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Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) ("Sonoro" or the "Company") is pleased to announce that its wholly owned Mexican subsidiary, Minera Mar de Plata ("MMP"), has executed three binding Letters of Intent (the "LOIs") with two residents of Sonora, Mexico (the "Vendors") to acquire a 100% interest in 24 mineral concessions, and up to a 51% interest in five additional mineral concessions, located adjacent to the Company's Cerro Caliche gold project in Sonora, Mexico. The Vendors are at arm's length to the Company and to its associates and affiliates.
Sonoro believes the acquisition is a strategic opportunity to potentially demonstrate the Cerro Caliche project as being part of a larger gold epithermal system, with wide-scale potential to host multiple mineralized zones.
"This acquisition has the potential to build Cerro Caliche into a larger-scale gold mining project with multiple major mineralized zones stretching from the Agnico Eagle Santa Gertrudis deposit to the north down all the way to the Highlander Silver Mercedes Mine to the southeast," said Kenneth MacLeod, Sonoro's President and CEO. "Numerous exploration programs have been conducted across the new concessions resulting in multiple mineralized targets we plan to explore alongside the development of the proposed open pit, heap leach mining operation."
Under the two LOIs, MMP intends to acquire a 100% interest in an additional 24 mineral concessions over 5,025.21 hectares (ha) for total consideration of USD $6.0 million to be paid in installments over the next twenty months. In addition, MMP is assuming responsibility for the payment of outstanding mineral concession fees totaling approximately USD $990,000. The purchase consideration does not include the issuance of any securities, nor any grant of a royalty interest.
Sonoro's exploration team is reviewing extensive historical data from multiple exploration programs conducted over the past 30 years on and surrounding the new 24 mineral concessions. Soil and rock geochemical samples, surface and underground workings, drilling campaigns and geophysical surveys have been completed across the concessions' various veins and mineralized structures. The Company expects the new concessions may host similar geological, structural and mineralized characteristics to those identified at Cerro Caliche.
Under a third LOI, MMP has been granted an option to acquire up to a 51% interest in five mineral concessions over 453.91 ha for a total commitment of up to USD $9M in exploration expenditures over four years, earning a 12.75% interest for each USD $2.25M of exploration expenditures incurred. Again, this transaction does not include the issuance of any securities nor any grant of a royalty interest.
Historical drilling data suggests these five additional concessions may host continued extensions of the Cerro Caliche project's known northwest trending mineralized corridors, as well as mineralized intersections of both high and low grade that may continue at depth within parallel vein systems. The Company plans to complete extensive exploration campaigns on the newly acquired concessions as part of an integrated exploration approach, incorporating structural reinterpretation, modern geophysics, 3D geological modeling and systematic drilling programs aimed at expanding mineral resources, identifying new mineralized centers and evaluating the potential of multiple underexplored gold corridors.
The map below illustrates the new concessions under the three LOIs.
Figure 1: Map of New Concessions
Please click here to view image
The Cerro Caliche gold project is in the final permitting stage for a proposed open-pit, heap leach mining operation. An updated 2026 PEA demonstrates the potential viability for a ten-year open pit, heap leach mining operation at 16,000 tpd. Based on approximately 30% of the known mineralized zones identified on the original 1,350-hectare property and utilizing a gold price of USD $3,500 per ounce, the report highlights an after tax NPV8 of USD $224M and an IRR of 50%.
The Cerro Caliche project was recently expanded by 11 additional mineral concessions to almost 4,000 hectares and the acquisition of 24 new concessions will expand the property to 9,001 hectares, plus another 454 hectares through the potential 51% ownership in another five mineral concessions.
Readers are cautioned that completion of the subject concession acquisition transactions remain subject to the completion of due diligence and the settlement of the definitive agreements based on the LOIs.
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.
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development Company holding the 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.
To keep up-to-date on Sonoro's developments, please join our online communities on X, Facebook, LinkedIn, Instagram, and YouTube and visit Sonoro's website and subscribe to receive the latest news and updates delivered straight to your inbox.
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 Statement Cautions:
This press release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the anticipated completion of the acquisitions of 24 concessions and the potential to earn up to a 51% interest in an additional 5 concessions through future exploration expenditures, the potential for newly acquired mineral concessions to demonstrate the Cerro Caliche project as part of a larger gold epithermal system, with wide-scale potential to host multiple mineralized zones, the Company's plan to complete extensive exploration campaigns on the newly acquired concessions, the expected completion of due diligence and negotiation of definitive acquisition agreements, permitting for and viability of a proposed open-pit, heap leach mining operation at Cerro Caliche, all as part of the future plans and objectives of the Company, constitute forward looking information that involve various risks and uncertainties, including statements regarding project permitting and the Company's intention to develop and operate the proposed Cerro Caliche gold mine. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective" and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavorable exploration and test results, the lack of sufficient future financing to carry out exploration and development plans and unanticipated changes in the legal, regulatory and permitting requirements for the Company's exploration programs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company's complete public disclosure record on SEDAR at www.sedar.com.
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act ("Regulation S"), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
