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Sonoro Metals Options Cerro Caliche Property in Mexico
VANCOUVER, British Columbia, Jan. 25, 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, Jan. 25, 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 entered into an option agreement (the “Option Agreement”) with a resident of Hermosillo, Sonora, Mexico (the “Vendor”), to acquire a 100% interest in the Cerro Caliche Group of Concessions (“Cerro Caliche”) located in the municipality of Cucurpe, Sonora, Mexico, thereby increasing Sonoro’s land holdings in this important gold mining district. Cerro Caliche consists of ten concessions covering 907.6 hectares within the Cucurpe mega-district. The Cucurpe mega-district includes Premier Gold Mines’ Mercedes gold mine; Goldgroup Mining’s Cerro Prieto gold mine; Agnico Eagle’s recently purchased Santa Gertrudis gold mine; and other nearby gold mineralized prospect areas. Cerro Caliche was previously the subject of drill programs by Cambior Gold and Corex Gold Corp. 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 an estimated resource. The Option Agreement provides for Sonoro to acquire a 100% interest in Cerro Caliche for total consideration to the Vendor of US$2,977,000, payable in escalating cash installments over 72 months, with the initial first-year installment of US$127,000 having been completed. In addition, Sonoro has paid US$23,000 for outstanding mining duties. 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 Cerro Caliche. 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. \"Cerro Caliche is a very compelling under-explored gold project area located in the Sonora-Cucurpe mega-district located between the prolific north-south oriented Sierra Madre Gold Belt to the east and the northwest oriented Sonora-Mojave Megashear complex to the west,” said Kenneth MacLeod, President and CEO of Sonoro. “We are especially pleased to be able to capitalize on and continue previous explora...