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Sonoro Metals Expands Cerro Caliche Property in Mexico
VANCOUVER, British Columbia, March 05, 2018 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (“Sonoro”) (TSX-V:SMO) (OTCQB:SMOFF), announces that its Mexican subsidiary
About this update from Sonoro Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, March 05, 2018 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (“Sonoro”) (TSX-V:SMO) (OTCQB:SMOFF), announces that its Mexican subsidiary, Minera Mar De Plata, SA de C.V. has executed a Letter of Intent to enter into an 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”) located contiguous to the recently-acquired Cerro Caliche concessions in the prolific Cucurpe Sonora Mega-district of Sonora, Mexico, thereby increasing Sonoro’s land holdings in this important gold mining district to 1,455 hectares. The Cucurpe Sonora Mega-district includes Premier Gold’s Mercedes gold mine; Goldgroup Mining’s Cerro Prieto gold mine; Agnico Eagle’s recently purchased Santa Gertrudis gold mine; and other gold mineralized prospect areas. The Rosario and Cerro Caliche concessions 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. The Rosario Option Agreement will provide 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, with the initial first-year installment of US$60,000 payable 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 will be 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 addition of Rosario to our Cerro Caliche concessions mostly completes the acquisition program for the area of mineralization outlined and partially explored by Corex Gold during their drilling in 2008,” said Kenneth MacLeod, President and CEO of Sonoro. “Our technical team, headed by noted geologist Mel Herdrick, is now focusing on expanding...