TORTOLA, British Virgin
Islands, July 14, 2021 /CNW/ -
Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the "Company"
or "Sailfish") is pleased to announce that Mako Mining Corp.
("Mako") has declared commercial production at its San Albino gold
mine ("San Albino"), located in northern Nicaragua, effective July 1, 2021. Sailfish holds a gold stream
equivalent to a 3% NSR on San Albino (~3.5 sq. km) and a 2% NSR on
the rest of the area (~134.5 sq. km) surrounding San Albino.
Highlights (from Mako's July
13, 2021 news release)
- All components of the 500 tonne per day gravity and
carbon-in-leach ("CIL") processing plant have been fully
operational since the beginning of May 2021. Since
May 12th, when the
processing of high-grade mineralization began, the plant has been
averaging 456 tonnes per day ("tpd") at 71% availability.
Since this time, the plant has been exclusively processing
high-grade diluted vein material with an average grade of 12.52
grams per tonne ("g/t") gold and recovering an average of
96.3%.
- Since May 12th, an
average of 596 tpd of diluted vein, historical dump material and
other mineralized material above cutoff grade have been mined, with
a strip ratio of 14.9. The stockpile is now approximately
116,748 tonnes and is comprised of 10,354 tonnes of diluted vein
material at 11.41 g/t gold and 106,394 tonnes of historical dump
and other mineralized material at 2.49 g/t gold for a total of
12,327 ounces of gold.
- These levels of plant and mine throughputs are above the
thresholds required by Mako to declare commercial production and
after averaging these levels for 50 days, Mako has declared
commercial production effective July 1,
2021.
- Looking forward, mining of the Porcelana Zone has commenced
and Mako expects to begin blending the diluted vein material with
historical dump material and other mineralized material above
cutoff grade towards the end of the month. The Porcelana Zone
has the highest grade-thickness profile encountered at San
Albino.
Cesar Gonzalez, Chief Executive
Officer of Sailfish states that, "reaching commercial production at
a gold mine is a major milestone. Yesterday's announcement is
even more special considering that San Albino was built and
commissioned during a global pandemic and after two major
hurricanes. Sailfish has been receiving cash flow from its
gold stream on San Albino since May. With commencement of mining at
the Porcelana Zone, we are excited to see that cash flow grow."
About Sailfish
Sailfish is a precious metals royalty and streaming company.
Within Sailfish's portfolio are three main assets in the Americas:
a gold stream equivalent to a 3% NSR on the San Albino gold mine
(~3.5 sq. km) and a 2% NSR on the rest of the area (~134.5 sq. km)
surrounding San Albino in northern Nicaragua; an up to 2.75% NSR on the
Tocantinzinho gold project in the prolific Tapajos district of
northern Brazil; and an up to 3%
NSR on the multi-million ounce Spring
Valley gold project in Pershing
County, Nevada.
Sailfish is listed on the TSX Venture Exchange under the symbol
"FISH" and on the OTCQX under the symbol "SROYF". Please visit the
Company's website at www.sailfishroyalty.com for additional
information.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as the term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary statement regarding forward–looking
information
Certain disclosures in this release constitute
"forward-looking information" within the meaning of Canadian
securities legislation. Forward-looking statements are statements
that are not historical facts and are generally, but not always,
identified by words such as the following: expects, plans,
anticipates, believes, intends, estimates, projects, assumes,
potential and similar expressions. Forward-looking statements also
include reference to events or conditions that will, would, may,
could or should occur, including, without limitation, statements
regarding the Company's expectation that the San Albino gold mine
is in commercial production. In making the forward-looking
statements in this news release, the Company has applied certain
factors and assumptions that the Company believes are reasonable,
including that the San Albino gold mine is in commercial
production. However, the forward-looking statements in this news
release are subject to numerous risks, uncertainties and other
factors that may cause future results to differ materially from
those expressed or implied in such forward-looking statements,
including without limitation: that the San Albino gold mine is not
in commercial production or will not achieve production at all.
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 and forward-looking information. Readers are cautioned
that reliance on such information may not be appropriate for other
purposes. The Company does not undertake to update any
forward-looking statement, forward-looking information or financial
out-look that are incorporated by reference herein, except in
accordance with applicable securities laws.
SOURCE Sailfish Royalty Corp.