lawrenzo
6 months ago
VANCOUVER, Canada, October 16, 2023 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report the filing of a technical report titled “NI 43-101 Technical Report for the Preliminary Economic Assessment on the Cerro Caliche Project, Sonora, Mexico” (the “PEA”) with an effective date of August 28, 2023.
The PEA has been prepared in accordance with the requirements of National Instrument 43-101 (“NI 43- 101”) by D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”) and Micon International Limited of Toronto, Ontario (“Micon”) with confirmation of the applicable resource estimates prepared by SRK Consulting (U.S.) Inc. of Denver, Colorado (“SRK”).
PEA Highlights:
Pre-Tax net present value discounted at 5% (“NPV5”) of USD $71.4 million
Pre-Tax Internal Rate of Return (“IRR”) of 59%
After-Tax NPV5 of USD $47.7 million with an IRR of 45%
Gold recovery of 72% and silver recovery of 27%
9-year LOM with 297,575 ounces (“oz”) of gold equivalent (“AuEq”)
LOM annual average production of 33,000 oz AuEq at 0.45 g/t AuEq
Initial CAPEX costs of USD $15.5 million, including USD $1.83 million in contingency
Sustaining capital costs of USD $15.5 million
Cash(1) operating costs of USD $1,295/oz AuEq
AISC(2) of USD $1,395/oz AuEq
Payback period of 2.9 years
Note: All currencies are reported in U.S. dollars. Base case parameters assume $1,800/oz gold and $23/oz silver.
(1) Cash operating costs include mining, crushing, processing, assaying and administration.
(2) All-in-Sustaining Costs include cash costs plus sustaining, refining and reclamation costs, as well as 2% royalty buyout.
Mineral Resource Estimate
The PEA utilizes the updated Mineral Resource Estimate (MRE) contained in the technical report prepared by SRK and titled “NI 43-101 Technical Report: Mineral Resource Estimate, Cerro Caliche Project, Sonora, Mexico” with an effective date of January 26, 2023 and report date of March 24, 2023. The updated MRE is based on a total 55,360 meters of drilled data, including 498 drill holes, 17 trenches and assays for 53,865 meters of the drilled data.
PEA Summary
The PEA is preliminary in nature and includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the estimates presented in the PEA will be realized.
The PEA demonstrates the potential viability for a nine-year life of mine (“LOM”), open pit, heap leach mining operation with an initial two-year production rate of 4,000 metric tonnes per day (“mtpd”) and an increase to 12,000 mtpd for the remaining LOM.
The PEA can be found under the Company’s profile at www.sedarplus.ca and on Sonoro’s website at www.sonorogold.com.
Qualified Person Statement
David Salari, P.Eng. of D.E.N.M. Engineering Ltd., Christopher Jacobs, CEng, MIMMM, Kerrine Azougarh, P.Eng. and William Lewis, P.Geo. of Micon International Limited, and Doug Reid, P. Eng. of SRK Consulting (U.S.) Inc. are independent of the Company and are Qualified Persons as defined in NI 43-101.
Sonoro Director, Stephen Kenwood, P.Geo., is a Qualified Person within the context of NI 43-101 and has read and approved this news release.
About D.E.N.M. Engineering Limited
D.E.N.M. Engineering Ltd. is a niche engineering company servicing the mining / mineral processing sector that specializes in Engineering & Design, Equipment Supply, Project & Construction Management, Commissioning and Operations Support. D.E.N.M. Engineering Ltd. has proven success while championing projects for over fifteen years in Canada, USA, Mexico and Central America.
In addition, D.E.N.M. Engineering, with its principal and independent specialists, performs NI 43-101 compliant assessments and studies in the sections of mineral processing metallurgical design, process design, capital and operating costing and cash flow analysis.
About Micon International Limited
Micon International Limited (Micon) has provided consulting services to the worldwide mining industry since 1988 from its offices in Canada and the UK. Micon comprises a multi-disciplinary group of highly qualified and experienced professionals who are guided by the Company principles of Integrity, Competence and Independence.
Micon’s experience in Mexico ranges from exploration programs and resource estimation to technical studies on operating mines, as well as due diligence for precious metals and base metals projects. Micon has worked in most of the major mining districts throughout Mexico, as well as some lesser-known historical districts. In northern Mexico, assignments have been undertaken in the gold and silver districts of Sonora, Durango, Zacatecas, Chihuahua and Baja California.
About SRK Consulting (U.S.), Inc.
SRK Consulting is an independent international mining consultancy firm, which provides focused advice and solutions to clients in the earth and water resource industries. The company has contributed to its clients’ success for over 45 years in over 20,000 projects globally. It is based across 45 offices worldwide with leading mining specialists in fields such as due diligence, technical studies, mine waste and water management, permitting and mine rehabilitation.
About Sonoro Gold Corp
Sonoro Gold Corp. is a publicly listed exploration and development company holding the near development stage Cerro Caliche project and the exploration stage San Marcial properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of Sonoro Gold Corp.
Per:
“Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
lawrenzo
8 months ago
VANCOUVER, Canada, August 28,2023 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the positive results of an independent Preliminary Economic Assessment (“PEA”) on the Company’s Cerro Caliche gold project located in Sonora State, Mexico. The PEA demonstrates the potential viability for a nine-year life of mine (“LOM”), open pit, heap leach mining operation with an initial two-year production rate of 4,000 metric tonnes per day (“mtpd”) and an increase to 12,000 mtpd for the remaining LOM.
The PEA has been prepared in accordance with the requirements of National Instrument 43-101 (“NI 43- 101”) by D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”) and Micon International Limited of Toronto, Ontario (“Micon”) with confirmation of the applicable resource estimates prepared by SRK Consulting (U.S.) Inc. of Denver, Colorado (“SRK”).
Updated PEA Highlights:
Pre-Tax net present value discounted at 5% (“NPV5”) of USD $71.4 million
Pre-Tax Internal Rate of Return (“IRR”) of 59%
After-Tax NPV5 of USD $47.7 million with an IRR of 45%
Gold recovery of 72% and silver recovery of 27%
9-year LOM with 297,575 ounces (“oz”) of gold equivalent (“AuEq”)
LOM annual average production of 33,000 oz AuEq at 0.45 g/t AuEq
Initial CAPEX costs of USD $15.5 million, including USD $1.83 million in contingency
Sustaining capital costs of USD $15.5 million
Cash(1) operating costs of USD $1,295/oz AuEq
AISC(2) of USD $1,395/oz AuEq
Payback period of 2.9 yearsNote: All currencies are reported in U.S. dollars. Base case parameters assume $1,800/oz gold and $23/oz silver.
(1) Cash operating costs include mining, crushing, processing, assaying, and administration.
(2) All-in-Sustaining Costs include cash costs plus sustaining, refining and reclamation costs, as well as 2% royalty buyout.“This PEA draws on the extensive expertise of our technical team in Mexico under the direction of our VP Operations, Jorge Diaz, who designed a mine plan which materially reduces upfront capital costs and increases throughput after year two with capital cost expansion financed exclusively from cash flow,” stated Ken MacLeod, President and CEO of Sonoro Gold. “This aligns with our objective to bring Cerro Caliche into production to allow potential resource expansion with minimal dilution to our shareholders.”John Darch, Sonoro’s Chairman added, “To date, only 30% of Cerro Caliche’s known mineralized zones have been mapped and assayed. In addition to the upcoming targeted infill drilling program at El Colorado and Guadalupe vein zones where our May 2022 drilling campaign demonstrated multiple high-grade ore shoots, we recently identified future expansion targets in the northwest region of the property. These campaigns will proceed alongside the proposed development of the mining operation and have been designed to materially expand the project’s oxide gold mineralization and potentially enhance the overall economics of the project.”
Mineral Resource Estimate
The PEA utilizes the updated Mineral Resource Estimate (MRE) prepared by SRK and, as announced on February 7, 2023, the MRE highlights include:
Indicated Mineral Resources (cut-off of 0.20 g/t AuEq) of 19.9 million tonnes (“Mt”) at 0.44 g/t Au and 3.5 g/t Ag grade;
Contains within an optimized pit shell:
280,000 oz of Au
2,240,000 oz of Ag
290,000 oz of Au Eq
Inferred Mineral Resources (cut-off of 0.20 g/t AuEq) of 10.5 Mt at 0.42 g/t Au and 4.0 g/t Ag grade;
Contains within an optimized pit shell:
140,000 oz of Au
1,345,000 oz of Ag
150,000 oz of Au Eq
The SRK report comments favorably on the upside potential of the project in terms of exploration. The current geological volumes and grade estimates, located outside of the pit shells, are considered too limited to establish grade continuity to meet the present requirements for Reasonable Prospects of Eventual Economic Extraction (RPEEE) for the mineralized area to be considered Mineral Resources. SRK has defined the ranges for the potential exploration targets outside of the current pits shell which are within the current modelled mineralized zones.
Based on the analysis, SRK considers the exploration potential (cut-off of 0.20 AuEq) within drilled areas for Cerro Caliche to be from 15,000,000 to 22,000,000 tonnes containing:
120,000 to 275,000 oz of Au at 0.25 to 0.38 g/t Au
1,045,000 to 2,350,000 oz of Ag at 2.2 to 3.2 g/t Ag
125,000 to 285,000 oz of AuEq at 0.26 to 0.39 g/t AuEq
The reader is cautioned that the potential quantity and grade ranges noted above are conceptual in nature and insufficient exploration has been conducted to define this material as a Mineral Resource. It is uncertain if further exploration will result in these exploration target estimates being delineated as Mineral Resources or converted to Mineral Reserves in the future. SRK cautions that estimates of exploration targets are not a CIM-defined category, are not Mineral Resources and are too speculative to fulfill the definition of Mineral Resources.
There are additional opportunities along strike and parallel to the current vein trends and this potential may be quantified through additional drilling. In addition to drilling, surface mapping and sampling sug- gests that several mineralized trends have potential for additional resources along-strike. Further explo- ration drill programs are warranted.
PEA Summary
The PEA is preliminary in nature and includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the estimates presented in the PEA will be realized.
The full PEA will be filed on SEDAR at www.sedar.com and Sonoro’s website www.sonorogold.com within 45 days of the issuance of this news release.
Capital Costs
The estimated capital costs for the Cerro Caliche Gold Project are based on an open pit, heap leach operation with contract mining. Initial capital expenditures of USD $15.5 million, including 15% contingency, contemplates an initial two-year production rate of 4,000 mtpd with an increase to 12,000 mtpd in the third year of production. Costs include direct facility costs such as processing facilities and leach pad impoundment as well as infrastructure, EPCM, site preparation and indirect facility costs such as technical studies, office equipment and light vehicles. Initial capital costs also include USD $1.8 million for a down payment on a crushing circuit including equipment and related earthworks.
An additional USD $15.5 million is estimated for sustaining capital, including the expansion costs and lease-to-own payments on the crushing circuit as well as expansion costs on the heap leach pad. Power transmission line and equipment replacement costs are also included. Reclamation costs are estimated at USD $2.9 million.
Capital cost estimates are based on industry standards and were developed using quotes provided by mining contractors and specialists experienced in mining development in Mexico.
Operating Costs
Cash operating costs for Cerro Caliche’s LOM are estimated at USD $385.4 million or USD $1,295 per gold equivalent ounce and include mining, crushing and processing, as well as maintenance and administration costs. All-in Sustaining Costs (“AISC”) for LOM are estimated at USD $415.1 million or US$1,395 per gold equivalent ounce and include operating costs, sustaining capital, reclamation, royalties, and refining charges.
Royalties include a 2% Net Smelter Return (“NSR”) buyout to certain landholders and taxes include payments to the Mexican government for mining royalty and specific mining related taxes. Refining costs include carbon processing and production of dore´ bars.
Open pit mining will be undertaken by a contractor and carried out by drill and blast conventional loading and truck haulage to the crushing facility. An estimated mining cost of USD $1.99 per tonne processed includes drilling, blasting, and hauling mineralized feed to the heap leach area. Waste mining is forecast to cost a further USD $4.17 per tonne processed.
The processing facilities at Cerro Caliche will be comprised of a crushing circuit where mineralized material is processed through a three-stage crushing plant to produce material that is p80 of 1/2” (80% passing) method. The material is then conveyed and stacked in a conventional heap leach pad and irrigated with a low concentrate cyanide solution. An estimated crushing cost of USD $0.87 per tonne includes the cost of crushing and conveying.
Solution collected from the leach pad is then directed through a system of channels to the processing ponds where it passes through a series of carbon columns. Gold and silver impregnated carbon is collected periodically from the columns and then dried and stripped for dore´ bar production. An estimated processing cost of USD $5.72 per tonne includes leaching, assaying, labour and production of dore´ bars.
Operating cost estimates are based on industry standards and were developed using quotes provided by mining contractors and specialists experienced in mining development in Mexico.
Qualified Person Statement
David Salari, P.Eng. of D.E.N.M. Engineering Ltd., Christopher Jacobs, CEng, MIMMM, Kerrine Azougarh, P.Eng. and William Lewis, P.Geo. of Micon International Limited, and Doug Reid, P. Eng. of SRK Consulting (U.S.) Inc. are independent of the Company and are Qualified Persons as defined in NI 43-101.
Sonoro Director Stephen Kenwood, P.Geo., is a Qualified Person within the context of NI 43-101 and has read and approved this news release.
About D.E.N.M. Engineering Limited
D.E.N.M. Engineering Ltd. is a niche engineering company servicing the mining / mineral processing sector that specializes in Engineering & Design, Equipment Supply, Project & Construction Management, Commissioning and Operations Support. D.E.N.M. Engineering Ltd. has proven success while championing projects for over fifteen years in Canada, USA, Mexico and Central America.
In addition, D.E.N.M. Engineering, with its principal and independent specialists, performs NI 43-101 compliant assessments and studies in the sections of mineral processing metallurgical design, process design, capital and operating costing and cash flow analysis.
About Micon International Limited
Micon International Limited (Micon) has provided consulting services to the worldwide mining industry since 1988 from its offices in Canada and the UK. Micon comprises a multi-disciplinary group of highly qualified and experienced professionals who are guided by the Company principles of Integrity, Competence and Independence.
Micon’s experience in Mexico ranges from exploration programs and resource estimation to technical studies on operating mines, as well as due diligence for precious metals and base metals projects. Micon has worked in most of the major mining districts throughout Mexico, as well as some lesser-known historical districts. In northern Mexico, assignments have been undertaken in the gold and silver districts of Sonora, Durango, Zacatecas, Chihuahua and Baja California.
About SRK Consulting (U.S.), Inc.
SRK Consulting is an independent international mining consultancy firm, which provides focused advice and solutions to clients in the earth and water resource industries. The company has contributed to its clients’ success for over 45 years in over 20,000 projects globally. It is based across 45 offices worldwide with leading mining specialists in fields such as due diligence, technical studies, mine waste and water management, permitting and mine rehabilitation.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development Company holding the near- development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per:
“Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
Forward-Looking Stateme
lawrenzo
2 years ago
SONORO GOLD REPORTS UNDERGROUND CHANNEL SAMPLING PROGRAM AT CERRO CALICHE INCLUDING 2.0 METERS OF
7.863 GRAMS OF GOLD PER TONNE
for graphs and charts go to...
https://sonorogold.com/wp-content/uploads/2022/08/20220815-Sonoro-Reports-Underground-Channel-Sampling-Program.pdf?utm_source=Sonoro+All+Contacts&utm_campaign=1e010a2122-EMAIL_CAMPAIGN_2020_02_26_02_16_COPY_01&utm_medium=email&utm_term=0_79d1829b60-1e010a2122-188037257
VANCOUVER, Canada, August 15, 2022 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP)
( “Sonoro” or the “Company”) is pleased to report results from an underground channelsampling program recently completed at its Cerro Caliche
gold project in Sonora, Mexico. The program was conducted as part of the
Company’s plan to develop a proposed heap leach mining operation as outlined in an updated Preliminary Economic Assessment dated June 23, 2022.
Samples were obtained from a historic underground tunnel at the Cabeza Blanca
mineralized gold zone, located in the southwestern part of the property.
An electric rotary handheld saw was used to acquire 34 quality continuous channel
samples of vein and breccia material. Saw cuts were approximately four to six
centimeters (cm) deep cut perpendicular to the vein trend.
Highlights include 2.0 meters averaging 7.863 grams of gold per tonne (“g/t Au”)
across the vein with 3.5 meters averaging 3.071 g/t Au over the five saw cuts along the vein segment.
All reported intervals are true measured widths and all material was surface oxidized with the deepest samples collected approximately 25 to 30 meters beneath the terrain surface. Results provide important geological data
from a 100-meter section situated along the south end of the Cabeza Blanca vein zone as it enters the El Colorado mineralized zone. Figure 1: Channel sampling at south end of Cabeza Blanca
The current resource estimate classified this
100-meter section as an inferred resource, but the
underground sampling results, together with over 7,200 meters of new drilling data, will be included in
an updated resource calculation being completed on the project.
Mel Herdrick, Sonoro’s VP Exploration, commented, “The data is a good example of continuity of gold mineralization which is coincident with the normal
vertical and lateral variations we see when drilling. This detailed program also
provided quality and unbiased sampling of the vein and part of the exposed mineralized wall allowing a more complete evaluation of gold mineralized
volumes in this area.”
Kenneth MacLeod, Sonoro’s President and CEO, noted, “The underground channel sampling yielded valuable data that we anticipate will augment
the data obtained from our recent surface sampling and drilling programs
completed in the same area. As previously announced, an updated resource estimate is being prepared and will incorporate all geological data to date.”
John Darch, Sonoro's Chairman, added, "The positive results from the Cabeza Blanca South tunnel sampling program continue to highlight the intrinsic
value of the project and underline the Board’s ongoing commitment to develop
the proposed heap leach mining operation at Cerro Caliche.”
Tunnel Sampling Results
The Cabeza Blanca vein zone has average mineralized widths of up to 29 meters, inclusive of footwall and hanging wall mineralization. Two historic tunnels
were developed in the 1950s along the Cabeza Blanca vein, with the northern
tunnel continuing approximately 600 meters on a 10? northwestern trend and the
southern tunnel continuing approximately 350 meters on a 15? southeastern trend to the El Colorado zone. The southern tunnel splays into two distinct tunnels
at the midway point and the sampling program was completed in the eastern
splay. The western splay was not sampled. As illustrated in the image below, sampling occurred in three segments across 90 meters of the tunnel.
Segment No. 1 is the southernmost and nearest to the mouth of the tunnel, Segment No. 2 is located about midway and Segment 3 is a raised area at the north end of the tunnel.
Figure 2: Underground tunnel segments and sample cuts
Samples from Segment No. 1 returned the lowest gold grades with the five sample cuts averaging 3.9 meters of 0.401 g/t Au.
Segment No. 2 retuned the highest gold grades ranging from 0.624 g/t Au to 7.863 g/t Au, with the five sample cuts averaging 3.5 meters of 3.071 g/t Au. The
highest assay value of 7.863 g/t Au was across two meters from a vein-perpendicular saw cut with continuation in the vein hanging wall, including two
additional samples with veinlets and a composite 4.6 meters at 4.93 g/t Au.
Segment No. 3 retuned gold grades ranging from 0.704 g/t Au to 4.086 g/t Au, with the five sample cuts averaging 1.86 meters of 1.789 g/t Au.
The samples agree with the longitudinal contoured mineralization projections of the zone. A longitudinal plot of the drill intercepts with greater than 0.15 g/t Au is shown below.
Figure 3: Longitudinal section illustrating contoured values The widths of the
intercepts from the drill holes are plotted where the vein is cut and values contoured. This illustrates a near horizontal continuity of mineralization across t
he length of the Cabeza Blanca vein zone. The near horizontal character of contoured gold intercept values may reflect original boiling horizons as the
ground water levels may have varied. This is also supported by the presence of historic workings which were developed in higher grade contoured areas of
the vein.
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical Procedures
Channel samples were generated with an electric rotary handheld saw and chisel, and collected by hand in a catchment tarp below. The bagged samples were
numbered and identified, and the site photographed after painting sample
numbers on the ceiling. The samples were transported directly to the Bureau Veritis 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 B.V. gold assay laboratory in Hermosillo. A portion weighing
30 grams undergoes fire assay for gold, with the resulting concentrated
button of material produced then dissolved in acids and the gold is determined by atomic absorption. The remaining sample pulp material is sealed in paper bags and retained for additional analysis. No QA/QC issues were noted with the
results received from the laboratory.
Geologic Description
Cerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Megadistrict 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 and mineralized felsic dikes cut the mineralized
meta-sedimentary rock units and may be associated with mineralization both
in the dikes and meta-sedimentary rocks
lawrenzo
2 years ago
SONORO GOLD COMPLETES PHASE IV DRILLING PROGRAM AT CERRO CALICHE REPORTS MULTIPLE HIGHER-GRADE INTERCEPTS & EXPANSION OF GOLD MINERALIZED ZONES
7:30 AM ET, 06/13/2022 - GlobeNewswire
VANCOUVER, Canada, June 13, 2022 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report assay results from the final seven drill holes, completing the Phase IV drilling program at its Cerro Caliche gold project in Sonora, Mexico. In total, the Company completed over 7,200 meters of reverse circulation drilling with 63 drill holes which returned multiple higher-grade gold intercepts and demonstrated the expansion of several known mineralized gold zones within the Cerro Caliche concession.
The objective of the program was to increase the estimated size and grade of the project’s oxide gold mineralization, as well as to extend the estimated life of a proposed heap leach mining operation as outlined in the Preliminary Economic Assessment (“PEA”) and updated Mineral Resource Estimate filed under the Company’s profile on SEDAR on October 29, 2021.
On May 9, 2022, the Company announced positive results of an updated PEA based on an optimized mine plan to potentially increase the project’s previously reported economic parameters. The updated report was based on the same mineral resource estimate contained in the Company’s initial PEA and did not include the new geological data from the Phase IV campaign.
Drilling results from the now completed Phase IV campaign will be included in an updated resource estimation scheduled to be announced in the fall of 2022. The economic impact of the updated resource on the proposed heap leach mining operation is also to be assessed and will be contemplated in a further technical report.
Mel Herdrick, Sonoro’s VP Exploration, commented, "Phase four has been a successful drilling campaign with continued reporting of mineralized extensions and higher-grade intercepts.As the project continues to move through the current permitting phase, the objective of the exploration team now is to refine our understanding of the new extensions and higher-grade zones, as well as the potential impact of the new drilling data on the project’s resource."
Kenneth MacLeod, Sonoro’s President and CEO, added, “The completion of the drilling program is another important milestone in the development of Cerro Caliche. Last month we announced the positive results of an updated PEA and are currently assessing the potential economic impact of the new drilling data on the proposed heap leach mining operation. An updated resource estimation is expected to be filed this fall and we will continue to work on securing project financing and moving the project forward.”
John Darch, Sonoro's Chairman, noted, “With regards to the successful completion of the drilling program, the Board would like to specifically commend the efforts of our exploration team in Mexico, most notably VP of Exploration Mel Herdrick, VP of Operations Jorge Diaz and Chief Geologist Oscar Gonzalez.These individuals have been instrumental in the success of Cerro Caliche’s exploration and development programs.”
Final Drilling ResultsThe results announced in this news release reflect drilling activity conducted at the Abejas gold mineralized zone located at the eastern perimeter of the Central Pit Zone, with the reported intercepts situated outside of the pit shell used to calculate the mineral resource estimate in the initial PEA.
Highlights are as follows:
SCR-321 intercepted 15.24m averaging 1.336 g/t Au; including 4.57m averaging 3.657 g/t Au;SCR-322 intercepted 18.29m averaging 0.785 g/t Au; including 1.52m averaging 4.88 g/t Au.
The map below illustrates the location of the drill holes.
Figure 1: Drill holes at Abejas...
SEE NEWS RELEASE FOR BALANCE OF ARTICLE...
lawrenzo
2 years ago
A Message from the Chairman of Sonoro Gold Corp.
May 16, 2022
As I write this, I am reminded of the Chairman’s letter I wrote on March 17, 2020, shortly after the World Health Organization declared COVID-19 a global pandemic. I remember feeling overwhelmed with the undaunting task of maintaining operations and investor confidence while keeping our site crew safe and healthy as management adapted to a virtual workspace. Since that day, the Company has successfully navigated multiple global shutdowns, market uncertainty and constant socio-economic changes. Yet despite these challenges, and what seemed at times to be never ending delays, we continued to advance our flagship Cerro Caliche gold project in Sonora, Mexico with successful drilling campaigns, comprehensive technical studies and positive Preliminary Economic Assessments.
While I am honoured to be part of such an exciting project and work alongside such a dedicated and tenacious group of people, I am also aware of the ongoing impact of COVID-19. Again, I would like to express my heartfelt sympathy for those continuing to be affected by the pandemic.
Market downturns are not new and we cannot point to COVID as the only culprit. Rising inflation and interest rates, the war in eastern Europe and global economic uncertainty are all likely contributing to the recent increase in market volatility. Unfortunately, the decline in market sentiment not only impacts share price but also impacts the abilities for juniors, such as Sonoro Gold, to successfully secure financing within the capital markets as we witnessed during the recent periods of volatility.
Private Placement Withdrawn
On April 25, 2022, Sonoro Gold announced a CAD $3 million Private Placement to fund ongoing project development including permitting, land agreements and technical studies. Even though we continued to announce positive results from our now completed drilling program as well as two material events for the project’s development, it was not enough to shield our stock from declining almost 20%. Successfully closing a financing that is priced higher than the current market price would be a challenge, so as opposed to delaying closing until market sentiment improved, the Company announced it had decided to withdraw its financing offering. This gives us the freedom to seek financing at a time and with terms that are in the best interest of Sonoro Gold.
While several factors, such as market sentiment or third-party related delays, are beyond the control of the Company, it is always management’s top priority to protect the Company’s assets and ensure all concession payments, taxes and regulatory filings are up to date with minimum dilution to shareholders. While financing may be delayed, we continue to move the project forward, as highlighted by the recently announced environmental permit filing and updated PEA results.
Environmental Permit Filed
On May 4, 2022, the Company announced that it filed its Environmental Impact Statement (or “MIA”) with the Mexican federal permitting authority (“SEMARNAT”). Under Mexican law, mining construction and operation activities require MIA, as well as a Land Use Change (ETJ) permit. The MIA is a compilation of extensive technical and environmental studies conducted by our exploration team over the past four years. Its filing is a significant milestone in the project’s development and the Company will continue to work alongside its stakeholders during the permitting process. We are currently completing the required documentation for the ETJ application and anticipate filing with SEMARNAT soon.
Updated PEA Results
On May 9, 2022, the Company announced positive results of an updated independent Preliminary Economic Assessment (“PEA”) on Cerro Caliche. Based on the same mineral resource estimate contained in the Company’s initial PEA dated October 29, 2021, the updated PEA contemplates an optimized mine plan commencing production at a lower rate of 8,000 metric tonnes per day (“mtpd”) utilizing higher-grade ore and then increasing to 15,000 mtpd for the remaining life of mine (“LOM”).
The optimized mine plan projects an increase in total tonnes processed as well as the average gold grade including an increase in the average grade during the first three years where gold-equivalent grade increased from 0.51 g/t AuEq to 0.58 g/t AuEq. Total recovered gold equivalent ounces also increased from 323,550 ounces to 344,674 ounces.
The economic result is an increase in after-tax NPV and IRR of 29% and 40.4%, respectively, and a decrease of the initial CAPEX by over 19%.
Below are a few highlights, but I would also encourage you to click here to read the news release.
Drilling Data
Approximately 7,000 meters of additional drilling recently completed at Cerro Caliche were not included in the current mineral resource estimate. Final assay results are still pending, with the new geological data to be included in a further updated resource estimate scheduled to be released in the fall of 2022.
Since drilling resumed in November 2021, the Company announced multiple high-grade intercepts and expansions on March 1, 2022 and again on April 21, 2022. The objective of the drilling program was to increase the estimated size and grade of the resources as this may not only extend the mine life but also improve the overall economics. The potential economic impact of these results on the proposed mining operation will also be assessed during the resource estimate update.
Recently confirmed higher-grade intercepts at depth also suggest the potential for underground gold mineralization, but further geological data is required. With just over 30% of the mapped mineralized zones drilled and assayed to date, we continue to be very encouraged with the drilling results from Cerro Caliche. Final assay results from the recent drilling campaign are expected to be announced in June.
For the project’s short-term objectives, click here to view our Corporate Summary. To view our latest Corporate Presentation, please click here.
Conclusion
Thank you for your continuing support and confidence in Sonoro Gold. I know it’s been a bit of a bumpy ride, but the Company continues to move the project forward with site preparation work and arranging project financing. And although pandemics, volatile markets and delays can be both frustrating and exhausting, the Company remains committed to its objective to bring Cerro Caliche into production.
Kindest Regards,
John M. Darch, Chairman
Sonoro Gold Corp.
lawrenzo
2 years ago
SONORO SUBMITS FEDERAL ENVIRONMENTAL PERMIT APPLICATION FOR CERRO CALICHE
9:00 AM ET, 05/04/2022 - GlobeNewswire
VANCOUVER, Canada, May 04, 2022 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce it has filed an Environmental Impact Statement, or Manifestacion de Impacto Ambiental (“MIA”) for its Cerro Caliche gold project in Sonora, Mexico. Under Mexican law, mining construction and operation activities require an approved MIA, as well as a Change of Land Use permit, or Autorizacion en Cambio de Uso de Suelo (“ETJ”), from the Mexican federal permitting authority, Secretaria de Medio Ambiente y Recursos Naturales (“SEMARNAT”). The Company is currently completing the required documentation for the Change of Land Use application and anticipates filing with SEMARNAT in the near future.
“Completing the MIA provided us with an opportunity to work closely with various stakeholders and I would like to thank everyone who worked alongside us as we conducted multiple environmental baseline studies and socio-economic assessments,” stated VP of Operations, Jorge Diaz. “The filing of the MIA is an important step in the project’s development and we will continue to move the project forward during the permitting process.”
Kenneth MacLeod, Sonoro’s President and CEO commented, “The filing of the MIA follows the compilation of extensive technical and environmental studies conducted on the Cerro Caliche concession over the past four years and supports the Company’s objective to develop Sonoro's proposed heap leach mining operation.”
John Darch, Sonoro's Chairman added, "We are delighted to report to our shareholders the filing of the Environmental Impact Statement, as it is a key milestone in the development of our proposed heap leach mining operation."
The scope of the MIA includes open pits, waste dumps, crushing facilities, heap leach pad, leach solution ponds, gold recovery facilities, haul roads, building structures and infrastructure, as proposed in the Company’s Preliminary Economic Assessment dated October 29, 2021. The document also provides flexibility for the continual optimization of the mine plan to support operational growth and resource expansion.
During the MIA-ETJ permitting phase, the Company will continue to move the project forward as it initiates site preparation work and focuses on arranging project financing. Management will also update the project’s estimated resource to incorporate the results from its nearly completed Phase IV drilling program and assess the potential impact on the project’s mine life and economic viability.
About Sonoro Gold Corp.Sonoro Gold Corp. is a publicly listed exploration and development Company holding the near-development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.Per:
Kenneth MacLeod”Kenneth MacLeodPresident & CEO
lawrenzo
2 years ago
SONORO ANNOUNCES CLOSING OF $3,000,000 PRIVATE PLACEMENT
AND COMMENCEMENT OF 10,000 METER DRILLING PROGRAM
VANCOUVER, Canada, December, 21, 2021 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the closing of its previously announced non-brokered private placement of 16,666,667 units (the “Units”) at $0.18 per unit, for aggregate gross proceeds of $3,000,000 (the “Offering”). Each Unit consists of one Sonoro Common Share and one Share Purchase Warrant. Each warrant entitles the holder to purchase one additional Sonoro Common Share for a period of two years from the closing date at an exercise price of $0.30 per share.
All securities issued and issuable in connection with the Offering will be subject to a 4-month plus one day hold period ending April 21, 2022. The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final approval from the TSX Venture Exchange.
In connection with the Offering, the Company entered into finder’s fee agreements with iA Capital Markets, PI Financial Corp., Haywood Securities Inc., IBK Capital Corp. and GloRes Securities Inc. (collectively, the “Finders” and each, a “Finder”) pursuant to which the Company paid to each Finder:
...1. at the election of the Finder, either a cash finder’s fee or Units equal to a maximum 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder, and
...2. non-transferable finder’s warrants (the “Finder’s Warrants”) equal in number to 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder. Each Finder’s Warrant entitles the Finder to purchase one common share in the capital of the Company at a price of $0.30 for a period of two years following the closing of the Offering.
In total, the company paid $47,420.30 in Finder’s fees and 263,447 in non-transferable Finder’s Warrants.
Directors and Officers of the Company participated in the Offering by subscribing for 3,011,461 Units, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.
The net proceeds from the Offering will be used primarily to fund a 10,000-meter drilling campaign now underway at the Company’s Cerro Caliche Gold Project in Sonora, Mexico and will also be used for concession maintenance and general working capital.
As announced on October 25, 2021, the drilling program will focus on expanding the project’s oxide gold mineralization included in the updated Resource Estimate announced September 15, 2021, as well as the potential higher-grade targets recently identified by a surface sampling program. Previously announced sample assay results returned grades between 2.5 and 14.3 grams of gold per tonne and revealed multiple oxide gold mineralized “windows” with strong stockwork quartz veining and broad zones of gold and silver mineralization. Drilling will also focus on extending mineralization in the southeast region of the concession that was excluded from the updated resource estimate due to lack of required drilling density.
Sonoro’s President and CEO, Kenneth MacLeod, stated, “We are excited to have commenced the next phase of drilling and anticipate another successful program. The wealth of technical data amassed to date suggests the potential to increase the resource within the project’s known mineralized structures as well as the potential for higher grade and extended mineralized structures identified through scout drilling and surface sampling.”
Sonoro’s Chairman of the Board, John Darch, added, “I believe participation by Sonoro’s directors and officers for 18% of the current financing is a clear demonstration of our confidence in the success of the Cerro Caliche Project. I am also very pleased we have resumed drilling and are assessing the potential for higher-grade near-surface gold and silver mineralization. Increasing the size and grade of the resource could potentially extend the life of the proposed Heap Leach Mining Operation (HLMO) thereby materially improving the economics for the conceptual 15,000 tonnes per day HLMO.”
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development Company holding the near-development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per:
“Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
lawrenzo
2 years ago
Sonoro Files Cerro Caliche Preliminary Economic Assessment on SEDAR
6:17 PM ET, 10/29/2021 - GlobeNewswire
VANCOUVER, British Columbia, Oct. 29, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the filing of a technical report titled “Preliminary Economic Assessment of the Cerro Caliche Project, Sonora, Mexico” (the “PEA”) with an effective date of September 15, 2021.
The PEA has been prepared in accordance with the requirements of National Instrument 43-101 by D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”) with David Salari. P.Eng. as the lead author. William Lewis, P.Geo., of Micon International Limited of Toronto, Ontario (“Micon”) was the Qualified Person responsible for the updated mineral resources estimate. The PEA can be found under the Company’s profile at www.sedar.com and on Sonoro’s website at www.sonorogold.com.
The results of the PEA were previously announced in the Company’s news releases dated September 15 and 16, 2021 and are summarized as follows:
Pre-Tax NPV (5% discount rate) of US$68.7 million and an IRR of 52.7% with a price of US$1,750 per ounce of gold and US$22.00 per ounce of silver.After-Tax NPV (5% discount rate) of US$41.5 million with an IRR of 32.4% with a price of US$1,750 per ounce of gold and US$22.00 per ounce of silver.7 years Life of Mine (“LOM”) producing 323,500 ounces (“oz”) of gold equivalent (“AuEq”)Gold recovery of 74% and silver recovery of 27% produced from a 3-stage crushing circuit, crushing the ore to p80 of ½”.LOM annual average production of 45,700 oz AuEq.Years 1 to 3 annual production of 56,500 oz AuEq with average grade of 0.51 g/t AuEq.Initial CAPEX costs of US$32.2 million, including US$3.8 million in contingency.Sustaining capital costs of US$4.8 million.OPEX costs of US$1,227/oz AuEq.All-In Sustaining Cost ("AISC") of US$1,351/oz AuEq.Payback period of 2.2 years.
Updated Mineral Resource Estimate Highlights at 0.207 g/t Au Cut-off:
Measured and Indicated Mineral Resources of 349,000 ounces of gold at a 0.41 g/t Au grade.Updated Inferred Mineral Resources of 71,000 ounces of gold at 0.40 g/t Au grade.
Also noted in Micon’s report, a range of the potential mineralization that may conceptually exist outside of the resource pit shells has been included in the report. Utilizing the same 0.207 g/t Au cut-off grade as the current resource estimate, the range of the potential mineralization is believed to be from 19,250,000 to 34,370,000 tonnes containing:
204,000 to 365,000 ounces of gold.1,683,000 to 3,005,000 ounces of silver.
The reader is cautioned that the potential mineralization ranges are conceptual in nature and that despite being based on a limited amount of exploration drilling and sampling outside the current resource pit shells, it is uncertain that further exploration will result in the mineralization targets being delineated as a mineral resource.
PEA SummaryThe PEA is preliminary in nature and includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the estimates presented in the PEA will be realized.
Qualified Person StatementDavid Salari, P.Eng., of D.E.N.M. Engineering Ltd. and William Lewis, P.Geo., of Micon International Limited, both of whom are independent of the Company, have reviewed and approved the scientific and technical information herein regarding the Company’s Cerro Caliche Project. William Lewis, P.Geo., was responsible for the updated Cerro Caliche Mineral Resource Estimate and, along with David Salari, P.Eng., has approved the information pertaining to the Cerro Caliche Project in this news release. Each of David Salari, P.Eng. and William Lewis, P.Geo., is a Qualified Person as defined in NI 43-101.
Stephen Kenwood, P.Geo., a Director of Sonoro Gold, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release.
About D.E.N.M. Engineering Limited
D.E.N.M. Engineering Ltd. is a niche engineering company servicing the mining / mineral processing sector that specializes in Engineering & Design, Equipment Supply, Project & Construction Management, Commissioning and Operations Support. D.E.N.M. Engineering Ltd. has proven success while championing projects for over fifteen years in Canada, USA, Mexico and Central America.
In addition, D.E.N.M. Engineering, with its principal and independent specialists, performs NI 43-101 compliant assessments and studies in the sections of mineral processing metallurgical design, process design, capital and operating costing and cash flow analysis.
About Micon International Limited
Micon International Limited (Micon) has provided consulting services to the worldwide mining industry since 1988 from its offices in Canada and the UK. Micon comprises a multi-disciplinary group of highly qualified and experienced professionals who are guided by the Company principles of Integrity, Competence and Independence.
Micon’s experience in Mexico ranges from exploration programs and resource estimation to technical studies on operating mines as well as due diligence for precious metals and base metals projects. Micon has worked in most of the major mining districts throughout Mexico, as well as some lesser-known historical districts. In northern Mexico, assignments have been undertaken in the gold and silver districts of Sonora, Durango, Zacatecas, Chihuahua and Baja California.
About Sonoro Gold Corp.Sonoro Gold Corp. is a publicly listed exploration and development company holding the near development stage Cerro Caliche project and the exploration stage San Marcial properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of Sonoro Gold Corp.Per: “Kenneth MacLeod” Kenneth MacLeod President & CEO
For further information, please contact: Sonoro Gold Corp. - Tel: (604) 632-1764 Email: info@sonorogold.com
lawrenzo
2 years ago
Sonoro Gold Announces 10,000-Meter Drilling Program at Cerro Caliche
9:00 AM ET, 10/25/2021 - GlobeNewswire
VANCOUVER, British Columbia, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the intention to resume drilling at the Company’s Cerro Caliche gold project in Sonora State, Mexico. The 10,000-meter reverse circulation drilling campaign will proceed alongside the proposed development of a heap leach mining operation (HLMO) with a projected capacity of up to 15,000 tonnes per day.
The six-month drilling program will focus on expanding the project’s oxide gold mineralization included in the updated Resource Estimate announced September 15, 2021, as well as potential higher-grade targets recently identified by a surface sampling program announced on August 30, 2021, and July 20, 2021.
The map below shows the proposed drill holes for the upcoming program:
(see original news release for maps and charts)
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
https://sonorogold.com/wp-content/uploads/2021/10/Proposed-Drill-Holes_10k-Meter-Program.png
The reader is cautioned that drill locations may change as drilling and sampling results may impact drilling sequence, location and priority.
The Company plans 705 meters of infill and expansion drilling at El Colorado (A) where previous drilling by the Company returned higher-grade results including drill-hole SCR-044 which intercepted 12.19 meters averaging 11.2 grams of gold per tonne (“g/t Au”) including 6.1 meters averaging 21.58 g/t Au. A further 1,230 meters of drilling is planned along the El Colorado/La Ventana Corridor (B) where assay results from surface sampling announced on July 20, 2021, confirmed linear structural corridors of anomalous gold, silver, and base metal mineralization with a 600-meter extension to the southeast from El Colorado to La Ventana. Additional sampling results announced on August 30, 2021, identified three oxide gold mineralized “windows” within the El Colorado/La Ventana Corridor with assay results from 39 samples averaging 0.63 g/t Au and results from 51 samples averaging 0.76 g/t Au. Another seven samples returned grades between 4.4 g/t Au and 9.9 g/t Au.
To the east of El Colorado at the Buena Suerte mineralized zone, the Company plans 1,215 meters of infill and extension drilling at the north and south ends of Buena Suerte (C). An additional 1,800-meters of drilling is targeted along the Buena Suerte/San Quintín Corridor (D) to the south of Buena Suerte. Surface sampling confirmed a 750-meter southern extension of the Buena Suerte/San Quintin Corridor where two windows of oxide gold mineralization were identified also suggesting the potential for higher-grade and near surface mineralization. Previously announced assay results from 61 samples averaged 0.65 g/t Au and another 11 samples returned grades between 2.5 and 14.5 g/t Au.
Another 1,110-meters of expansion drilling is planned at El Rincón (E) to connect with the northwest extension of the Veta de Oro gold mineralized zone located over 500 meters to the southeast along the same structure. An additional 1,290-meters of drilling is planned at Cuervos (F), located at the southernmost extension of the Japoneses mineralized zones to expand the Cuervos zone toward the northwest and to the south and southwest. Drilling is planned to extend the Cabeza Blanca (G) vein zone to the north as well as at the Abejas/Chinos Altos Corridor (H) where the Company plans to investigate the horse tailed bifurcation of the Abejas (I) vein zone with four vein splays to the southwest into Chinos Altos where reported drill hole SCR-069 intercepted 7.632 meters averaging 0.947 g/t Au.
Drilling will also focus on extending mineralization at two zones excluded from the updated resource estimate due to lack of required drilling density. The first is the Guadalupe zone (J), located parallel to the west side of Cabeza Blanca where reported results included drill hole SCR-030 which intercepted 22.86 metres averaging 0.725 g/t Au and drill hole SCR-061 which intercepted 15.2 meters averaging 0.599 g/t Au. The Company plans 300 meters of infill drilling to investigate the potential for the Guadalupe zone to coalesce with the Cabeza Blanca open pit.
The second excluded zone is La Española (K), located in the southeast region of the concession. Reported results from La Española included drill hole SCR-068 which intercepted 9.14 m of 1.25 g/t Au and surface sampling which identified
identified the area as being within the recently defined La Magdalena/La Española Corridor. The Company plans to drill approximately 1,800 meters at La Española and another 190-meters at La Magdalena (L).
Mel Herdrick, Sonoro’s VP of Exploration noted, “We will initiate this program armed with important new data that will allow us to potentially add to our resource and target areas where sampling indicates the potential for higher-grade mineralization. Previous drilling intercepted gold mineralization in most holes, demonstrating a very good success rate, which I expect will continue based on the sampling and drill results.”
Sonoro’s President and CEO, Kenneth MacLeod, commented, “This program has been under development since we paused drilling in May 2021. It is strategically designed to expand the project’s mineralized zones and target potentially higher-grade, near surface mineralization. We maintain our strategy to expedite the commencement of operations to generate cashflow that will contribute to further drilling to increase the project’s potential.”
Sonoro’s Chairman, John Darch, added, “The drilling campaign will focus on potentially increasing the size and grade of the gold resource while we continue with the proposed development of the HLMO. Confirmation of extensive, higher-grade mineralization could potentially improve the overall economics of the project.”
The table below includes the number of high priority drill holes and meters allocated to each zone, with the targeted 10,000 meters to be selected from the list. The locations, sequencing and configuration of the holes may be modified as assay results are received. Drill hole lengths are designed for an average length of 100 - 110 meters within a range of 70 to 140 meters per hole.
Mineralized Zones Map Holes Meters
El Colorado Zone A 9 705
El Colorado/La Ventana Corridor B 13 1,230
Buena Suerte Zone C 12 1,215
Buena Suerte/San Quintín Corridor D 23 1,800
El Rincón Zone E 14 1,110
Cuervos Zone F 13 1,290
Cabeza Blanca Zone G 5 390
Abejas/Chinos Altos Corridor H 16 1,490
Abejas Zone I 8 590
Guadalupe Zone J 3 300
La Española Zone K 13 1,030
La Magdalena Zone L 3 190
Total 132 11,340
Geologic DescriptionCerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic small underground gambusino gold mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district include variants of epithermal low sulfidation veins and related mineralized dikes and associated volcanic domes. Local altered and mineralized felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization both in the dikes and meta-sedimentary rocks.
Qualified Person StatementStephen Kenwood, P.Geo., a Director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of economic gold mineralization in the concessions held by the Company.
About Sonoro Gold Corp.Sonoro Gold Corp. is a publicly listed exploration and development company holding the near development stage Cerro Caliche project and the exploration stage San Marcial properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of Sonoro Gold Corp.Per: “Kenneth MacLeod” Kenneth MacLeod President & CEO
For further information, please contact: Sonoro Gold Corp. - Tel: (604) 632-1764 Email: info@sonorogold.com
lawrenzo
3 years ago
SONORO PROVIDES UPDATE TO ALL-IN SUSTAINING COST FOR PEA COMPLETED ON THE CERRO CALICHE GOLD PROJECT
VANCOUVER, Canada, September 16, 2021 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) wishes to correct a calculation error regarding the all-in sustaining cost (“AISC”) disclosed on September 15, 2021, as part of the results from an independent Preliminary Economic Assessment (“PEA”) and updated Mineral Resource Estimate completed on the Company’s Cerro Caliche gold project located in Sonora State, Mexico.
Due to the inadvertent inclusion of certain tax and depreciation expenses in its calculations, the Company reported the AISC to be US$489.3 million LOM, and US$1,462 per ounce (“oz.”) of gold equivalent (“AuEq”). The corrected amounts, as reported in the table below, are US$437 million LOM, and US$1,351 per oz. AuEq.
Operating Costs LOM (US$M) US$/oz AuEq
Mining $174.7 $540
Processing $204.9 $633
Administration $17.3 $53
Tot. Cash Costs $396.9 $1,227
Refining $20.7 $64
Royalties $11.7 $36
Sustaining $4.8 $15
Closure $2.9 $9
All-in Sustaining Costs (AISC) $437.0 $1,351
The other results of the PEA reported in the Company’s September 15, 2021 announcement remain unchanged. The
The other results of the PEA reported in the Company’s September 15, 2021 announcement remain unchanged. The PEA has been prepared in accordance with the requirements of National Instrument 43-101 by D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”).
Qualified Person Statement
David Salari, P.Eng., of D.E.N.M. Engineering Ltd., who is independent of the Company and a Qualified Person as defined under NI 43-101, has reviewed and approved the scientific and technical information herein regarding the Company’s Cerro Caliche Project.
Stephen Kenwood, P.Geo., a Director of Sonoro Gold, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release.
About D.E.N.M. Engineering Limited
D.E.N.M. Engineering Ltd. is a niche engineering company servicing the mining / mineral processing sector that specializes in Engineering & Design, Equipment Supply, Project & Construction Management, Commissioning and Operations Support. D.E.N.M. Engineering Ltd. has proven success while championing projects for over fifteen years in Canada, USA, Mexico and Central America.
In addition, D.E.N.M. Engineering, with its principal and independent specialists, performs NI 43-101 compliant assessments and studies in the sections of mineral processing metallurgical design, process design, capital and operating costing and cash flow analysis.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company holding the near development stage Cerro Caliche project and the exploration stage San Marcial properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
lawrenzo
3 years ago
SONORO ANNOUNCES POSITIVE PEA RESULTS AND UPDATED MINERAL RESOURCE ESTIMATE FOR THE CERRO CALICHE GOLD PROJECT WHICH DEMONSTRATES A PRE-TAX NPV OF US$68.7 MILLION AND AN IRR OF 52.7%
VANCOUVER, Canada, September 15, 2021 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report the results of an independent Preliminary Economic Assessment (“PEA”) including an updated Mineral Resource Estimate completed on the Company’s Cerro Caliche gold project located in Sonora State, Mexico.
The PEA has been prepared in accordance with the requirements of National Instrument 43-101 by D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”), with an updated resource estimation completed by Micon International Ltd. of Toronto, Ontario (“Micon”) and metallurgical testing completed by McClelland Laboratories Inc. of Sparks, Nevada (“McClelland”).
PEA Highlights:
Pre-Tax NPV (5% discount rate) of US$68.7 million and an IRR of 52.7% with a price of US$1,750 per ounce of gold and US$22.00 per ounce of silver.
After-Tax NPV (5% discount rate) of US$41.5 million with an IRR of 32.4% with a price of US$1,750 per ounce of gold and US$22.00 per ounce of silver.
7 years Life of Mine (“LOM”) producing 323,500 ounces (“oz”) of gold equivalent (“AuEq”)
Gold recovery of 74% and silver recovery of 27% produced from a 3-stage crushing circuit, crushing the ore to p80 of ½”.
LOM annual average production of 45,700 oz AuEq.
Years 1 to 3 annual production of 56,500 oz AuEq with average grade of 0.51 g/t AuEq.
Initial CAPEX costs of US$32.2 million, including US$3.8 million in contingency.
Sustaining capital costs of US$4.8 million.
OPEX costs of US$1,227/oz AuEq.
All-In Sustaining Cost (“AISC”) of US$1,462/oz AuEq.
Payback period of 2.2 years.
Updated Mineral Resource Estimate Highlights at 0.207 g/t Au Cut-off:
Measured and Indicated Mineral Resources of 349,000 ounces of gold at a 0.41 g/t Au grade.
Updated Inferred Mineral Resources of 71,000 ounces of gold at 0.40 g/t Au grade.
Also noted in Micon’s report, a range of the potential mineralization that may conceptually exist outside of the resource pit shells has been included in the report. Utilizing the same 0.207 g/t Au cut-off grade as the current resource estimate, the range of the potential mineralization is believed to be from 19,250,000 to 34,370,000 tonnes containing:
204,000 to 365,000 ounces of gold.
1,683,000 to 3,005,000 ounces of silver.
The reader is cautioned that the potential mineralization ranges are conceptual in nature and that despite being based on a limited amount of exploration drilling and sampling outside the current resource pit shells, it is uncertain that further exploration will result in the mineralization targets being delineated as a mineral resource.
“The PEA really highlights the intrinsic value and potential economic viability of the Cerro Caliche project,” said Mel Herdrick, VP Exploration of Sonoro Gold. “Considering only 30% of the mapped mineralized zones have been drilled and assayed to date, I believe the PEA also justifies resuming drilling this fall to continue expanding and categorizing the project’s oxide gold mineralization.”
Kenneth MacLeod, President and CEO of Sonoro Gold, stated, “We are extremely pleased to announce the completion of the PEA. The results support management’s continuing strategy to develop a Heap Leap Mining Operation (HLMO) with a targeted operating capacity of up to 15,000 tons per day (tpd). We are preparing to resume drilling this fall to investigate the prospect for expansion of the mineralized zones to extend the potential life of the proposed future mining operation.”
John Darch, Chairman of Sonoro Gold, commented, “The completion of the PEA is a decisive step in our efforts to unlock the potential value of Cerro Caliche and deliver value to our shareholders. The PEA demonstrates the potential for economic viability which we hope will support our strategy to establish an initial mining operation that will generate the funds to continue exploring and developing the project’s potential. As we continue working towards these goals, Management believes we will continue building additional value for our shareholders.”
PEA Summary
The PEA is preliminary in nature and includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the estimates presented in the PEA will be realized. The full PEA will be filed on SEDAR at www.sedar.com and Sonoro’s website www.sonorogold.com within 45 days of the issuance of this news release.
Table 1: Key Economic Parameters of PEA
Assumption / Results Value
Total Tonnes Processed 31.5 M
Total Tonnes Waste 65.5 M
Strip Ratio 2.1
Gold Grade (g/t) 0.41
Silver Grade (g/t) 4.05
Gold Recovery 74%
Silver Recovery 27%
Gold Price (US$/oz) $1,750
Silver Price (US$/oz) $22
Annual Gold Equivalent Production (Ounces) 45,700
Total Gold Equivalent Production (Ounces) 323,500
Net Revenue (Gold and Silver) (US$ millions) $566.2M
Initial Capital Costs (US$ millions) $32.2
Sustaining Capital Costs (US$ millions) $4.8
LOM Operating Costs (US$ millions) $396.9
Operating Cash Cost per AuEq ounce $1,227
All in Sustaining Cost per AuEq ounce $1,462
Mine Life 7 years
Average Process Rate (tonnes per day) 15,000
Pre-Tax NPV (5% discount) (US$ millions) $68.7
After-Tax NPV (5% discount) (US$ millions) $41.5
Pre-Tax IRR 52.7%
After-Tax IRR 32.4%
Payback Period 2.2 years
Table 2: Gold & Silver Price Sensitivity Analysis
Sensitivity US$1,700 Au
US$20 Ag
US$1,750 Au
US$22 Ag
US$1,800 Au
US$24 Ag
US$1,900 Au
US$26 Ag
US$2,000 Au
US$28 Ag
After-Tax NPV (5%) $32.6 $41.5 $50.4 $67.1 $83.9
Pre-Tax NPV (5%) $55.0 $68.7 $82.5 $108.3 $134.1
After-Tax IRR 26.8% 32.4% 37.9% 48.1% 58.0%
Pre-Tax IRR 43.9% 52.7% 61.3% 77.1% 92.4%
After-Tax Payback 2.6 2.2 1.9 1.5 1.2
Table 3: Operating & Capital Sensitivity Analysis
Sensitivity -20% -10% Base Case 10% 20%
Operating Costs – Pre-tax NPV (US$ million) $129.8 $99.3 $68.7 $38.1 $7.6
Operating Costs – IRR 93.1% 73.2% 52.7% 31.7% 10.2%
Capital Costs – Pre-tax NPV (US$ million) $75.7 $72.2 $68.7 $65.2 $61.7
Capital Costs – IRR 67.8% 59.6% 52.7% 47.0% 42.1%
Capital Costs
The estimated capital costs for the Cerro Caliche Gold Project are based on an open pit mining and heap leach operation processing five million tonnes per year and utilizing contract mining. An initial capital expenditure is estimated at US$32.2 million for the construction period, including 15% contingency. An additional US$4.8 million is estimated for sustaining capital and US$2.9 million is estimated for reclamation.
Capital cost estimates are based on industry standards and were developed using quotes provided by mining contractors and specialists experienced in mining development in Mexico.
Table 4: Capital Costs
Initial Capital Costs Costs (US$M)
Direct Facility Costs $19.1
Indirect Facility Costs $1.4
Engineering and Procurement $3.4
Pre-Stripping and Mine Development $0.2
Infrastructure $4.2
Subtotal $28.4
Contingency $3.8
Total Initial Capital Costs $32.2
Sustaining Capital Costs Costs (US$M)
Leach Pad Expansion $3.3
Equipment and Other $1.5
Total Sustaining Capital Costs $4.8
Total Capital Costs $37.0
Reclamation Capital Costs Costs (US$M)
Environmental $2.3
Engineering and Procurement $0.3
Subtotal $2.6
Contingency $0.3
Total Reclamation Costs $2.9
Operating Costs
Cash costs for Cerro Caliche for the life of mine are estimated at US$396.9 million or US$1,227 per gold equivalent ounce and include mining, crushing and processing as well as maintenance and administration costs. All-in Sustaining Costs for the project for the life of mine are estimated at US$489.3 million or US$1,462 per gold equivalent ounce and include operating costs, sustaining capital, reclamation, taxes, royalties and refining charges.
Royalties include a 2% NSR to certain landholders and taxes include payments to the Mexican government for mining royalty and specific mining related taxes. Refining costs include shipping loaded carbon to a 3rd party processing facility as well as costs for processing the carbon and production of doré bars.
Open pit mining will be undertaken by a contractor and carried out by drill and blast conventional loading and truck haulage to the crushing facility. An estimated mining cost of US$1.90 per tonne includes drilling, blasting, hauling waste and mineralized ore to the heap leach area.
The Processing facilities at Cerro Caliche will be comprised of a crushing circuit where mineralized material is processed through a three-stage crushing plant to produce material that is has p80 of ½” (80% passing) method. The material is then conveyed and stacked in a conventional heap leach pad and irrigated with a low concentrate cyanide solution. Solution collected from the leach pad is then directed through a system of ditches to the processing ponds where it passes through a series of carbon columns. Gold and silver impregnated carbon is collected periodically from the columns and then dried and shipped to a 3rd party processing facility for stripping and doré bar production. An estimated processing cost of US$5.70 per tonne operating costs includes crushing, leaching, assaying, carbon handling and labour.
Operating cost estimates are based on industry standards and were developed using quotes provided by mining contractors and specialists experienced in mining development in Mexico.
Table 5: Operating Costs
Operating Costs LOM (US$M) US$/oz AuEq
Mining $174.7 $540
Processing $204.9 $633
Administration $17.3 $53
Total Cash Costs $396.9 $1,227
All-in Sustaining Costs (AISC) $489.3 $1,462
Mineral Resource Estimate
As part of the PEA, an updated Mineral Resource Estimate was completed to incorporate geological data from the Company’s 2020 and 2021 drilling campaign. The resource estimate is based on Sonoro’s geological interpretation of the deposit that established six geological domains. The geological domains account for the two primary trends of Vein-Breccia structures which are surrounded by stockwork mineralization. These domains were analyzed for grade capping, variography and interpolated using ordinary kriging method. Once the block model was completed it was classified into the Measured, Indicated and Inferred categories followed by a Lerchs-Grossman open pit optimization which resulted in the Mineral Resource Statement presented in Table 6.
Table 6: Mineral Resource Estimate1-5
Mining
Method
Category Tonnes Average Grades Metal Content
Au-Eq Au Ag Au-Eq Au Ag
kt g/t g/t g/t (000s Oz) (000s Oz) (000s Oz)
Open Pit Measured 12,844 0.39 0.37 3.79 163 155 1,566
Indicated 13,851 0.45 0.44 3.1 201 194 1,378
M+I 26,695 0.42 0.41 3.43 364 349 2,944
Inferred 5,463 0.44 0.40 7.34 77 71 1,289
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.
The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Definition Standards for Mineral Resources and Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council on May 14, 2014.
The pit constrained AuEq cut-off grade of 0.207 g/t Au was derived from US$ 1,800/oz Au price, US$ 25.00/oz Ag price, 74.0% Au and 27.2% Ag process recoveries, US$1.90 mining, US$6.47/tonne process and US$0.49 G&A costs and 50-degree pit slopes.
The effective date of the mineral resource estimate is August 24, 2021 and the estimate is only for the oxide portion of the mineralization on the Cerro Caliche Project.
Qualified Person Statement
David Salari, P.Eng., of D.E.N.M. Engineering Ltd. and William Lewis, P.Geo., of Micon International Limited, both of whom are independent of the Company, have reviewed and approved the scientific and technical information herein regarding the Company’s Cerro Caliche Project. William Lewis, P.Geo., was responsible for the updated Cerro Caliche Mineral Resource Estimate and, along with David Salari, P.Eng., has approved the information pertaining to the Cerro Caliche Project in this news release. Each of David Salari, P.Eng. and William Lewis, P.Geo., is a Qualified Person as defined in NI 43-101.
Stephen Kenwood, P.Geo., a Director of Sonoro Gold, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release.
About D.E.N.M. Engineering Limited
D.E.N.M. Engineering Ltd. is a niche engineering company servicing the mining / mineral processing sector that specializes in Engineering & Design, Equipment Supply, Project & Construction Management, Commissioning and Operations Support. D.E.N.M. Engineering Ltd. has proven success while championing projects for over fifteen years in Canada, USA, Mexico and Central America.
In addition, D.E.N.M. Engineering, with its principal and independent specialists, performs NI 43-101 compliant assessments and studies in the sections of mineral processing metallurgical design, process design, capital and operating costing and cash flow analysis.
About Micon International Limited
Micon International Limited (Micon) has provided consulting services to the worldwide mining industry since 1988 from its offices in Canada and the UK. Micon comprises a multi-disciplinary group of highly qualified and experienced professionals who are guided by the Company principles of Integrity, Competence and Independence.
Micon’s experience in Mexico ranges from exploration programs and resource estimation to technical studies on operating mines as well as due diligence for precious metals and base metals projects. Micon has worked in most of the major mining districts throughout Mexico, as well as some lesser-known historical districts. In northern Mexico, assignments have been undertaken in the gold and silver districts of Sonora, Durango, Zacatecas, Chihuahua and Baja California.
About McClelland Laboratories
McClelland Laboratories (“MLI”) has been providing quality laboratory and consulting services to the minerals industry for over 33 years. Their services include metallurgical, environmental, analytical testing and consulting to meet their clients’ needs during all phases of project development, operation and closure. MLI started as a lab dedicated to the gold, silver and copper industries and has expanded to provide services in a wide range of mineral markets.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
lawrenzo
3 years ago
VANCOUVER, Canada, August 30, 2021 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP)
SONORO REPORTS SURFACE SAMPLING EXPOSED MULTIPLE VEIN WINDOWS OVER 750METER EXTENSION TO BUENA SUERTE AND EL COLORADO ZONES
SONORO REPORTS SURFACE SAMPLING EXPOSED MULTIPLE VEIN WINDOWS OVER 750 METER EXTENSION TO BUENA SUERTE AND EL COLORADO ZONES
Assays of 17 High-Grade Samples Reported 2.5 g/t Au to 14.3 g/t Au
VANCOUVER, Canada, August 30, 2021 – Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report additional assay results from the ongoing surface sampling program at the Company’s Cerro Caliche gold project in Sonora State, Mexico. 275 new samples were assayed, bringing the total for the current sampling program to 1,567 samples over four mineralized corridors as described in the Company’s news release dated July 20, 2021.
The new results further confirmed material extensions of up to 750 meters over two southern linear structural corridors at the Buena Suerte and El Colorado zones. The sampling results also revealed oxide gold mineralized “windows” among the two southern structural corridors. The windows were accessed via recently built road cuts and drill site excavations and future sampling will investigate potential continuation and extensions.
Surface rock samples were collected from several well-defined vein and gold mineralized structures by channel sampling perpendicular across measured veins and wall rocks with sample lengths ranging from 0.4 to 2.0 meters. Assay results from 17 samples returned grades between 2.5 and 14.3 grams of gold per tonne (“g/t Au”). The image below illustrates five high-priority window targets for the upcoming drilling program as each demonstrated strong stockwork quartz veining and outlined broad zones of gold and silver mineralization.
Analysis of approximately 284 surface samples collected during the current program from the El Colorado/La Ventana and Buena Suerte/San Quintin corridors confirm the southern extensions of the vein trends with numerous parallel sheeted veins and quartz veinlet stockwork. All samples were given equal weighting.
Sample highlights from the El Colorado/La Ventana Corridor:
Window A, approximately 100 meters by 130 meters along strike, with 39 samples averaging36 g/t Au and 0.6 grams of silver (“g/t Ag”), including one sample grading 8.6 g/t Au.
Window B, approximately 300 meters by 280 meters along strike, with 39 samples averaging 0.63 g/t Au and 4.8 g/t Ag, including one sample grading 4.9 g/t Au over 1 meter and another sample grading 3.7 g/t Au over 1.2 meters.
Window C, approximately 300 meters by 50 meters oriented northeast perpendicular to the northwest-oriented regional vein trends, with 51 samples averaging 0.76 g/t Au and 1.9 g/t Ag.
Sample highlights from the Buena Suerte/San Quintin Corridor:
Window D, a teardrop shaped area at the Buena Suerte vein zone extension, covering 350 meters in length by a width ranging from 40-80 meters, with 61 samples averaging 0.65 g/t Au and 18.5 g/t Ag.
Window E, approximately 220 meters by 100 meters along strike, with 94 samples averaging 0.28 g/t Au and 1.3 g/t Ag, including one sample grading 2.7 g/t Au.
Outside of the targeted windows, sample assays from a vein considered to be the Hanging Wall of the Cabeza Blanca vein (located between windows B and D), returned 1.2 meters averaging 10.8 g/t Au. This vein is hosted in the rhyolitic intrusive rock and is mostly soil covered. Almost one kilometer to the east of window D, sample assays from a one-meter vein located near the Cuervos vein returned 7.5 g/t Au.
Rock types hosting veining in the southern corridor are mainly a rhyolite sub-volcanic unit and a meta quartzite-shale unit with lesser biotite granodiorite. Alteration is predominantly silicification associated with quartz veinlets and sericite with gold-silver mineralization cutting these rock types.
The remaining samples were collected from more widespread areas to the northeast and east of the southern extensions (outside of the above map area). Samples results from this region are generally encouraging and the eastern La Española corridor is another priority target for the Company. Mapping and sampling are currently underway at La Española to quantify the size of the exposed vein. Four prior drill holes intersected the vein including previously announced scout hole SCR-068 which was drilled in 2019 and which intercepted 6.179 g/t AuEq over 3.05 meters and 1.327 g/t AuEq over 9.14 meters.
Stockpiled vein material at the La Española mine surface is noteworthy for its distinct multiple bands with greenish quartz, while dikes of rhyolitic composition are common within the ridge that hosts the vein, which cuts both the rhyolitic unit and quartzite.
Mel Herdrick, Sonoro’s VP of Exploration noted, “With this latest round of mapping-sampling information, new priority drill targets have been identified, increasing management’s confidence the next drilling campaign may extend gold mineralization to the south.”
Kenneth MacLeod, Sonoro’s President and CEO added, With the continuing success of the surface sampling program in areas that had not been previously explored, we are confident that mineralization at Cerro Caliche will continue to expand with the reverse circulation drill program scheduled to restart in the fall.”
John Darch Sonoro’s Chairman commented, “These newly identified oxide gold mineralized windows are essential to our fall drilling campaign to expand mineralization at Cerro Caliche. The presence of strong stockwork quartz veining and broad zones of gold and silver mineralization in all five windows confirm that these will be our high-priority targets. We are particularly encouraged with the number of high-grade samples results as we continue to investigate the potential for near-surface higher-grade mineralization. Confirmation of high-grade mineralization could potentially improve the economics of our proposed open-pit Heap Leach Mining Operation in the initial years of mining.”
As previously announced, drilling activities on the concession have been paused since April 2021 to provide the exploration team sufficient time to ensure all data and assistance was available for the completion of a Preliminary Economic Assessment (PEA) anticipated to be completed in the Fall. The Company has engaged Micon International Ltd. to prepare an updated resource estimation for inclusion in the PEA being prepared by D.E.N.M. Engineering Ltd.
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical Procedures
Samples are collected as continuous chip samples by hand into plastic bags, GPS positions and rock descriptions noted, the bags are numbered using Bureau Veritas (BV) bar code number books, then sealed and taken to secure storage in Cucurpe village near the project.
Company personnel transport those bagged samples directly to the BV preparation laboratory in Hermosillo, Sonora. At the preparation laboratory samples are logged into the BV system using bar code labels, opened, then reduced in size through crushing, splitting and pulverization. Thirty grams of each pulverized sample is split apart in that laboratory and undergoes a fire assay for gold content by reducing the fire assay to a concentrated button of material that is dissolved in acids, and from the solution the gold content is determined by atomic absorption. About 200 grams of each sample are sent by BV to their Vancouver, Canada laboratory where samples are individually dissolved in aqua regia for multi-element ICP analysis, including silver. Quality control standards were inserted in the sample lineup by the BV Vancouver, laboratory.
No QA/QC issues were noted with the results received from the laboratory.
Geologic Description
Cerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic small underground gambusino gold mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district include variants of epithermal low sulfidation veins and related mineralized dikes and associated volcanic domes. Local altered and mineralized felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization both in the dikes and meta-sedimentary rocks.
Qualified Person Statement
Stephen Kenwood, P.Geo., a Director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of economic gold mineralization in the concessions held by the Company.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
lawrenzo
3 years ago
Sonoro Gold Reports Surface Sampling Materially Extends Oxide Gold Mineralized Zones & Announces Priority Targets for Fall 2021 Drill Campaign
9:00 AM ET, 07/20/2021 - GlobeNewswire
VANCOUVER, British Columbia, July 20, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report assay results from surface sampling recently completed at the Company’s Cerro Caliche gold project, located in Sonora State, Mexico. The results confirm material extensions of several of the project’s oxide gold mineralized zones and demonstrate linear structural corridors of anomalous gold, silver, and base metal mineralization.
This ongoing surface sampling program will be part of the foundation for the upcoming drilling program designed to materially expand and categorize the project’s oxide gold mineralization.
The following maps shows the locations of the surface samples and mineralized corridors referenced in this news release.
A Media Snippet accompanying this announcement is available by clicking on the image or link below
https://sonorogold.com/wp-content/uploads/2021/07/Map-of-Surface-Samplings-at-Cerro-Caliche.pdf
Highlights:
Collected 1,292 soil and surface rock samples from several well-defined vein and gold mineralized, structural corridors.Surface sampling methods consist of continuous chip sampling perpendicular across measured veins and wall rocks.Confirmed 600-meter southern extension of the El Colorado - La Ventana Corridor; assay results returned 23.7 meters averaging 1.7 grams of gold per tonne (“g/t Au”), including 5.5 meters averaging 6.0 g/t Au; 8.0 meters averaging 0.6 g/t Au.Confirmed 750-meter southern extension of the Buena Suerte - San Quintin Corridor; assay results returned 52.6 meters averaging 0.2 g/t Au including 2.6 meters averaging 2.2 g/t Au; 8.0 meters averaging 0.8 g/t Au; 1.0 meters averaging 9.4 g/t Au.High silver content identified at La Magdalena from the northeastern La Magdelena - La Española corridor; assay results returned 1 meter averaging 1,230 g/t Ag with 6.6 g/t Au.
The following map shows two gold bearing northeastern corridors with high silver contents, a common character of Low Sulfidation mineralization at higher levels in the boiling zones.
A Media Snippet accompanying this announcement is available by clicking on the image or link below
https://sonorogold.com/wp-content/uploads/2021/07/Northeastern-Corridors.pdf
Sampling will continue to focus on near surface mineralized structures which outcrop from thick soil and alluvium and is associated with detailed geological mapping completed in preparation of the upcoming drilling program, scheduled to commence in the fall of 2021. To date, the Company has drilled and assayed results from over 34,500 meters of drilling, including a 24,221-meter Phase III drill program completed in the spring of 2021. When combined with historical data, total exploration at Cerro Caliche totals over 47,500 meters, 433 drill holes and 9,365 surface samples.
Drilling activities on the concession have been paused since May 2021 pending financing and to provide the exploration team sufficient time to ensure all data and assistance was available for the completion of two independent NI 43-101 technical reports, scheduled to be filed by mid-August 2021. As previously announced, the Company engaged Micon International Ltd. to prepare an updated Technical Report and D.E.N.M. Engineering Ltd. to prepare a Preliminary Economic Assessment (PEA).
These reports are expected to expand the resource size and upgrade the classification of Cerro Caliche’s identified mineralization and confirm if it is sufficient to support the Company’s proposed HLMO with an initial operating capacity of up to 15,000 tons per day (tpd).
Exploration at Cerro Caliche has identified a broadly mineralized low-sulphidation epithermal vein structure and the presence of multiple northwest trending gold mineralized zones along trend and near surface. As discussed in the Company’s revised Cerro Caliche Project Development Report (“PDR”) and announced in a related news release date May 26, 2021, the current exploration program was designed to test an exploration target of between 75,000,000 to 100,000,000 tonnes with grades potentially between 0.3 g/t to 0.5 g/t AuEq. This is in addition to the estimated inferred resource of 11.5 million tonnes at an average grade of 0.495 g/t gold and 4.3 g/t as stated in the initial NI 43-101 Technical Report1 filed in July 2019.
The reader is cautioned that the potential tonnages and grades in the PDR are conceptual in nature, as at the time of the report’s issue there had been insufficient exploration to define a mineral resource and it was uncertain if further drilling would result in the target being delineated as a mineral resource.
With a limited amount of the property’s mapped gold mineralized zones having been drilled and assayed to date, the upcoming drilling program will strategically target a 750-meter zone along the southern extensions of the El Colorado - La Ventana and Buena Suerte - San Quintin corridors where extensive surface samplings and geological mapping suggests the potential for material expansion of the oxide gold mineralization.
Mel Herdrick, Sonoro’s VP of Exploration noted, “The sampling and mapping program is producing important new data that, when added to Sonoro’s database, significantly assists our ability to locate drill targets and prioritize our drilling, which is anticipated to resume this fall. Previous drilling intercepted gold mineralization in most holes, demonstrating a very good success rate, which I expect will continue in the mineralized zone corridors. I also expect that ongoing sampling at the higher ridge zones to the northeast will show a continuation of gold mineralization that has been previously defined, and as it does, it should lead to additions of mineralized material, especially at El Bellotoso, and El Desprecio, as well as La Española.”
Kenneth MacLeod, Sonoro’s President and CEO added, “The sampling data cited in this news release, together with the additional sampling awaiting assaying, will be instrumental in supplementing recommendations for future exploration to be outlined in the upcoming PEA, anticipated to be released in August. Sonoro is scheduling the next phase of drilling to commence this fall.”
John Darch Sonoro’s Chairman commented, “This sampling program and the highly encouraging results are one of the key components of management’s strategy to develop the conceptual heap leach mining operation and, if successful, to use the cash flow to fund our on-going drilling program and continue expanding already known gold resources and the proposed mine’s rate of production. Our efforts to date have tested barely 20% of the known mineralized zones and I look forward to reporting to our shareholders additional results from this program as well as our upcoming drilling program.”
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical Procedures Samples are collected as continuous chip samples by hand into plastic bags, GPS positions and rock descriptions noted, the bags are numbered using ALS-Chemex bar code number books, then sealed and taken to secure storage in Cucurpe village near the project.
Company personnel transport those bagged samples directly to the preparation laboratory of ALS- Chemex in Hermosillo, Sonora. At the preparation laboratory samples are logged into ALS-Chemex system using bar code labels, opened, then reduced in size through crushing, splitting and pulverization. About 200 grams of each sample are sent by ALS-Chemex to their Vancouver, Canada laboratory where samples are individually dissolved in aqua regia for multi-element ICP analysis, including silver. Thirty grams of each pulverized sample is split apart in that laboratory and undergoes a “Fire Assay” for gold content by reducing the fire assay to a concentrated button of material that is dissolved in acids and from the solution, the gold content is determined by atomic absorption. Quality control standards were inserted by the ALS-Chemex, Vancouver, B.C. laboratory.
lawrenzo
3 years ago
The Perfect Storm
The GDX has surged 30% in the past six weeks, while the shares of little-known mine developer Sonoro Gold (SGO.V; SMOFF.OTC) have nearly doubled.
One prominent analyst just gave Sonoro a $2 share price target (and that assumes gold does not rise any further).
If gold rockets higher, Sonoro Gold could deliver massive profits…and make that $2 target just the beginning.
In 1991, a series of natural conditions occurred simultaneously to produce a hurricane so intense, America’s national weather service labelled it “The Perfect Storm.”
The storm and the Andrea Gail, a ship that it sank, become the subject of a book and movie by the same name.
Now we see the approach of a perfect storm of the financial kind, as a series of events appear set to occur simultaneously.
Inflation is accelerating as everything from microchip shortages to a lack of farm labor combine with massive increases in America’s money supply and government deficit spending.
The U.S. dollar has begun a multi-year bear market and as one fire is put out in Israel-Gaza, another much larger one — China versus the U.S. — threatens to ignite over Taiwan and the South China Sea.
A commodities super cycle is clearly underway; gold has broken out and is up $200 in the past six weeks.
Each of these events is reinforcing the profound effect of the other. And for those investors that are prepared, its impact has the potential to be exceptionally rewarding.
Ideally Positioned To Deliver Huge Gains
Sonoro Gold (SGO.V; SMOFF.OTC) is one way investors may prosper as these events unfold.
Sonoro expects to begin producing gold at its Cerro Caliche gold deposit as early as the first quarter of next year.
In short, the company’s transformation from a highly successful explorer to the ranks of high-growth gold producers is imminent.
The securing of project debt, followed by construction of its planned 15,000 tonne-per-day heap leach mining operation, is only months away. Building the mine is expected to take only around five months.
Bottom line: The timing for investors could not be better, as Sonoro looks set to start gold production just as gold is beginning a renewed and powerful move.
Consider that building a mine at the Cerro Caliche was originally conceived and assessed as likely viable when gold was less than $1,500.
...And that nearby mines with similar deposits, such as Argonaut Gold’s San Agustin Mine, are making record profits with half the gold grades Sonoro expects to mine. It is more than reasonable to expect the Cerro Caliche mine to be highly profitable too.
Simply put, Sonoro Gold offers investors a relatively low-risk opportunity to leverage the gold bull market — and the company’s recent share price rise gives some indication of this potential.
Consider that during the past two months gold is up 12%...while during the same period Sonoro’s shares have gained by 87.5%.
Sonoro Offers Leverage To Rising Gold Prices
Making the transition from explorer to developer, and ultimately gold producer, does not require a rising gold price to produce exceptional profits. But when gold does rise at the same time, it can multiply the profit potential.
Imaru Casanova at gold giant VanEck Investment Management estimates that an 11% increase in the gold price can translate into a 30% or more increase in cash flow for gold producers.
But small cap producers usually trade at three or four times cash flow. Given this, the leverage possibilities of a company like Sonoro Gold are obvious.
A Team That Knows How To Create Shareholder Wealth
The team that leads Sonoro has made fortunes for investors.
Take Sonoro’s VP of Exploration Mel Herdrick. Over his multi-decade career, he’s discovered no less than six major gold and copper deposits.
Hendrick’s work to develop the La Colorada and San Antonio deposits led to the takeover of Pediment Gold at almost 10 times its 2009 share price.
Sonoro’s VP of Operations, Jorge Diaz, is one of the original Glamis Gold Mine developers.
Glamis first started producing gold with its Picacho mine, a much smaller heap leach mine than what Sonoro is developing.
However, Glamis used the income wisely to acquire and develop mines...fueling an astounding growth rate...and was eventually taken over by Goldcorp for $8.6 billion.
Most recently, Diaz led the development of another major mining success — the giant Mulatos Mine, which has already produced more than two million ounces of gold.
On the heels of developing Mulatos, Diaz expects the Cerro Caliche to be his next major success, a tall order considering what he has already accomplished, and great news for Sonoro shareholders.
Big Upside With Relatively Little Risk
Sonoro’s team is set to hit the ground running following the delivery of its preliminary economic assessment (PEA) this July.
It is already in discussions regarding project finance, expects to start construction by September and, by early next year, be in production. Each of these milestones add to the likelihood of outsized shareholder profits.
Glamis Gold is a classic example of what going into production can mean to a company’s share price.
Despite its original mine’s small size (only 24,000 oz./year), its shares soared from C$0.80 to C$5.00 when it started production.
And after K92 Mining acquired a mothballed mine in Papua New Guinea from Barrick in 2016, until it started production it was basically an orphan. Its shares traded — when they traded, which was not very often — at around C$0.40.
K92’s shares currently trade around C$8.40, and it is one of the Toronto Stock Exchange’s best performers.
This is the kind of potential presented by Sonoro.
As Major Catalysts Approach, Time May Be Running Out
Sonoro has already completed a considerable amount of work to fast track Cerro Caliche’s development and is predicting exceptional economics.
As analysts crunch the data to compare Cerro Caliche to similar deposits in the area, the project’s exceptional potential is becoming increasingly apparent.
Sonoro’s recent record trading volume and rocketing share price may indicate that sophisticated investors have done their own calculations and concluded they should not risk paying a substantially higher price by waiting until Sonoro releases a PEA.
...The timing is critical, because things are now moving quickly: In the next two months, Sonoro will likely announce results from metallurgical studies, release an updated 43-101 resource estimate and issue that PEA, which will disclose economic parameters such as IRR, operating costs, cash flow and c…
After the resource estimate and PEA, the next catalysts will be the closing of the debt financing, the start of mine construction, and then the start of gold production in the first quarter of 2022.
A Future Takeover Target?
It is early days but, given the difficulty of finding mineable gold deposits and then putting them into production, the number of smaller gold producers is shrinking rapidly as larger companies buy them for their gold reserves.
Given that Sonoro management expects a material increase in Cerro Caliche’s existing 201,000-ounce resource, Sonoro is becoming increasingly attractive.
Management paused drilling in April when it estimated it had outlined enough gold to supply a 15,000- to 20,000-tonne-per-day operation for at least five years.
Two of Sonoro’s neighbors, Alio Gold and Premier Gold Mines, were taken over by larger gold producers during the past year. And going back further, Argonaut Gold acquired Mel Herdrick’s Pediment Gold.
As this trend continues, companies like Sonoro are likely to increase in value until they are eventually acquired.
Will it be bought out at a big premium like Herdrick’s Pediment Gold or will it grow first like Glamis Gold? Either way, it will be exciting!
lawrenzo
3 years ago
VANCOUVER, Canada, April 20, 2021
Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the closing of its oversubscribed non-brokered private placement of 17,283,586 units, at $0.18 per unit, for total gross proceeds of $3,111,045. The private placement was initially announced on March 29, 2021 for $2,000,000 (11,111,111 Units) and was increased, as announced on April 9, 2021, to $2,600,000 (14,444,444 Units), and increased again, as announced on April 13, 2021, to $3,000,000 (16,666,667 Units).
Each Unit consists of one Sonoro Common Share and one Share Purchase Warrant. Each warrant entitles the holder to purchase one additional Sonoro Common share for a period of two years from the closing date at an exercise price of $0.30 per share. All securities issued and issuable in connection with the Offering will be subject to a 4-month hold period ending August 21, 2021. The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final approval from the TSX Venture Exchange.
In connection with the Offering, the Company entered into finder’s fee agreements with Haywood Securities Inc. (“Haywood”), Echelon Wealth Partners Inc. (“Echelon”), Couloir Capital Securities Ltd. (“Couloir”), Canaccord Genuity Corp. (“Canaccord”), and National Securities Corp. (“National Securities”), (collectively, the “Finders” and each, a “Finder”) pursuant to which the Company paid to each Finder:
at the election of the Finder, either a cash finder’s fee or Units equal to a maximum 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder, and
non-transferable finder’s warrants (the “Finder’s Warrants”) equal in number to 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder. Each Finder’s Warrant entitles the Finder to purchase one common share in the capital of the Company at a price of $0.30 for a period of two years following the closing of the Offering.
In total the company paid $26,406 in Finder’s fees, 9,722 in Finder’s units and 167,922 in non-transferable Finder’s Warrants.
Directors and officers of the Company participated in the Offering by subscribing for 2,449,999 Units, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.
The net proceeds from the Offering will be used principally to fund Sonoro’s ongoing development plans at its Cerro Caliche Gold Project located in Sonora, Mexico, including completion of metallurgical testing, preparation of a 43-101 resource update, a Preliminary Economic Assessment, in addition to property maintenance payments, and secondarily for corporate and general administrative expenses.
Sonoro’s President and CEO, Kenneth MacLeod stated, “In light of the determination of Sonoro’s management to maintain a strong percentage ownership in the Company, we are pleased to report that members of the senior executive team contributed to 14% of the private placement financing. In addition, all members of the technical and management teams have demonstrated their commitment to the Company’s exploration and development plans for the Cerro Caliche project.”
Sonoro’s Chairman John Darch added, “Since the completion of our $8 million financing in September 2020, exceptional drilling results support the Company’s conceptual plan to develop a heap leach mining operation (“HLMO”) having a capacity of between 15,000 to 20,000 tons per day. The reception to this current financing, which continued to be oversubscribed despite being increased in size twice, reflects investors' confidence in the Company’s plans. We expect that the funds raised will sustain our operations beyond the completion of a 43-101 resource update and a Preliminary Economic Assessment, both expected by this July. On behalf of the Sonoro executive team, I would like to emphasize our confidence that these independent reports will reflect both a material increase and upgrade in our current inferred resource[1], together with robust economics for the conceptual heap leach mining operation, which we anticipate will enable us to raise debt financing to construct the HLMO with the objective to commence production in early 2022."
Readers are cautioned that, until the Preliminary Economic Assessment's completion, no definitive conclusions can be made as to the technical or economic viability of the proposed HLPO.
[1] NI 43-101 Technical Report on the Cerro Caliche Property, July 26, 2019, Strickland, D., Sim, R.C. prepared for Sonoro Metals; 11,5 Mt at avg 0.5 g/t Au + 4.3 g/t Ag containing 200,000 oz at 0.545 g/t AuEq.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:
Sonoro Metals Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
lawrenzo
3 years ago
Sonoro Gold Announces Addition of $0.6 Million Overallotment Option to $2.0 Million Unit Private Placement
4:04 PM ET, 04/09/2021 - GlobeNewswire
“THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTIONTO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES”
VANCOUVER, British Columbia, April 09, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that, in response to strong investor demand, it is increasing its non-brokered private placement first announced on March 29 (the "Offering") by providing for an overallotment option of up to 30% (3,333,333 Units) over and above the 11,111,111 Units previously announced. The Offering price remains $0.18 per Unit, each comprised of one Sonoro Common share and one Common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional Sonoro Common share for a period of two years from the closing at an exercise price of $0.30 per share. The Offering, if fully subscribed, will yield gross proceeds of $2,000,000, with the potential to add up to $600,000 of additional proceeds under the overallotment option.
The Company intends to pay finder’s fees as permitted under the policies of the TSX Venture Exchange in respect of Units placed with the assistance of registered securities dealers. All securities issued and issuable in connection with the Offering will be subject to a 4-month hold period in Canada from the closing date. The Offering, including the overallotment option, is subject to TSX Venture Exchange acceptance.
The net proceeds from the Offering will be used principally to fund Sonoro’s ongoing development plans at its Cerro Caliche Gold Project located in Sonora, Mexico and project property maintenance payments, and secondarily for corporate and general administrative expenses.
About Sonoro Gold Corp.Sonoro Gold Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
On behalf of the Board of SONORO GOLD CORP.
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
For further information, please contact:Sonoro Gold Corp. - Tel: (604) 632-1764Email: info@sonorogold.com
lawrenzo
3 years ago
Sonoro Gold Corp. Announces High Grade Intercepts at Buena Suerte and Japoneses; Zones Close to Merging
9:00 AM ET, 03/22/2021 - GlobeNewswire
VANCOUVER, British Columbia, March 22, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report assay results from its continuing drill program at the Company’s Cerro Caliche gold project in Sonora, Mexico. The new results reflect 20 RC drill holes, totaling 1,792 meters, from Buena Suerte and the adjacent Japoneses gold mineralized zones and highlight the following:
Spacing between the Buena Suerte and Japoneses zones has been reduced to approximately 100 meters in the northern extensions indicating the zones may merge with further infill drilling.Drill holes SCR-201, SCR-203, SCR-205 and SCR-207 at the 200-meter, high-grade north extension of Buena Suerte all cut high-grade intercepts.Drilling at the southwest extension of Buena Suerte identifies a 100-meter-long high-grade splay vein zone and widens the Buena Suerte zone toward the west.High-grade zone identified at the northwest extension of Japoneses, approximately 150 meters east of the 200-meter-long high-grade zone at Buena Suerte.
The map below shows the location of the 20 RC drill holes as well as the proximity between the Buena Suerte and Japoneses gold mineralized zones.
https://sonorogold.com/wp-content/uploads/2021/03/Plan-Map.png
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f38b71be-8108-4a96-90f3-15566c1bde8e
The image below illustrates a 1-kilometer cross section of the concession’s Central Zone.
https://sonorogold.com/wp-content/uploads/2021/03/Central-Zone-Cross-Section.png
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6bd440a8-718b-43ec-9739-fc9df4a9948e
Additional Longitudinal and Cross Sections can be found on the Cerro Caliche project page of the Company’s website.
Buena Suerte Gold Mineralization ZoneOn the southwest flank of the recently extended Buena Suerte zone, a new 100-meter-long high-grade vein, or splay, was identified with drill hole SCR-219 which intercepted 1.5 meters averaging 6.475 g/t Au within a larger interval of 16.76 meters averaging 1.427 g/t Au. Drill hole SCR-158, located 100 meters northwest of SCR-219, earlier reported a 6.10-meter intercept averaging 0.7 g/t Au, including 3.05 meters averaging 1.34 g/t Au. The northwest trending splay is located midway between the Buena Suerte vein and the El Quince vein 200 meters further west.
On the eastern flank of the Buena Suerte zone, drill hole SCR-201 intercepted 9.14 meters averaging 0.74 g/t Au. Within the zone’s main vein, drill hole SCR-209 intercepted 4.57 meters averaging 0.77 g/t Au and, 70 meters to the southeast, drill hole SRC-211 intercepted 3.05 meters averaging 4.766 g/t Au.
Highlights from Buena Suerte are as follows:
SCR-201 intercepted 9.14 m averaging 0.74 g/t Au; including 1.52 m averaging 2.096 g/t AuSCR-203 intercepted 6.09 m averaging 0.712 g/t Au; including 1.53 m averaging 2.04 g/t AuSCR-205 intercepted 9.14 m averaging 0.593 g/t Au; including 1.53 m averaging 1.528 g/t AuSCR-207 intercepted 3.05 m averaging 0.621 g/t Au; and 1.52 m averaging 1.292 g/t AuSCR-209 intercepted 4.57 m averaging 0.770 g/t Au; including 1.53 m averaging 1.786 g/t AuSCR-211 intercepted 3.05 m averaging 4.766 g/t AuSCR-219 intercepted 16.76 m averaging 1.427 g/t Au; including 1.52 m averaging 6.475 g/t Au
The image below illustrates a 900-meter longitudinal section of drill holes at Buena Suerte.
https://sonorogold.com/wp-content/uploads/2021/03/Buena-Suerte-Cross-Section.png
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bfad7e6e-b60b-46ab-bb4b-52cdb2c688cf
Japoneses Gold Mineralization ZoneOn the western flank of the Japoneses gold mineralized zone, directly adjacent to the eastern flank of the Buena Suerte gold mineralized zone, the distance between the two zones was reduced to approximately 100 meters with drill hole SCR-218 intercepting 22.86 meters averaging 0.505 g/t Au and drill hole SCR-220 intercepting 22.86 meters averaging 0.505 g/t Au. Future drilling within this area will continue to investigate surface exposures which include epithermal quartz veins in the highly silicified outcropping rock consisting of quartzite and rhyolitic intrusive.
Drilling results from the west-central flank of the Japoneses zone outline additional mineralized material with drill hole SCR-204 which intercepted 10.67 meters averaging 1.355 g/t Au, including 1.53 meters averaging 6.329 g/t Au. In the southern portion of Japoneses, infill drilling cut multiple veins, demonstrating an extensive shallow oxide gold mineralization with drill hole SCR-214 intercepting 18.29 meters averaging 0.577 g/t Au and drill hole SCR-215 intercepting 12.2 meters averaging 0.517 g/t Au.
Highlights from Japoneses are as follows:
SCR-204 intercepted 10.67 m averaging 1.355 g/t Au; including 1.53 m averaging 6.329 g/t AuSCR-214 intercepted 18.29 m averaging 0.577 g/t Au; including 1.52 m averaging 1.972 g/t AuSCR-215 intercepted 12.20 m averaging 0.517 g/t AuSCR-218 intercepted 22.86 m averaging 0.505 g/t Au; including 1.52 m averaging 1.952 g/t AuSCR-220 intercepted 22.86 m averaging 0.534 g/t Au; including 1.53 averaging 1.843 g/t Au
Kenneth MacLeod, President and CEO of Sonoro, stated, “With over 44,500 meters of drilling completed on Cerro Caliche to date, we are pleased to open the data room to geological and mining consultants, Micon International, for preparation of an updated NI 43-101 resource report. Additional assays for drilling to the end of March will be provided to Micon by mid-April for inclusion in the resource report, which is anticipated to be completed in mid-2021.”
John Darch, Chairman of Sonoro, added that, “The results continue to build a case for a substantial increase in our upcoming NI 43-101 resource update, as both zones look increasingly likely to coalesce into a single body of shallow, oxide gold mineralization which may justify a single larger pit. At the same time, the discovery of a high-grade gold vein near the Buena Suerte’s southwestern extent not only adds to the project’s resource potential, but it also illustrates the project’s potential for high-grade gold veins.”
Go to news release to see the below chart data in detail...
Assay Results from Buena Suerte and Japoneses Gold Mineralized Zones...
lawrenzo
3 years ago
Sonoro Demonstrates 200-Meter-Long High-Grade Gold Zone at Buena Suerte
9:00 AM ET, 03/11/2021 - GlobeNewswire
VANCOUVER, British Columbia, March 11, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to report the latest assay results from its ongoing drilling program at the Company’s Cerro Caliche gold project in Sonora, Mexico. The new results reflect 32 drill holes, totaling 2,830 meters and highlight the following:
Confirmation of a 200-meter-long, high-grade zone in the northwest extension of Buena SuerteHigh-grade intercepts at the northern extension of Buena Suerte including SCR-186 which intercepted 24.39 meters averaging 1.206 g/t Au, including 13.72 meters averaging 1.853 g/t AuFurther confirmation of continuous mineralization at the two kilometer long El Rincón - Veta de Oro - Abejas vein and stockwork gold mineralized zone.Further extension to the new Bellotoso gold mineralized zone through step-out drilling.
Map of Cerro Caliche Drill Holes Being Reported: https://www.globenewswire.com/NewsRoom/AttachmentNg/86f82d9c-584e-40e4-a2ea-33e73e26843d
Kenneth MacLeod, President & CEO of Sonoro, commented: “The current phase of the drill program is focused on expanding mineralized zones and upgrading the resource classification at the four main zones that Micon International will assess in the updated 43-101 technical report currently being prepared. At the same time, drilling is also addressing the potential pit optimization that might be achieved by combining the conceptual Japoneses and Buena Suerte open pits into one larger pit. The 43-101 technical report will incorporate all the drilling conducted to the end of March 2021 and is anticipated to be completed early in the third quarter of 2021.”
John Darch, Chairman of Sonoro, also noted: “The continued expansion of the Buena Suerte Gold Zone and the positive drilling results at El Rincón and the newly identified Bellotoso zone brings us closer to our goal of developing a major bulk-tonnage, oxide gold resource with the potential to provide a source of production and revenue in the years to come. At the same time drilling at the Japoneses zone is making an essential contribution to the project’s conceptual plan, to be addressed in a 2021 PEA, to develop a heap leach mine operation having an initial capacity of up to 20,000 tonnes per day.”
Buena Suerte shows a 200-meter-long High-grade Zone in the Northwest Extension Drilling at the northern extension of Buena Suerte demonstrated a 200-meter-long high-grade ore zone, suggesting the presence of an ore shoot, in the vicinity of holes SCR-109, SCR-186, SCR-148 and SCR-098. Hole SCR-186 is approximately 50-meters north of SCR-109 which, as previously reported, intercepted 45.72 meters averaging 0.97 g/t Au starting at three-meters below surface, including a high-grade section of 15.24 meters averaging 2.101 g/t Au.
Assay highlights include:
SCR-186 intercepted 24.39 m averaging 1.206 g/t Au, including 13.72 m averaging 1.853 g/t Au.SCR-187 intercepted 9.14 m averaging 0.522 g/t Au and 21.9 g/t Ag.SCR-191 intercepted 16.77 m averaging 0.451 g/t Au and 3.04 m averaging 0.409 g/t Au.SCR-194 intercepted 9.14 m averaging 0.466 g/t Au and 27.3 g/t Ag.
Drill hole SCR-195, the most northwesterly hole drilled to date at Buena Suerte, intercepted 6.09 meters averaging 0.466 g/t Au beginning at three-meters from surface. The drill hole is a 50-meter step-out from previous drilling and additional drilling is planned to test further continuity of the northwest extension.
Japoneses Zone DrillingAt Japoneses, drilling has identified numerous mineralized intersections along the full extent of the zone’s western boundary where future pit optimization may be achieved between the potential convergence of the conceptual Japoneses and Buena Suerte open pits.
Assay highlights include:
SCR-198 intercepted 19.8 19.81 m averaging 0.465 g/t Au from surface.SCR-197 intercepted 7.62 m averaging 0.513 g/t Au from 9.14 meters.SCR 188 intercepted 6.10 m averaging 0.560 g/t Au from surface.
Most notably, drill hole SCR-198 intercepted 19.81 meters averaging 0.465 g/t Au from surface, while approximately 50 meters to the south, drill hole SCR-197 intercepted 7.62 meters averaging 0.513 g/t Au from 9.14 meters below surface. Numerous additional RC drill holes have been completed along the western flank of Japoneses and pending assay results are expected to contribute further to the mineralization of the zone.
Mel Herdrick, VP of Exploration, commented, “Our drilling to define the 500-meter-long west side of Japoneses ridge is an important component of the upcoming PEA, as the most recent results increase the potential that we may combine the conceptual Japoneses and Buena Suerte pits into a single pit. It is very encouraging that drilling identified a 200-meter-long high-grade ore zone at the northern extension of Buena Suerte, while also expanding the size of the mineralized gold zones at Veta de Oro, El Rincon and Bellotoso zones.”
El Rincón, Veta De Oro, Bellotoso, and Gloria Exploration Drilling The El Rincón vein area was further tested with two RC drill holes. Drill hole SCR-174 cut an approximately 70-meter section of anomalous gold beginning at surface, where a 10.67-meter intercept averaging 0.308 g/t Au was cut between 45.72 meters to 56.39 meters. Drill hole SCR-175 cut a similarly broad anomalous interval and, beginning at 3 meters, intercepted 3.05 meters averaging 0.836 g/t Au. The drill holes are the furthest northwest step outs in the Rincon zone and are within the vein trend which remains open to the northwest following outcropping quartz veins.
At Veta de Oro, drill hole SCD-045 intercepted 5.1 meters averaging 0.367 g/t Au and 4.5 meters averaging 0.327 g/t Au. SCD-045 was completed to test the vein’s northwest extension along trend towards the El Rincon vein zone and is situated 250 meters southeast of drill hole SCD-021 at the El Rincon zone which intercepted 21 meters averaging 1.13 g/t AuEq. SCD-045 is a substantial step out, further confirming the continuity of the mineralization at the El Rincón – Veta de Oro – Abejas Zone. Sonoro’s geological team will be reviewing in detail the data set regarding vein characteristics, mineralogy, and metal zonation in relation to Cerro Caliche’s evolving low sulfidation epithermal model, to determine the best sections for future drilling of this promising area.
The Bellotoso vein zone drilling consisted of four core drill holes and two RC holes. The best interval from these holes is from core hole SCD-044 which intercepted 10.5 meters averaging 0.86 g/t AuEq. The other 3 core holes are located in the far northwest part of the Bellotoso vein trend and include SCD-047 which is a step-out to a secondary parallel vein zone. The Bellotoso strike is parallel to El Rincon and is separated in part by a rhyolitic dike that appears to be source of the gold bearing fluids that mineralized the local area.
At Gloria, five exploration holes were drilled approximately 500 meters northwest of Buena Suerte, in an area with historical artisanal gold workings. Drill hole SCR-179 intercepted 7.62 meters averaging 0.182 g/t Au and SCR-181 intercepted 1.52 meters averaging 1.47 g/t Au. The remaining holes contained minor intervals with low gold content without any significant gold bearing zones. The Gloria zone will be further assessed to determine its prospectively further to the northwest, where previous drilling demonstrated more consistent mineralization.
The low-grade intercepts indicate drilling cut deeper than the ‘ideal’ low sulfidation epithermal boiling zone. This observation is supported by low gold to silver ratios with low silver content as illustrated by the only anomalous interval from drill hole SCR-181 (from 22.86 to 24.38 meters) of 1.47 g/t Au and 0.15 g/t Ag illustrates. This mineralization is typical of deeper intersections at or just below the base of epithermal vein boiling zone.
Assay Results from Reverse Circulation Drilling
SEE PRESS RELEASE FOR HOLES COMPOSITES DETAILS...
lawrenzo
3 years ago
Sonoro Gold Corp. Reports Bottle Roll Tests of Cerro Caliche Mineralization Return Average Recoveries of 80.3% for Gold
9:00 AM ET, 03/03/2021 - GlobeNewswire
VANCOUVER, British Columbia, March 03, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp.(TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) “Sonoro” or the “Company” is pleased to report the bottle roll results from the Company’s Cerro Caliche property in Sonora, Mexico. The samples tested were from four specific mineralized zones: Japoneses, Cuervos, El Colorado/Cabeza Blanca and Buena Suerte, and included associated composites. The testing was conducted at McClelland Laboratories, Inc. in Sparks, Nevada as part of a detailed scope of work consisting of 43 bottle roll tests over 96-hours at a coarse sizing of 80% - 1.7 mm feed size. Subsequent leach recoveries averaged 80.3% for gold and 27.2% for silver. Sodium cyanide consumption rates averaged 0.20 kg/t and lime addition averaged 2.1 kg/t for the bottle roll tests at varying feed grades. These recoveries are similar in all structures and domains while cyanide consumption, which averaged 0.2-0.3 kg/t, together with the amount of lime required for pH control (approximately 2 kg/t) are well within acceptable levels.
The leaching profile indicated a fast recovery over the 24-hours for gold, with a slower profile for silver as expected. Variability is as shown in the following graphs supplied by McClelland Laboratories for the specific zones and composites.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/da6b5c99-9302-4323-9f8b-ef942c41e6b4https://www.globenewswire.com/NewsRoom/AttachmentNg/ff32ff19-dc0a-40d7-99b5-71d19fdfd815
The samples tested were from over 5,500 kilograms of mineralized material taken from ten 85-mm diameter PQ core holes which were drilled to depths ranging from 25 to 140 meters. The balance of the mineralized material is being used for the column leach tests at McClelland Laboratories.
Drilling at Cerro Caliche has shown that the mineralization throughout the various zones is oxidized to the full extent of all the drill holes. Bottle roll test results verify previous observations that mineralization characteristics of near-surface oxidized drill cuttings were similar to the deeper oxidized mineralization.
The map below shows the locations of the PQ core drill holes.
A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fc9a7785-ac22-4fc1-9f17-49f037559855
Sonoro’s Vice President Operations, Jorge Diaz, stated, “We are pleased with these results as it shows the mineralization is amenable to cyanide leaching and provides good recoverability at a coarse mesh bottle roll of 1.7mm. We are also encouraged by the fact that these bottle roll tests, which were conducted on various ore types and across various zones within the property, demonstrate similar positive metallurgical recoveries across the entire resource area.”
Sonoro’s President and CEO, Kenneth MacLeod, added, “The successful completion of these tests is an important
advancement of the Cerro Caliche project and will contribute towards the completion of the NI 43-101 P.E.A. that is expected to be released during Q3-2021. The results validate the projected 72% recovery rate used in the Company’s July 26, 2019 NI 43-101 Technical Report1 which provided the project’s initial mineral resource estimate.”
As previously planned, based on the bottle roll composites, the column test work has now commenced at McClelland Laboratories. The column testing consists of 17 columns on 9 mineralized zones and 8 composites on 2 crush sizes of 2-inch to 0.5-inch feed sizes. The Company expects these column tests to run for up to 90 days and will report the results as they become available.
Sonoro’s Chairman, John Darch, concluded, “The importance of this independent confirmation of the gold recoveries which now form the basis of our assessment of a 20,000 tpd heap leach mining operation cannot be understated as they are a critical milestone with regard to the project’s advancement. That these bottle roll test results are very much in line with management’s assumed recoveries speak volumes as to the acumen, professionalism and best-in-class practices employed by the Sonoro team.”
Quality Assurance/Quality Control (“QA/QC”) Measures and Analytical ProceduresThe PQ drill cores for metallurgical testing were drilled to normal industry standards, with the cores sequentially placed in 4-row plastic core boxes, then kept in secure storage and packed onto wooden pallets prior to shipping to McClelland Laboratories by DHL.
No QA/QC issues were noted with the results received from the laboratory. McClelland Laboratories, Inc. maintains accreditation with ISO/IEC Standard 17025:2017, for fields of testing that include the fire assay and solution analyses used for the current metallurgical testing program.
Geologic DescriptionCerro Caliche is located 45 kilometers east southeast of Magdalena de Kino in the Cucurpe-Sonora Mega-district of Sonora, Mexico. Multiple historic underground mines were developed in the concession including Cabeza Blanca, Los Cuervos, Japoneses, Las Abejas, Boluditos, El Colorado, Veta de Oro and Espanola. Mineralization types of the Cucurpe-Sonora Mega-district include variants of epithermal low sulfidation veins and related mineralized dikes and associated volcanic domes. Local altered felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization both in the dikes and meta-sedimentary rocks.
Host rocks include Jurassic-Cretaceous meta-sedimentary rock units including argillite, shale, quartzite, limestone, quartz pebble conglomerate and andesite. Younger intrusive rock consisting of medium coarse-grained granodiorite-granite is present in the westerly parts of the concessions near the historic Cabeza Blanca Mine. It is apparent that veining cuts and pervasively alters the intrusive stock. Rhyolite occurs in irregular bodies distributed in higher elevations in the northerly part of the concession, including the Rincon area, where it occurs as flows, sills, dikes and rhyolite domes. Part of the rhyolite is mineralized and appears to be related to epithermal gold mineralization throughout the property.
Qualified Person StatementStephen Kenwood, P.Geo., a Director of Sonoro, is a Qualified Person within the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of gold mineralization in the concessions held by the Company.
Register for real-time alerts, custom portfolio, and market movers
Lowjack
2 years ago
willlbone
3 years ago
Hot Features
Premium
