Business
Candente Gold Advances new Growth Strategy
VANCOUVER, British Columbia, May 29, 2020 (GLOBE NEWSWIRE) -- Candente Gold Corp. (TSXV:CDG) ("Candente Gold” and/or the “Company”) is pleased to advise that th
About this update from Xali Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, May 29, 2020 (GLOBE NEWSWIRE) -- Candente Gold Corp. (TSXV:CDG) (\"Candente Gold” and/or the “Company”) is pleased to advise that the Company is continuing to use the current slowdown in field activities in Mexico to advance our growth strategy by planning underground work on the El Dorado project in Las Minitas, Nayarit while also evaluating and negotiating for additional properties with potential mill feed for the San Dieguito de Arriba (“SDA”) plant in Nayarit. The El Dorado Property is viewed as a potential source for mill feed given historical production, high grade gold and silver mineralization, proximity to the SDA plant and the Company's path to full ownership of both. Initial work at El Dorado is planned to rehabilitate the historic mine with the objective of providing secure access to underground workings. Candente Gold has obtained a quote for such work for approximately US$20,000. Such rehabilitation would allow the Company to conduct an underground sampling program and to provide access for an accurate underground survey. The results of this work would be used to construct a 3D model of the historic workings, unmined blocks and vein structure in general, to guide potential mining/extraction operations. In addition to underground sampling results, Candente Gold would incorporate drill data from the 2010-2011 drilling campaign, in order to more accurately create a reliable deposit model. The rehabilitation work program is estimated to take approximately two weeks to complete once work crews are onsite. The initial work will consist of cleaning out, de-watering and reinforcing of the historic mine workings. The Company is closely monitoring the situation in Mexico with regard to COVID19 related travel restrictions and aims to commence work on the project in the coming weeks as soon as it is deemed safe to do so. Land use agreements are in place and crews can be mobilized with minimal lead time. In addition, the Memorandum of Understanding (“MOU”) which the Company signed with Magellan Acquisition Corp. (“Magellan”) giving Candente Gold the right to earn up to a 100% interest in both the SDA plant and the El Dorado property, both located in Nayarit State, Mexico has been amended such that a...