Xali Gold Corp. (TSXV:XGC) ("Xali Gold” or the “Company”) is
pleased to advise that it has agreed to buy back a 1.5% Net Smelter
Return (“
NSR”) royalty currently granted over the
Casua Property (the “
Property”) from Minera Silex
Peru S.R.L., whose parent company is Golden Minerals Company
(“
Golden Minerals”).
The Company holds a 100% interest in the Casua
Property, province and department of Puno, southern Peru. The Casua
Property, held 100% by Xali Gold, covers a silver
(“Ag”) rich low sulphidation vein system. Three
veins have been found to contain high grades of silver with lead
(“Pb”) and zinc (“Zn”)
mineralization. Anomalous gold levels also occur in high
sulphidation style alteration surrounding the veins and are
associated with rhyolite domes. Historic mine workings
(collapsed) and remnants of a small smelting furnace are believed
to date back to the time of Spanish explorers in the late 1800’s.
The low sulfidation system comprises three vein systems within a
northwest trending system traced to date over 700 metres in strike
length.
Sampling to date indicates grades of 52.91
ounces per tonne (“oz/t”) Ag, 4.62% Pb, 0.12% Zn over 0.10 metre
(“m”); 9.98 oz/t Ag, > 10% Pb, 1.59% Zn over
0.5m and 13.13 oz/t Ag, 2.05% Pb, 0.07% Zn over 1m on surface.
Selected samples from mine dumps contain up to 31.24 oz/t Ag, 8.7 ‐
10% Pb, 1.81% Zn and 0.21% copper (“Cu”).
The property was acquired from Golden Minerals
in 2010 by issuing 60,000 shares and granting the NSR.
“We are excited to be getting back to
exploration in various countries while we continue to work on
options to generate near-term cash flow from our Mexican assets,”
says Joanne Freeze, President and CEO of Xali Gold.
Buy Back Terms
Terms of the NSR buy back include the following
considerations:
- cash consideration in the aggregate
amount of US$20,000;
- 100,000 common shares in the
capital of the Company (“Consideration Shares”) to
be issued by the Company to Golden Minerals Company
(“Golden Minerals”);
- 300,000 Consideration Shares to be
issued by the Company to Golden Minerals in the event that 10,000
meters of drilling is successfully completed on the Property, or on
an earlier date mutually agreed upon by the parties; and
- 600,000 Consideration Shares to be
issued by the Company to Golden Minerals in the event that the
Company obtains a PEA (Preliminary Economic Assessment) or other
positive engineering study in accordance with National Instrument
43-101 Standards of Disclosure For Mineral Projects (“NI
43-101”) over any or all of the Property, or on an earlier
date mutually agreed upon by the parties.
Mexico Properties and
Assets
The El Oro Project remains a highly valued asset
of the Company with past production of 8 million ounces gold
equivalent (gold-silver 1:10) and excellent discovery potential,
however exploration focus for El Oro has been temporarily put on
hold. The Company is now focused on building local partnerships for
our two assets in Mexico, which have strong potential to provide
near-term cash flow.
Sun River Gold (“SRG”), who holds an option on
the Mexican Mine Tailings Project at El Oro, has been advancing
permitting and providing some cash flow through advances on the Net
Profit Interest (“NPI”) due once in
production.
The El Oro Tailings Project contains an Inferred
Resource* of 1,267,400 Tonnes grading 2.94 gold grams per tonne
(“g/t”), 75.12 silver g/t containing 119,900 ounces of gold and
3,061,200 ounces of silver.
Negotiations are also underway with Mexican
groups in order to monetize the San Dieguito de Arriba
(“SDA”) Plant in Western Mexico. As
proven by Vane Minerals, the original owner of the plant, there are
many small and rich mines in the surrounding area and there is a
scarcity of plants with economic proximity to the mines.
*Note: Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability. All
figures have been rounded to reflect the accuracy of the estimate.
For more information see “National Instrument 43-101 Technical
Report on the Inferred Mineral Resource Estimate of the Mexico Mine
Tailings” prepared by Nadia Caira, P.Geo. and Allan Reeves, P.Geo.,
dated August 25, 2014 with an effective date of July 8, 2014
available at www.sedar.com
On another matter, the Company advises that Ms.
Sheri Rempel has been appointed as Chief Financial Officer
(“CFO”) for the company to replace Mark Lotz who
is leaving the position.
Ms. Rempel has over 30 years of experience
working with companies in the areas of real estate development,
restaurant management, mining, general financial services and
software development. She specializes in the provision of
accounting services to public companies listed on the Toronto Stock
Exchange, the TSX Venture Exchange, and the Canadian Securities
Exchange and to companies preparing to list on a Canadian stock
exchange.
In addition to providing accounting services to
reporting issuers, she serves as a CFO, Controller, and/or a
director of a number of public companies in the mining, investment,
and technology sectors. She leads an accounting team consisting of
twenty individuals.
About Xali Gold
Xali Gold has gold and silver projects in Peru
and Mexico. 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 InformationThis
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 Oro
Property 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
Freeze, President & CEOTel: + 1 (604) 689-1957
info@xaligold.com
NR 123
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