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.”
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”
President & CEO
For further information, please contact:
Sonoro Metals Corp. - Tel: (604) 632-1764
*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
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