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Xali Gold Submits Exploration Permit Application and Plans Drill Program for El Dorado
VANCOUVER, British Columbia, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) ("Xali Gold” and/or the “Company”) is pleased to advise that explorati
About this update from Xali Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (\"Xali Gold” and/or the “Company”) is pleased to advise that exploration permit applications have been submitted for the El Dorado Gold-Silver Project, located in Nayarit State, Mexico. Based on the new 3D model, which identified high-grade mineralization occurring in multiple parallel veins at a spacing close enough to potentially access several veins through common development workings, a drill program with a minimum of 2000 meters is planned for Q4 2021/Q1 2022. Drilling, along with underground sampling, is planned to test potential lateral extensions to the high-grade zones and to better define plunging mineralization shoots. The 3D model can be viewed here. The permit application also seeks approval to ship a bulk sample from the historical Hundido Mine. Permit approval is expected to take 2 to 4 months to receive. Mineralized material from the Hundido Mine is planned to be shipped to and processed in the nearby SDA plant under acquisition from Magellan Acquisitions. The El Dorado Property The El Dorado Gold-Silver Project is located in the Pacific Coastal Plain, State of Nayarit, 50 km south of the SDA Plant, which Xali Gold has an option to purchase from Magellan Acquisition Corp., 70 km north-northwest of Tepic, the state capital, and 180 km southeast of Mazatlan, Sinaloa. The project has excellent road and rail infrastructure. The El Hundido and El Dorado mines occur within The El Dorado vein trend, which extends over a strike length of 3.5 km with widths exceeding tens of meters containing numerous parallel veins and vein breccias. In addition, high level silicification and argillic alteration on surface indicate depth potential to the mineralizing system. For these reasons, exploration potential outside of the area of historical mining and Prospero Silver Corp.’s (“Prospero”) (previous operator) drilling is believed to be excellent. (“Magellan Gold Corporation, Form 10-K Annual Report US SEC dated Dec 31, 2018, File No. 333-174287”). Both the north-easterly striking, as well as east-west striking splits of the main structure, exhibit structural complexity and potential for multi-meter wide precious metal mineralization. Anomalous base metal assays (100's to 1000's of parts per million lead, zinc and copper) are ubiquitous as ev...