Xali Gold Corp. (TSXV:XGC) ("Xali Gold” and/or the “Company”) is
pleased to advise that the company has signed a new Exploration and
Production Agreement (“EPA”) with Ingenieros Mineros, S.A. de C.V.
(“IMSA”) on the El Dorado Gold-Silver Project, located in Nayarit
State, Mexico. The EPA gives Xali Gold the right to explore and
produce gold, silver and other metals for life of mine.
Under the EPA, Xali Gold has the obligation to
pay IMSA the following (all amounts are in US$):
- $30,000 per year
until the commencement of commercial production, maximum of 5
years;
- A minimum of
US$60,000 per year after 5 years or upon commencement of
production;
- During
commercial production a net smelter royalty (“NSR”) of:
- 3.5% until
payments reach an aggregate amount of $350,000; of which $200,000
is payable in cash and $150,000 in XGC shares (using a 30 day VWAP
(volume weighted average share price))
- 3.0% to an
aggregate of $600,000
- 2.5% to an
aggregate of $850,000
- 1.0% through the
Life of Mine/Operations
- All annual
payments are to be credited towards the NSR payments
Once in production, mineralization is planned to
be processed in the nearby SDA plant under acquisition from
Magellan Acquisitions. In preparation for production, Xali Gold is
actively preparing the requisite permit applications as well as
those required to conduct precursor exploration activities. Planned
exploration activities will include re-establishing underground
access for mapping, rock chip and bulk sampling with a goal of
defining high grade zones.
The EPA replaces Xali Gold’s right to assume the
rights and obligations of a previous Lease Agreement between
Magellan Acquisitions and IMSA which had a fixed 5 year term and a
3.5% NSR payable for all years to IMSA.
Ongoing and Completed
Activities
3D ModellingA 3D geological model has been
constructed in Leapfrog to assist in drill planning. The model has
identified high grade mineralization occurring in multiple parallel
veins at a spacing close enough to potentially access several veins
via common development workings. This could significantly reduce
costs of development work. Drilling along with underground sampling
is planned to test potential lateral extensions to the high-grade
zones and to better define plunging mineralization shoots. Please
see
https://xaligold.com/projects/mexico/western-mexico/el-dorado-western-mexico/overview-1/
to view the model.
PermittingDrill Permit applications are in
progress and are expected to take 3 to 4 months to receive from the
date of submission. Permit applications are also being prepared for
the reopening of the historical El Hundido Mine and should take 6
to 10 months from the date of submission to receive. With the
signing of the EPA, we look forward to re-establishing surface
rights agreements to complete the permitting process.
Planned Activities
Underground Rehabilitation, Mapping and
SamplingWith the EPA in place and renewal of surface rights
agreements forthcoming, Xali Gold will now be able to re-establish
access to old workings in the historic El Hundido and El Dorado
Mines for the purposes of mapping, sampling and eventual
operations. The planning and implementation of this work has been
augmented by the company’s development of a Leapfrog model which
will allow for a more targeted approach to defining high grade
zones underground. Sampling results will then be integrated back
into the implicit Leapfrog model which will seamlessly update
according to the new data and form the basis for drill
planning.
The El Dorado Property
Location, Geology and MineralizationThe El
Dorado Gold-Silver Project is located in the Pacific Coastal Plain,
State of Nayarit, 50 km south of the SDA Plant, which Xali Gold has
an option to purchase from Magellan Acquisition Corp., 70 km
north-northwest of Tepic, the state capital, and 180 km southeast
of Mazatlan, Sinaloa. The project has excellent road and rail
infrastructure.
The El Hundido and El Dorado mines occur within
The El Dorado vein trend which extends over a strike length of 3.5
km with widths exceeding tens of meters containing numerous
parallel veins and vein breccias. In addition, high level
silicification and argillic alteration on surface indicate depth
potential to the mineralizing system. For these reasons,
exploration potential outside of the area of historical mining and
Prospero Silver Corp.’s (“Prospero”) (previous operator) drilling
is believed to be excellent. (“Magellan Gold Corporation, Form 10-K
Annual Report US SEC dated Dec 31, 2018, File No. 333-174287”)
Available in
https://xaligold.com/site/assets/files/5806/sda-plant-and-el-dorado-annual-report-magellan-copy.pdf
Both the north-easterly striking as well as
east-west striking splits of the main structure exhibit structural
complexity and potential for multi-meter wide precious metal
mineralization. Anomalous base metal assays (100's to 1000's of
parts per million lead, zinc and copper) are ubiquitous as
evidenced by the common occurrence of visible galena, sphalerite
and chalcopyrite in outcrop and dumps.
The El Dorado vein system has a history of
small-scale mining from two veins in the El Hundido and El Dorado
mines (see News Release April 28, 2020
https://xaligold.com/news-releases/candente-gold-announces-new-growth-strategy-2632/)
but four veins with parallel high-grade zones have been delineated
in the new Leapfrog model. Additionally, several vein targets have
been identified along trend for follow-up exploration.
Historical Work
Prospero explored the El Dorado property between
2010 and 2011. Their drilling intersected multiple steeply-dipping
silicified mineralized zones extending from near-surface to the 180
metre (“m”) drilled depth and over a strike length of 440m.
Prospero intersected grades ranging from 3 to 40 grams per tonne
(“gpt”) gold and 57 to 500 gpt silver over true widths ranging from
0.52 to 11.2 m.
(https://xaligold.com/site/assets/files/5802/sedardoc4391012.pdf)
Significant results reported by Prospero on Dec
10, 2010 included:16.17m grading 4.03 g/t gold, 204 g/t silver,
4.0% lead, and 1.75% zinc; and 2.32m grading 6.04 g/t gold and 140
g/t silver in hole DOR-10-11.
(https://xaligold.com/site/assets/files/5805/prospero-nr--december-10--2010.pdf)
Mineralization in the El Hundido historical mine
area was reported to range from 1.45 to 11.22m (true widths) and
given economics at the time (1900 to 1983) grades mined are assumed
to have exceeded 10 gpt gold. Drill intersections near the edges of
the mined areas show grades of 49.8 gpt gold over 3m; 13.9 gpt gold
over 1.45m and 8.6 over 2.3m.
The following longitudinal section by Prospero
shows the drilling pattern along the El Dorado vein in the area of
the Hundido and El Dorado mines, along with summary drill hole
intersection grades and widths. (Prospero News Release dated June
22, 2011
https://xaligold.com/site/assets/files/5804/prospero-nr-june-22--2011.pdf).
Figure 1 is available at
https://xaligold.com/site/assets/files/5494/el-dorado-vein_long-section.pdf
About Xali Gold
Xali Gold has launched a comprehensive growth
strategy to build a cash flowing business platform and gain access
to properties with near surface exploration potential while
maintaining El Oro as its flagship asset and an integral part of
the overall growth strategy. The acquisition of the SDA Plant, the
El Dorado historic mines and the Cocula Project signify important
initial steps.
The Company is currently evaluating other
properties that are complementary to the SDA plant, El Dorado and
the Cocula Project.
Joanne C. Freeze, P.Geo., President, CEO and
Director and Matthew Melnyk, CPG., Director Operations and Director
are Qualified Persons as defined by National Instrument 43-101 for
the projects discussed above, however, they have not been able to
visit the El Dorado Project nor the SDA Plant recently due to COVID
virus travel restrictions. The work discussed in the News Release
is either historical and documented by public records or conducted
by Mexican professionals with qualifications similar to those of
QP’s registered in Canada. Ms. Freeze and Mr. Melnyk have reviewed
and approved the contents of this release.
Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
Xali Gold is dedicated to being a responsible
Community partner.
Forward-looking Information
This news release may contain forward-looking
information (as such term is defined under Canadian securities
laws) including but not limited to the mineral resource estimate
for the Mexico Mine Tailings and information regarding references
to historical resource estimates, the potential for discovery on
the El Dorado Property and in the El Oro district and other
statements that are not historical facts. While such
forward-looking information is expressed by Xali Gold in good faith
and believed by Xali Gold to have a reasonable basis, they address
future events and conditions and are therefore subject to inherent
risks and uncertainties including those set out in Xali Gold’s
MD&A. Factors that cause the actual results to differ
materially from those in forward-looking information include,
without limitation, gold prices, results of exploration and
development activities, regulatory changes, defects in title,
availability of materials and equipment, timeliness of government
approvals, potential environmental issues, availability of capital
and financing and general economic, market or business conditions.
Xali Gold expressly disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except in accordance
with applicable securities laws.
On behalf of the Board of Xali Gold
Corp.
“Joanne Freeze” P.Geo.President, CEO and
Director
For further information please contact:Joanne
FreezePresident & CEOTel: + 1 (604)
689-1957info@xaligold.com
NR 095
Xali Gold (TSXV:XGC)
過去 株価チャート
から 12 2024 まで 1 2025
Xali Gold (TSXV:XGC)
過去 株価チャート
から 1 2024 まで 1 2025