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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
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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
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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.
SONORO METALS CORPORATION
PRESS RELEASE: Third MOU for Financing and Development Executed
VANCOUVER, Canada, June 11, 2020, Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP), (“Sonoro” or the “Company”), provides the following update regarding proposed project debt finance, engineering, procurement and construction (“EPC”) contracts with China-based EPC companies.
The Company has executed a third Memorandum of Understanding (“MoU”) for the finance and development of its proposed Cerro Caliche Heap Leach Pilot Operation (“HLPO”). As of February 28, 2020, Sonoro had received two executed MoUs regarding project debt financing and EPC services for its proposed Cerro Caliche HLPO.
“This latest MoU is from one of China’s state champions whose geological team has extensively analyzed all of Sonoro’s data and approved it as a project they would like to proceed with,” said the Company’s representative, Dr. Wei Qian. “It’s a very good endorsement and clear indication that business in China is resuming,” Dr. Qian added.
Sonoro anticipates that it should begin receiving detailed proposals regarding the provision of EPC services together with project finance in the coming weeks, as internal travel restrictions in China continue to be more relaxed.
Sonoro’s executive team and the EPC companies continue to wait for a further easing of current international travel restrictions in order to allow in-person meetings in China and the various EPC companies’ technical teams to fly to the proposed mine site in Sonora State, Mexico. Rescheduling of these meetings is subject to Chinese and Mexican authorities giving the green light for Chinese citizens to begin non-essential travel to Mexico.
Chairman John Darch, Director of Finance Neil Maedel and Sonoro’s representative Dr. Wei Qian had originally planned to visit China last February 2020 to continue discussions regarding detailed agreements as now outlined in the respective MoUs. Despite its reported success in dealing with the virus, China’s health officials remain cautious. In Mexico, most mining operations have resumed as the country’s lockdown of exploration and mining activities was recently lifted, an indication that the area where more than 80% of Mexican mining production occurs has very low levels or no COVID-19 infections within the local population.
“We are very pleased to execute this latest Memorandum of Understanding”, said John Darch, the company’s Chairman. “Like Dr. Qian, I am especially encouraged by the fact that during this challenging time three of the well-established and highly respected Chinese EPC Companies we met in China continue to actively pursue a business relationship with Sonoro.
About Sonoro Metals Corp.
Sonoro Metals 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: “John Darch”
JOHN DARCH
Chairman
For further information, please contact:
Sonoro Metals Corp. – John Darch, Chairman
Phone: (604) 632-1764
Email: info@sonorometals.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.
A summary of the new Project Development Report..
file:///C:/Users/19494/AppData/Local/Packages/Microsoft.MicrosoftEdge_8wekyb3d8bbwe/TempState/Downloads/Summary%20of%20PDR%202020.06.02%20%20(1).pdf
SONORO METALS CORPORATION
Cerro-Caliche
Project Development Report
https://sonorometals.com/wp-content/uploads/2020/04/Cerro-Caliche-Project-Development-Report-2020-21-1.pdf
NEW REPORT RELEASE: Sonoro releases cerro caliche project development report – Potential for high-grade gold zones at depth highlighted
Also Available online here: https://sonorometals.com/it-is-apparent-to-us-that-the-cerro-caliche-district-contains-a-major-gold-rich-hydrothermal-system/
Over the past year our focus has been to complete the work necessary to support our planned Heap Leach Pilot Operation (HLPO) proposal. The next step in this regard is for the EPC companies’ technical teams to visit the Cerro Caliche site in Sonora, Mexico. With much of the world essentially locked down by the COVID Pandemic, we have done all the necessary preparatory technical work for these visits and are now waiting for travel restrictions to be lifted, as well as preparing for the next drill sampling phase.
In the meantime, we judged it sensible to spend the extra time created by the COVID travel ban to take a step back and assess the total results we have accumulated to date so that we can refine our understanding regarding the size and implications of the mineralized system which comprises Cerro Caliche. The purpose of this exercise was to focus our exploration model and fine tune our approach to ensure that our future exploration activities are increasingly cost effective and ultimately successful.
To accomplish this, the Sonora team has worked through the massive amount of data generated over the past two decades by your company and three predecessors. This includes over 23,000 meters of drilling, more than 6,000 soil and rock samples and volumes of new notes regarding the rock textures and, more subtle but still critical, aspects regarding the local and regional geology.
We believe the attached report is comprehensive in its detail and it’s also available online here:
https://sonorometals.com/wp-content/uploads/2020/04/Cerro-Caliche-Project-Development-Report-2020-21-1.pdf
Admittedly it’s lengthy, however the details are of critical importance, so we encourage you to read through it if you want to fully comprehend our understanding of the geology of the site. Taking the time to look at the big picture and apply the epithermal low sulfidation mineralization model to the Cerro Caliche site within the context of the surrounding district has turned out to be a highly worthwhile exercise. In part of the report we wrote, “What is remarkable is the ubiquitous nature of the gold contained within the hundreds of parallel NW trending quartz veins. Most quartz veins sampled carried more than 1 g/t Au. Many returned high grades ranging from 4 g/t Au to 25 g/t Au with one standout returning 97 g/t Au.”
It is apparent to us that the Cerro Caliche district contains a major gold-rich hydrothermal system which has enriched both the Cerro Caliche and the neighboring Mercedes Mine areas. After applying the classic low sulfidation epithermal model to the results thus far, it is also clear that the potential for expansion is exceptional, together with the opportunity to discover much higher-grade gold zones as we drill deeper.
We expect that between accelerating the HLPO program and our planned exploration activities, it will be a very exciting and productive 2020. In the meantime, please take a little time to read our report.
Mel Herdrick, P. Geo...……………………………. Jorge Diaz, MSc.
VP Exploration, Sonoro Metals Corp...….. VP Operations, Sonoro Metals Corp.
interest from a couple of groups from china and a group
from germany could prove interesting and profitable...
Sonoro Engages New Tigers Technologies to Open China Branch Office
3:15 AM ET, 09/03/2019 - GlobeNewswire
VANCOUVER, British Columbia, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (“Sonoro” or the “Company”) (TSXV: SMO) (OTCQB: SMOFF) is pleased to announce that it has entered into an agreement with New Tigers Technologies Ltd., (“NTT”) a wholly owned subsidiary of New Tigers Consulting Ltd. (www.newtigers.com) of Suzhou, Jiangsu Province, P. R. China, where NTT will act as Sonoro’s representative and establish a representative office for the Company at NTT. A key NTT function will be to identify and introduce Sonoro to China-based engineering, procurement and construction (“EPC”) companies considered to be a good potential fit for Sonoro’s project requirements. NTT has already assisted with initial introductions, enabling Sonoro to commence discussions regarding the development and financial structuring of its proposed Cerro Caliche heap leach pilot operation. As part of this engagement, NTT will continue to identify and introduce potential Chinese project partners for Sonoro’s projects, while facilitating ongoing communications with those already engaged in discussions with the Company. According to the agreement, following any future joint development between Sonoro and any China-based entities, NTT will continue to act as the Company’s China branch office representative.
During the week of July 21st, on an exploratory business tour organized by NTT and exclusive to the Company, Chairman John Darch and Director of Finance Neil Maedel travelled to Beijing, Yantai, Shanghai and Hong Kong to meet with corporate executives and initiate discussions regarding potential EPC and project development and structuring agreements. The Company has since entered into Confidentiality Agreements and commenced formal discussions with five China-based EPC companies regarding potential EPC contracts, and opportunities for project financing.
John M Darch, Chairman of Sonoro, commented, “In our meetings, these companies very graciously detailed their advanced technical capabilities regarding engineering and mine design, equipment manufacturing and finally, installation and commissioning. I found it extremely encouraging that some of the examples they used, were mines that processed mineralization with gold grades similar to those at our Cerro Caliche property. Each of these companies has subsequently entered into a Confidentiality Agreement so we that we may begin a dialogue regarding the various geological and technical aspects of our proposal.”
NTT acts as a liaison for Western companies who wish to do business with China-based entities in areas ranging from, but not limited to, EPC agreements, project financing and related structuring, joint ventures, commodity off-take agreements and the establishment of manufacturing facilities. NTT has served more than 1,400 international clients over the past 21 years. In consideration of NTT’s services, Sonoro will pay a fixed monthly cash fee which includes providing the Company with a representative office in China, support staff and translation services. Future China-based agreements secured by the Company because of NTT’s efforts may carry a success-fee obligation to be determined based on the applicable agreement terms.
The Company’s activities carried with the assistance of NTT will be directed by NTT’s co-founder Dr. Wei Qian, a former China State Council official (overseeing three Provinces in China). Dr. Qian has a PhD in Economics (University of Limerick, Ireland) and an MBA (Sir Charles Harvey Award - London School of Economics). In addition to its Suzhou, Jiangsu office, NTT has branch offices in Shenzhen, Chongqing, Guangzhou, Wuhan and Beijing.
To enable Sonoro to advance to this next critical step in its development, InProved Pte., which originally introduced and recommended NTT to Sonoro, has agreed to cancel its fiscal advisory agreement with the Company, announced by Sonoro on February 28, 2019. The Company would like to thank InProved and its founder Huan Koh for their assistance and efforts in getting Sonoro to this next promising phase of its development.
On behalf of the Board of SONORO METALS CORP.
Per:
John M. Darch
Chairman
For further information, please contact:Sonoro Metals Corp.
- Tel: (604) 632-1764Email: info@sonorometals.com
$750,000 private placement fully subscribed...
with promotion occurring in Germany and china this should begin
to edge upward toward $.50+...
the development of sonoro properties in mexico is proceding
in a very positive manner...
informative website...www.sonorometals.com
very small a/s and very small float...35m/22m
much potential here...imho
Sonoro Proposes $750,000 Private Placement Financing
9:00 AM ET, 06/17/2019 - GlobeNewswire
VANCOUVER, British Columbia, June 17, 2019 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP), (“Sonoro” and the “Company”), announces that the Company proposes to undertake a non-brokered private placement of up to 4,167,000 units (the “Units”) at a price of $0.18 per Unit, for gross proceeds of up to $750,060 (the “Offering”). Each Unit will consist of one common share and one-half of a common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of Sonoro at an exercise price of $0.27 during the one year following the closing of the Offering. The Company may pay a finder’s fee or commission on a portion of the Offering.
Directors, officers and insiders may participate in the Offering. Any such participation will be considered to be a “related-party transaction”, within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on the exemptions of the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1) of MI 61-101 in respect of such participation by related parties.
The net proceeds from the Offering will primarily be used by Sonoro to complete the current Phase Two drilling program and fund the launch of a Phase Three drilling program at the Cerro Caliche project in Sonora, Mexico. Funding will also be allocated for the commissioning of preliminary studies required to produce a NI 43-101 compliant study to assess the viability of the development of a heap leach operation at Cerro Caliche.
All securities issued in connection with the Offering will be subject to a hold period expiring four months and one day following the closing of the Offering. The Offering is subject to final acceptance by the TSX Venture Exchange.
About Sonoro Metals Corp.
Sonoro Metals 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 MACLEODPresident & CEO
For further information, please contact:Sonoro Metals Corp. - Corporate Communications: Bill Campbell – Tel: (604) 565-5609 / Email: bill@sonorometals.com
SONORO PROPOSES $650,000 PRIVATE PLACEMENT FINANCING
VANCOUVER, Canada, March 18, 2019, Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP), (“Sonoro” and the “Company”), announces that the Company proposes to undertake a non-brokered private placement of up to 3,612,000 units (the “Units”) at a price of $0.18 per Unit, for gross proceeds of up to $650,160 (the “Offering”). Each Unit will consist of one common share and one-half of a common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one common share of Sonoro at an exercise price of $0.27 during the one year following the closing of the Offering. The Company does not anticipate that it will be pay any finder’s fees or commissions in connection with the Offering.
Directors, officers and insiders may participate in the Offering. Any such participation will be considered to be a “related-party transaction”, within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on the exemptions of the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1) of MI 61-101 in respect of such participation by related parties.
The net proceeds from the Offering will primarily be used by the Company for continued exploration on its Cerro Caliche project in Sonora, Mexico, as well as for general working capital purposes. All securities issued in connection with the Offering will be subject to a hold period expiring four months and one day following the closing of the Offering. The Offering is subject to final acceptance by the TSX Venture Exchange.
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TSXV:SGO ~ OTCQB:SMOFF ~ FRA:23SP
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