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Candente Gold signs Profit Share Agreement for the Cocula Gold Project Western Mexico
VANCOUVER, British Columbia, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Candente Gold Corp. (TSXV:CDG) ("Candente Gold” and/or the “Company”) is pleased to announce the
About this update from Xali Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Candente Gold Corp. (TSXV:CDG) (\"Candente Gold” and/or the “Company”) is pleased to announce the signing of a Letter of Intent (“Agreement”) to enter into a profit sharing agreement on the Cocula Gold Project (“Cocula”) in Jalisco State, Mexico whereby Candente Gold will be entitled to receive 70% of any potential profits that may be derived from mining and processing of the deposit. The addition of Cocula to our asset base represents another critical step in the Company’s growth strategy for Western Mexico. In addition to untested exploration potential, the Project contains gold mineralization at surface, hosted in quartz veins, stockwork zones and oxidized, mineralized breccias. Timmins Gold Corp. explored the Cocula property between 2007 and 2011 through a series of comprehensive exploration programs which included geological mapping, geochemical sampling, trenching and 1,974 meters (“m”) of Reverse Circulation (“RC”) drilling. Significant results included 54m grading 4.97 grams per tonne (“g/t”) gold in a trench across the center of the mineralized area. An RC hole drilled beneath this trench encountered 37.5m grading 1.3 g/t gold including 7.5m grading 5.8 g/t from surface to a 7.5 m depth. Near and at-surface, mineralization delineated by drilling and trenching has been traced for at least 800m along strike within a NW-SE trending fault zone. To the Company’s knowledge, a NI 43-101 compliant mineral resource estimate has not been completed for the Cocula property however Timmins Gold Corp. conducted various in-house resource estimates. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and therefor the Company is not treating the historical estimates as current mineral resources. Historical reviews of the potential tonnes and the potential grades quoted below are conceptual in nature. In December of 2008, consultant (Pedro Teran) contracted by Timmins Gold Corp., estimated an internal resource estimate for the portion of the deposit delineated by their RC drilling and trenching results, including assays from 1,552 surface samples. The geologist applied a geological model appropriate to the observed mineralization to build a MineSight block model and deriv...