VANCOUVER, Canada, September 5, 2018, Sonoro Metals Corp., (“Sonoro”) (TSXV: SMO) (OTCQB: SMOFF), 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 9 hectare El Colorado concession (“El Colorado”) 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 increases the land holdings under option to Sonoro in this important gold mining district to 1,484 hectares.
The Option Agreement provides for Sonoro to acquire a 100% interest in El Colorado for total consideration to the Vendor of US$100,000, of which US$50,000 has been paid and the balance due in 6 months.
The El Colorado concession contains a robust set of northwest trending quartz veins bearing gold and associated silver mineralization. Limited mining of the larger veins is evidenced by tunnels, pits and trenches. Most mining activity is historic with little data available from older periods of prospection and production. Production was of artisanal character where it is reported by the Vendor that quartz veins were mined which had at least 10 grams gold per tonne, with delivery to regional smelters for both silica as flux and co-payment for contained precious metals. Production quantities are unknown.
Prior data acquired with the concession includes historic drill information for three 1990’s Cambior drill holes that contained well-mineralized intervals from a vein system that had workings developed about 70 years ago.
Geologic mapping and sampling completed on El Colorado by Sonoro has collected more than 50 rock chip samples and located seven high gold content through-going veins with large areas of surrounding lesser mineralized quartz stockwork and sheeted quartz veinlet zones. This data is supplemented by another 150 older surface chip sample results from historic exploration programs. The targets within the concession are both high grade underground vein zones and near surface large volume lower grade mineralized zones. Values range from anomalous up to more than 5 grams gold content.
“Our Hermosillo-based exploration team, headed by noted geologist Mel Herdrick, has finalized the planning of a drill program for the Cerro Caliche concessions, including El Colorado,” said Kenneth MacLeod, President and CEO of Sonoro. “A drill plan has been submitted to the Mexican federal environmental agency, Semarnat, for review and approval and a response is expected shortly.”
The Cucurpe Sonora Mega-district includes Premier Gold’s Mercedes gold mine; Goldgroup Mining’s Cerro Prieto gold mine; Agnico Eagle’s recently purchased Santa Gertrudis gold mine; and other gold mineralized prospect areas.
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 El Colorado 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://www.sonorometals.com/news/2018/sonoro-adds-el-colorado-concession-to-cerro-caliche/
