Sampling Results
To assist in the selection of targets for the Drilling Plan, Sonoro has completed an in-depth analysis of a total of 4,397 surface samples comprised of chips and channel samples of veins, stockwork and rocks that are confirmed to conform to Sonoro’s QA/QC protocols. Of these, the results of 3,834 samples were summarized in Sonoro’s news release dated October 10, 2018. Since that date, an additional 406 samples collected by Sonoro and 406 samples collected under NI 43-101 standardized methods by prior operator, Paget Southern Resources, have been added to the database. The 4,397 sample results averaged 0.48 g/t Au and 6.7 g/t Ag. Further analysis of the database showed that 495 samples averaged 3 g/t Au and 35 g/t Ag.
Sonoro has also received additional data from the historical exploration program carried out by Corex Gold in 2006 and 2007. Assay data for a total of 563 trenches and road-cut samples are being analyzed and will be added to the Sonoro database. This data is from sampling conducted under NI 43-101 standardized methods and is useful for resolving geology and assessing mineralized zones for future drilling.
On-Site Quality Assurance/Quality Control (QA/QC) Measures
Rock samples were collected by Sonoro’s geological and technical employees utilizing industry-standard methods of collection, including recording of descriptive data with hand held GPS-determined locations in UTM NAD 27 grid locations of center point of continuous chipped fine to coarse rock material collected directly into micropore or plastic bags from 1.5 to 3 meter lengths. Rock material collected was contained in numbered plastic bags with plastic zip ties closing them and numbered paper tags were inserted into the bags to confirm identification. Bags are locked in secure locations under the supervision of Sonoro personnel and are then transported by Sonoro personnel to the ALS-Chemex sample preparation facility in Hermosillo, Sonora, Mexico. The ALS-Chemex laboratory in Hermosillo prepares the samples by crushing, splitting and grinding to a fine pulp culminating with shipment to the ALS-Chemex analytical laboratory in Vancouver, B.C. for gold analysis by 30 gram fire assay with AA finish. In addition, a second small fraction of pulp is dissolved in a 4-acid mixture and is processed for the ICP determination of normal 35 element package. The ALS-Chemex laboratory inserts blanks and gold standards into the sample stream to verify the accuracy of the laboratory processes.
Qualified Person Statement
All scientific and technical information contained in the Drilling Plan and this press release has been reviewed and approved by Stephen Kenwood, P.Geo., a Director of Sonoro Metals Corp., who is a "qualified person" as defined in NI 43-101.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
KENNETH MACLEOD
President & CEO
For further information, please contact:
Sonoro Metals Corp. - Tel: (604) 632-1764
Email: info@sonorometals.com
*Link to “Drilling Plan” on website: https://sonorometals.com/wp-content/uploads/2020/06/20200626-Drilling-Targeting-High-Grade-FINAL.pdf
Forward-Looking Statement Cautions: This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company's plans for 50,000 meters of drilling of the above-described Cerro Caliche Concessions, located in the municipality of Cucurpe, Sonora, Mexico, the Company’s future exploration plans for those properties, the development of a heap leach pilot operation, and the need for future financing to support the Company’s operations. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavourable interim exploration results, the lack of sufficient future financing to carry out exploration plans, and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company 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 required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SONORO METALS CORPORATION
PRESS RELEASE: Sonoro issues revised Cerro Caliche project development report
VANCOUVER, Canada, May 26, 2020 – Sonoro Metals Corp., (“Sonoro” or the “Company”) (TSXV: SMO) (OTCQB: SMOFF) is pleased to report that it has published a revised version of its Cerro Caliche Project Development Report dated May 22, 2020 (the “Revised Report”). As disclosed in its press release of May 13, 2020, as a result of a review by the British Columbia Securities Commission, the Company withdrew an April 28, 2020 version of this project development report as it contained certain technical disclosures that did not comply with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The Revised Report, which is not a technical report as defined by NI 43-101 and should not be considered as such, has been updated to address those disclosure issues and is now available on the Cerro Caliche project page of the Company’s website: https://sonorometals.com/wp-content/uploads/2020/04/Cerro-Caliche-Project-Development-Report-2020-21-1.pdf
Based on the methodologies and modelling set out in the Revised Report, the Company believes that the 50,000 meters of drilling planned for 2020 and 2021 will enable the Company to not only outline additional gold and silver mineralization where zones of mineralization are currently open in one or more directions, but also to evaluate 16 surface defined gold mineralized zones that have not previously been drill tested. Drilling will include both infilling the zones that were previously drilled as well as a large number of holes to test undrilled portions of the various mineralized trends along strike and at depth.
The proposed drilling program has been designed to test the exploration target of between 75,000,000 to 100,000,000 tonnes with grades potentially between 0.3 g/t to 0.5 g/t AuEq. The potential tonnages and grades set forth in the analysis of geological potential are conceptual in nature, as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Good exploration potential exists in what has been interpreted to be the boiling zone, or favorable zone, which was better defined in the Revised Report. Analysis of higher grade chip samples taken by the Company over an area of 4 kms by 3 kms were restricted to elevations between 1,100 masl to almost 1,700 masl; most of these samples ranged from 4 g/t to 25 g/t gold with a high of 95 g/t (NI 43-101 Report on the Cerro Caliche Gold Project, July 26, 2019). This data will assist in planning holes to target high grade intercepts in areas where previously tested trends are open at depth or along strike. Additionally, there is exploration potential for additional gold and silver targets on the property that have been discovered by prospecting, mapping and rock chip sampling and have yet to be drill-tested.
The Company has also updated its corporate presentation available on the “Investors” page of its website.
All scientific and technical information contained in the Revised Report, the corporate presentation, and this press release has been reviewed and approved by Stephen Kenwood, P.Geo., a Director of Sonoro Metals Corp., who is a “qualified person” as defined in NI 43-101.
On behalf of the Board of SONORO METALS CORP. Per: “Kenneth MacLeod”
KENNETH MACLEOD President & CEO
For further information, please contact: Sonoro Metals Corp. – Tel: (604) 632-1764 Email: info@sonorometals.com
Forward-Looking Statement Cautions: This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to, among other things, the Company’s plans for 50,000 meters of drilling of the above- described Cerro Caliche Concessions, located in the municipality of Cucurpe, Sonora, Mexico, and the Company’s future exploration plans for those properties. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavourable interim exploration results, the lack of sufficient future financing to carry out exploration plans, and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company 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 required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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TSXV:SGO ~ OTCQB:SMOFF ~ FRA:23SP
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