VANCOUVER, British Columbia, Oct. 09, 2018 (GLOBE NEWSWIRE) — Sonoro Metals Corp., (TSXV: SMO) (OTCQB: SMOFF) (FRA: 23SP), (“Sonoro”), announces that its Mexican subsidiary, Minera Mar De Plata, SA de C.V. has executed a formal option agreement (the “Option Agreement”) with a resident of Magdalena de Kino, Sonora, Mexico (the “Vendor”), to acquire a 100% interest in the Cabeza Blanca concession (“Cabeza Blanca”) located within the perimeter of the Cerro Caliche concessions currently being explored by Sonoro in the prolific Cucurpe Sonora Mega-district of Sonora, Mexico.
The Option Agreement provides for Sonoro to acquire a 100% interest in the 10-hectare Cabeza Blanca concession for total consideration to the Vendor of US$175,000 and 250,000 Sonoro common shares at a deemed issue price of $0.09 per share, subject to TSX Venture Exchange acceptance. The cash component is to be paid in 5 installments over 2 years. The share component will be subject to the customary 4-month hold period.
“The Cabeza Blanca agreement completes our acquisition of all the mineral concessions under consideration within the 14 km² Cerro Caliche group,” said Kenneth MacLeod, President and CEO of Sonoro. “Cabeza Blanca’s strategic location within Cerro Caliche, along with the positive results from our sampling program and similar results from earlier exploration programs, makes this concession a priority target for Sonoro to drill.”
Similar in structure to the adjacent El Colorado concession recently acquired by Sonoro, Cabeza Blanca contains extensions of the same robust set of north-northwest trending quartz veins bearing gold and associated silver mineralization with the highest grades in the center of the zone. Limited mining of the larger veins is evidenced by tunnels, pits and trenches. Two prior exploration programs by other operators during the period 2007 to 2011, resulted in the completion of 8 drill holes along the Cabeza Blanca vein zone. Sonoro intends to conduct new drilling at Cabeza Blanca to verify the earlier data and expand the mineralized footprint.
The Cabeza Blanca vein system traverses the entire 500-meter north-south length of the concession, with the vein system extending beyond the north and south boundaries of the concession for a total strike length of over 1 km and an average width of over 20 m for the steeply dipping vein plus sheeted side vein zones. Limited historic mining of the center of the vein was carried out by the Vendor and directly shipped to smelters of the region for gold and silver bearing flux.
The Cucurpe Sonora Mega-district includes Premier Gold’s Mercedes gold mine; Goldgroup Mining’s Cerro Prieto gold mine; Agnico Eagle’s Santa Gertrudis gold mine; and other gold mineralized prospect areas, all within 15 kilometers of the Cerro Caliche concession group.
In order to focus exploration efforts on the Cerro Caliche group of concessions, Sonoro has issued a notice of termination of the La Calera option agreement announced November 8, 2017. Calera is situated to the south of and outside of the Cerro Caliche group. The termination of the Calera option agreement will take effect on October 31st, 2018 and Sonoro will not incur any further costs at Calera.
Stephen Kenwood, P. Geo. is a Qualified Person within the context of National Instrument 43-101 and has read and takes responsibility for this news release. Readers are cautioned that the presence of mineralization on properties adjacent to or in proximity to Cerro Caliche is not necessarily indicative of mineralization on Cerro Caliche.
About Sonoro Metals Corp.
Sonoro Metals Corp. (TSXV: SMO) (OTCQB: SMOFF) is an exploration and development company with a portfolio of precious metals properties in Sonora, Mexico and Alaska, USA. Sonoro’s skilled exploration team in Mexico is headed by Hermosillo-based geologist Melvin Herdrick, with 45 years of mine related experience, including 10 years as Chief Geologist for Phelps Dodge, Mexico and 7 years as Vice President, Exploration for Pediment Gold in Mexico until its takeover by Argonaut Gold in 2011. Sonoro’s Chief Geologist and Qualifying Person is Stephen Kenwood, with over 20 years of experience in mineral exploration and development.
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: [email protected]
Forward-Looking Statement Cautions: This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to, among other things, the Company’s plans for the acquisition of the above-described Cabeza Blanca and Cerro Caliche Concessions, located in the municipality of Cucurpe, Sonora, Mexico, and the Company’s future exploration plans for those properties. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavourable interim exploration results, the lack of sufficient future financing to carry out exploration plans, and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Original Article: https://globenewswire.com/news-release/2018/10/09/1618554/0/en/Sonoro-Adds-Cabeza-Blanca-Concession-to-Cerro-Caliche.html
