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Xali Gold Commences Work on Pico Machay Gold Project in Peru
VANCOUVER, British Columbia, Jan. 08, 2026 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (ȁ...
About this update from Xali Gold Corp.
[{"type":"text","content":"Xali Gold Commences Work on Pico Machay Gold Project in Peru\nVANCOUVER, British Columbia, Jan. 08, 2026 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to announce that work has commenced on the recently acquired Pico Machay Gold Project (“Pico Machay” or the “Project”). Xali Gold has commenced field work with the initiation of community engagement in anticipation of starting technical field work and environmental studies for drilling permits this month. “With the acquisition of Pico Machay successfully closed on December 24th, 2025, our team hit the ground running during the holiday period,” said Joanne Freeze, President and CEO of Xali Gold. “Community engagement commenced with introductory meetings and the sharing of holiday cheer in the community between December 27th and 30th. In addition, we are engaging with permitting consultants in order to get surface drilling permit applications in as soon as possible.” Xali Gold has a fourfold strategy to take Pico Machay into production as soon as possible, while also exploring for additional resources which includes: Conduct detailed rock chip sampling, bulk sampling and geological mapping, both on surface and within existing underground workings. This work will assist in achieving a better understanding of geological controls to higher grades, as well as compare assay results with those from historical drilling, which was all by reverse circulation (“RC”). RC produces small chips of rock, which are well known to allow fine gold (present at Pico Machay) to wash away.Concurrently complete an environmental technical report to support a surface drilling permit under a Ficha Tecnica Ambiental (“FTA”) permit estimated to take 2 to 3 months to acquire.Launch a new Preliminary Economic Assessment (“PEA”) and detailed Environmental studies for additional surface drilling and development for operations.Simultaneously negotiate a 20-year Community Agreement encompassing all activities from surface exploration drilling under the FTA through to full production. Silver Mountain recently signed a 20-year agreement with the same community to reactivate and operate their Reliquias mine, approximately 12 km from Pico Machay. Details ...