Business
Xali Gold Completes NSR Buy Back on Casua Property in Peru
VANCOUVER, British Columbia, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to advise that the previousl
About this update from Xali Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to advise that the previously announced agreement to buy back a 1.5% Net Smelter Return (“NSR”) royalty over the Casua Property (the “Property”) from Minera Silex Peru S.R.L., held by Golden Minerals Company (“Golden Minerals”), has now been completed and duly registered in Peru. The Company holds a 100% interest in the Casua Property located in southern Peru. The Property covers a silver (“Ag”) rich low sulphidation vein system. Three veins have been found to contain high grades of silver with lead (“Pb”) and zinc (“Zn”) mineralization. Anomalous gold levels also occur in high sulphidation style alteration surrounding the veins and are associated with rhyolite domes. Historic mine workings (collapsed) and remnants of a small smelting furnace are believed to date back to the time of Spanish explorers in the late 1800’s. The low sulfidation system comprises three vein systems within a northwest trending system traced to date over 700 metres in strike length. Sampling to date indicates grades of 52.91 ounces per tonne (“oz/t”) Ag, 4.62% Pb, 0.12% Zn over 0.10 metre (“m”); 9.98 oz/t Ag, > 10% Pb, 1.59% Zn over 0.5m and 13.13 oz/t Ag, 2.05% Pb, 0.07% Zn over 1m on surface. Selected samples from mine dumps contain up to 31.24 oz/t Ag, 8.7 ‐ 10% Pb, 1.81% Zn and 0.21% copper (“Cu”). Full details about the terms of the NSR buy back can be found in the Company’s October 4, 2023 News Release. Mexico Assets The El Oro Project remains a highly valued asset of the Company with past production of 8 million ounces gold equivalent (gold-silver 1:10) and excellent discovery potential, however exploration focus for El Oro has been temporarily put on hold. The Company is now focused on building local partnerships for our two assets in Mexico, which have strong potential to provide near-term cash flow. About Xali Gold Xali Gold has gold and silver projects in Peru and Mexico. El Oro is a district scale gold project encompassing a well-known prolific high-grade gold dominant gold-silver epithermal vein system in Mexico. The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produ...