Xali Gold Corp. (TSXV:XGC) ("Xali Gold” or the “Company”) is
pleased to provide several updates as follows.
El Oro Tailings
The Company is pleased to report it has been
advised by Sun River Gold (“SRG”), Optionee of the tailings project
from Xali Gold, that it expects to receive their permit for
tailings removal from the town site within 30 days. SRG is also
working on a permit to install and operate a reprocessing plant
outside of the town of El Oro. In the meantime, SRG has identified
and is investigating toll opportunities to outsource the
reprocessing until the permit for reprocessing can be acquired. SRG
will provide the Company with an update on their progress on the
project by October 15, 2022. Xali Gold is to receive a
5% Net Profits Interest as well as the first US$1.5M due to the
Municipality of El Oro from SRG’s El Oro tailings operations.
The Company regrets to advise that one of Sun
River Gold founders and Xali Gold shareholder, Hans Von Michaelis,
passed away on September 2, 2022. He was a great optimist and
groundbreaker. Hans will be sorely missed and fondly remembered by
family, friends and numerous colleagues.
San Dieguito de Arriba (“SDA”)
Plant
The Company is pleased to report that it is in
negotiations to partner with a local Mexican mining group to both
operate the SDA plant and explore nearby mining properties that the
group is currently producing from. Terms under discussion include
the Mexican group providing the capital required to make the SDA
plant operational while Xali Gold would provide expertise to
explore for additional gold and silver resources and/or standalone
mineral discoveries.
El Dorado
Ingenieros Mineros S.A. de C.V. (“IMSA”) and
Xali Gold have recently engaged SACH Environmental Consultants to
assist with both drilling and operational permits. The Company has
been given indications by SACH that a drilling permit for the El
Dorado Property could be obtained by the end of 2022. In addition,
discussions are underway with the El Dorado property owner, IMSA to
reduce property payments until drilling permits are received. High
grade gold and silver mineralization (refer to News Release May 20,
2021) was previously produced from El Dorado and extensions of such
mineralization could be treated at the nearby SDA plant.
Marketing with Agoracom
The Company continues to engage Agora Internet
Relations Corp. (“AGORACOM”) (see News Release 82 from July 29,
2020) which raises awareness of the Company among small cap
investors provided by the Agoracom website, as well as the AGORACOM
Twitter account, interviews hosted on YouTube and the company
website, AGORACOM network and extensive search engine
marketing. In addition, AGORACOM “CEO Verified”
provides identity verification of small cap executives on a finance
platform. Small cap CEO’s and other company officers are able to
post or communicate within a discussion forum without the risk of
impersonation.
As per agreement dated October 15, 2021, the
Company will issue shares for services rendered (a value of
Cdn$48,000 + HST) from October 15, 2021 to July 15, 2022. A total
of 662,933 Common shares will be issued against quarterly invoices
such that share issuances will be: 226,000 common shares at a
deemed price of $0.06 per share; 150,667 common shares at a deemed
price of $0.09; 135,600 common shares at a deemed price of $0.10;
and 150,666 common shares at a deemed price of $0.09. Each issuance
will be subject to a 4-month hold period. This
transaction is in compliance with applicable corporate and
securities laws and is subject to TSXV approval.
The last period will be invoiced on October 15,
2022 for Cdn$12,000+HST and the Company will seek TSXV approval
prior to the issuance.
Cocula Termination
The Company has terminated the Exploration and
Exploitation Agreement entered into for the Cocula property on
December 7, 2020. The Company no longer has any rights nor
obligations related to this property.
About Xali Gold
Xali Gold has a growth strategy to acquire gold
and silver projects with near surface exploration potential,
near-term production potential and previous mining histories
in Mexico and also in Newfoundland, Canada. Xali Gold plans to
advance our growing bank of gold and silver assets internally
and/or with industry partners.
El Oro is a district scale gold project
encompassing a well-known prolific high-grade gold dominant
gold-silver epithermal vein system in Mexico. The project covers 20
veins with past production and more than 57 veins in total, from
which approximately 6.4 million ounces of gold and 74 million
ounces of silver were reported to have been produced from just two
of these veins (Ref. Mexico Geological Service Bulletin Nr. 37,
Mining of the El Oro and Tlapujahua Districts. 1920, T.
Flores).
Modern understanding of epithermal vein systems
indicates that several of the El Oro district’s veins hold
excellent discovery potential, particularly below and adjacent to
the historic workings of the San Rafael Vein, which was mined to an
average depth of only 200 metres.
Xali Gold is dedicated to being a responsible
Community partner.
Joanne C. Freeze, P.Geo., President, CEO and
Matthew Melnyk, CPG., Director Operations, are Qualified Persons as
defined by National Instrument 43-101 for the projects discussed
above. 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.
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 Victoria, El Dorado and El Oro Properties 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 114
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