Business
Sonoro Metals Closes Cerro Caliche Expansion Agreement
VANCOUVER, British Columbia, March 20, 2018 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (“Sonoro”) (TSXV:SMO) (OTCQB:SMOFF), announces that its Mexican subsidiary,
About this update from Sonoro Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, March 20, 2018 (GLOBE NEWSWIRE) -- 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 “Rosario Option Agreement”) with a resident of Tucson, Arizona (the “Vendor”), to acquire a 100% interest in the 403.5 hectare Rosario group of concessions (“Rosario”) on the terms initially disclosed in a news release dated March 5, 2018. Rosario is located contiguous to the recently-acquired Cerro Caliche concessions 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 1,455 hectares. The Rosario Option Agreement provides for Sonoro to acquire a 100% interest in Rosario for total consideration to the Vendor of US$1,600,000, payable in escalating cash installments over 72 months. The initial first-year installment of US$60,000 was paid on execution of the Rosario Option Agreement. Following exercise of the Option, the Vendor will hold a 2% net smelter returns royalty (“NSR”) from the proceeds of the sale of minerals from Rosario. Sonoro has been granted an option to purchase the NSR at any time for US$1,000,000 for each one percent of the 2 percent NSR. The Rosario and Cerro Caliche concessions (collectively “Cerro Caliche”) were the subject of earlier drill programs by Cambior Gold and Corex Gold Corp., with the most recent drilling occurring in 2008. Total drilling by those two companies in the last 20 years of 10,118 meters in 101 drill holes reportedly outlined large areas of mineralized material that may in future programs assist in defining a resource with significant gold mineralization. A historic non-published report completed by Corex (Flores, 2008) includes a non NI 43-101 resource estimation. “Our Hermosillo-based exploration team, headed by noted geologist Mel Herdrick, has commenced a surface sampling program to define additional zones for a drilling program scheduled to begin during the second half of 2018,” said Kenneth MacLeod, President and CEO of Sonoro. “Our aim is to verify the earlier data and expand the scope and scale of the gold resource indicated in the Corex report.” The Cucurpe Sonora Mega-district includes Premier Gold’s Merc...