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Sonoro Gold Corp.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  Suite 408 – 470 Granville Street,
Vancouver, BC
Canada V6C 1V5
Tel No.: (604) 632-1764
Web Site: www.sonorogold.com
E-mail: info@sonorogold.com
Contact Person: Brandon Kolybaba
Position: Head of Marketing


Company Data

Traded Market: TSX-V | OTCQB
Traded Symbol: SGO | SMOFF
Outstanding Shares: 85,077,285
52 Week High: $ 0.34
52 Week Low: $ 0.07
Present Price: Click Here


Introduction

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Sonoro Gold Corp. (formerly, Sonoro Metals Corp., TSXV: SMO) is a junior gold exploration, development, and soon to be gold producer, with properties in the mining-friendly jurisdiction of Sonora, Mexico. The Company plans to develop a heap leach pilot operation (HLPO) at its flagship property, the Cerro Caliche gold project and utilize the generated cash flow to fund further exploration and development. Sonoro has a highly experienced management team of mining, business and finance professionals with a successful track record in discovery through to resource development and production.

Mexico

  • 8th Global Gold Producer
  • 1st Global Silver Producer

Sonora State

  • 500 years of mining history
  • Low Political Risk Jurisdiction
  • Mining friendly – rapid permitting
  • Excellent Infrastructure and technical expertise
  • Skilled Workforce
  • Hermosillo: Technological center with Ford auto assembly plant

Sonora State Production 2018*

  • 38% of Mexico’s Gold Output
  • 1.9 Moz. Gold Production
  • 9% of Mexico’s Silver Production
  • 21 Moz. Silver Production

*Source: INEGI, SGM


Projects in Hand

Cerro Caliche Gold Project, Sonora State, Mexico

Location

  • 3 hrs north of Hermosillo; 3 hrs south of Tucson, AZ

Gold Mining District

  • Premier Gold’s Mercedes gold mine
  • Goldgroup’s Cerro Prieto open-pit gold mine
  • Agnico Eagle’s Santa Gertrudis gold project

Concession

  • 100% interest in 1,400 ha. within private ranch
  • Mineralized structures cover entire concession
  • 23,000 m of drilling completed to 2019
  • 50,000 m core and RC drill program launched September 2020
  • 17 high-priority mineralized structural vein zones at surface
  • Potential for open pit, heap-leach, low-strip ratio gold mine

Geology

  • Large area of low sulfidation epithermal mineralization

Multiple Mineralized Zones

  • Japoneses Zone
    • Location of most of the 200,000 oz inferred resource grading 0.545 g/t AuEq*
  • 8+ partially drilled zones
    • Similar grades to Japoneses Zone
    • Tighten drill spacing to determine resource

*An estimated Inferred mineral resource (at a 0.25 g/t AuEq cut-off grade) of 11.5M tonnes at an average grade of 0.5 g/t Au and 4.3 g/t Ag, containing 200,000 oz at 0.545 g/t AuEq.

Source: NI 43-101 Technical Report on Cerro Caliche dated July 26, 2019

2020/21 Timelines for Cerro Caliche

  • Complete 4,000 m core and 7,000 m RC drilling
  • Infill and step-out drilling to expand inferred resource and explore for high grade gold and silver in vein zones
  • Submit Application for Mining License
  • Complete metallurgical testing
  • Update NI 43-101 Technical Report on Resource
  • Complete Preliminary Economic Assessment
  • Finalize Engineering for Mining Development
  • Obtain Mining License
  • Commence Mine Construction
  • Initiate Commercial Production

San Marcial Gold-Silver Project, Sonora State, Mexico

The 100% owned San Marcial project covers over 1,000 hectares and is located 30 km southwest of Cerro Caliche and 20 km east of Magna Gold’s San Francisco mine within the prolific Sonora-Mojave Megashear in Sonora State. The concessions surround the sites of the original mine workings of the San Marcial and Soledad mines that were active in the early 1900s. Both mine areas have yielded samples showing high-grade gold and silver mineralization, with broader low-grade zones of disseminated to stockwork forms of mineralization.

Company Highlights

  • Canadian junior public exploration and development company
  • Planning for commercial production in Q4-2021
  • Highly experienced management team in resource finance, development and operations
    • Asia Pacific Resources
    • Western GeoPower Corp.
    • Crew Development Corp.
  • Highly experienced exploration team with proven track record in mineral discovery
    • La Colorada (Pediment-Argonaut)
    • San Antonio (Pediment-Argonaut)
    • Chipriona (Sonoro-Agnico Eagle)
  • Owns precious metals properties in the major mining districts of Sonora, Mexico
    • Cerro Caliche Gold Project
    • San Marcial Gold & Silver Project


Management

Management and Directors

John Darch, Chairman & Director

35 years experience in the identification, funding, exploration and development of mining and energy projects worldwide.

Kenneth MacLeod, President, CEO & Director

35 years experience as an entrepreneur, financier and executive officer in the resource sector worldwide.

Melvin Herdrick, P.Geo., VP Exploration

45 years experience, including Chief Geologist, Mexico for Phelps Dodge & VP Exploration for Pediment Gold Corp.

Jorge Diaz, Operations Manager, Mexico

49 years experience as a mining engineer in Mexico, including construction of the Mulatos Mine and La Colorada Mine.

Steve Kenwood, P.Geo., Director & Qualified Person

25 years mineral exploration experience with Cominco, Prime Exploration and Adrian Resources.

Salil Dhaumya, CPA, CMA, Chief Financial Officer

20 years financial and administrative experiences with public exploration companies and international subsidiaries.

Neil Maedel, Executive Director, Corporate Finance

Over 30 years experience in international venture capital financing for the natural resource sector.

Katharine Regan, Corporate Secretary

Over 25 years experience in generating Business Development Programs across multiple industries in both the private and public sectors.

James Taylor, Director

Over 35 years experience as an investment advisor; financing expertise in the natural resource sector and with venture companies.

Curtis Turner, Director

Over 15 years experience in business and finance; mergers and acquisitions, public reporting and operations, community and government relations


News Update

On September 16, 2021, Sonoro Gold Corp. reported to correct a calculation error regarding the all-in sustaining cost (“AISC”) disclosed on September 15, 2021, as part of the results from an independent Preliminary Economic Assessment (“PEA”) and updated Mineral Resource Estimate completed on the Company’s Cerro Caliche gold project located in Sonora State, Mexico.

Due to the inadvertent inclusion of certain tax and depreciation expenses in its calculations, the Company reported the AISC to be US$489.3 million LOM, and US$1,462 per ounce (“oz.”) of gold equivalent (“AuEq”). The corrected amounts, as reported in the table below, are US$437 million LOM, and US$1,351 per oz. AuEq.

The other results of the PEA reported in the Company’s September 15, 2021 announcement remain unchanged. The PEA has been prepared in accordance with the requirements of National Instrument 43-101 by D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”).

On September 15, 2021, Sonoro Gold Corp. reported the results of an independent Preliminary Economic Assessment (“PEA”) including an updated Mineral Resource Estimate completed on the Company’s Cerro Caliche gold project located in Sonora State, Mexico. PEA Highlights:

  • Pre-Tax NPV (5% discount rate) of US$68.7 million and an IRR of 52.7% with a price of US$1,750 per ounce of gold and US$22.00 per ounce of silver.
  • After-Tax NPV (5% discount rate) of US$41.5 million with an IRR of 32.4% with a price of US$1,750 per ounce of gold and US$22.00 per ounce of silver.
  • 7 years Life of Mine (“LOM”) producing 323,500 ounces (“oz”) of gold equivalent (“AuEq”)
  • Gold recovery of 74% and silver recovery of 27% produced from a 3-stage crushing circuit, crushing the ore to p80 of ½”.
  • LOM annual average production of 45,700 oz AuEq.
  • Years 1 to 3 annual production of 56,500 oz AuEq with average grade of 0.51 g/t AuEq.
  • Initial CAPEX costs of US$32.2 million, including US$3.8 million in contingency.
  • Sustaining capital costs of US$4.8 million.
  • OPEX costs of US$1,227/oz AuEq.
  • All-In Sustaining Cost ("AISC") of US$1,462/oz AuEq.
  • Payback period of 2.2 years.

On August 30, 2021, Sonoro Gold Corp. has released additional assay results from the continuing surface sampling program at the company's Cerro Caliche gold project in Sonora state, Mexico. 275 new samples were assayed, bringing the total for the current sampling program to 1,567 samples over four mineralized corridors as described in the Company's news release dated July 20, 2021.

Assay results from 17 samples returned grades between 2.5 and 14.3 grams of gold per tonne ("g/t Au"). The image illustrates five high-priority window targets for the upcoming drilling program as each demonstrated strong stockwork quartz veining and outlined broad zones of gold and silver mineralization.

On July 20, 2021, Sonoro Gold Corp. announced that assay results from surface sampling recently completed at the Company’s Cerro Caliche gold project, located in Sonora State, Mexico. The results confirm material extensions of several of the project’s oxide gold mineralized zones and demonstrate linear structural corridors of anomalous gold, silver, and base metal mineralization. This ongoing surface sampling program will be part of the foundation for the upcoming drilling program designed to materially expand and categorize the project’s oxide gold mineralization.

On June 01, 2021, Sonoro Gold Corp. reported that the assay results from the final nine RC drill holes, completing Phase Three of its drilling program at the Cerro Caliche gold project, located in Sonora State, Mexico. As noted in news releases, dated April 5, 2021, and April 26, 2021, the Company extended drilling activities to investigate the potential merging of the Japoneses and Buena Suerte zones into a single body of shallow, oxide gold mineralization. Recent results indicate a coalescence of the two zones over a minimum length of 400 meters which may prove to have significant and positive economic implications for the Company’s proposed Heap Leach Mining Operation (HLMO).

On April 26, 2021, Sonoro Gold Corp. has released assay results from an additional 25 RC drill holes completed at four of the 18 gold mineralized zones within the Cerro Caliche gold concession located in Sonora, Mexico. Recent drilling successfully tested on-strike and lateral extensions at El Colorado, Cabeza Blanca, Buena Vista and Boludito. It drilled 16.77 m of 1.837 g/t Au at Cerro.

On April 20, 2021, Sonoro Gold Corp. has closed its oversubscribed non-brokered private placement of 17,283,586 units, at 18 cents per unit, for total gross proceeds of $3,111,045. The private placement was initially announced on March 29, 2021 for $2,000,000 (11,111,111 Units) and was increased, as announced on April 9, 2021, to $2,600,000 (14,444,444 Units), and increased again, as announced on April 13, 2021, to $3,000,000 (16,666,667 Units).

On April 13, 2021, Sonoro Gold Corp. announce that, in response to strong investor demand, it is increasing its non-brokered private placement first announced on March 29, 2021 and initially increased on April 9, 2021 to raise an aggregate of $3,000,000 through exercise of an additional overallotment option. The Offering price remains $0.18 per Unit, each composed of one Sonoro Common share and one Common share purchase warrant.

On April 09, 2021, in response to strong investor demand, Sonoro Gold Corp. is increasing its non-brokered private placement first announced on March 29, by providing for an overallotment option of up to 30 per cent (3,333,333 units) over and above the 11,111,111 units previously announced. The offering price remains 18 cents per unit, each composed of one Sonoro common share and one common share purchase warrant.

On April 05, 2021, Sonoro Gold Corp. has released assay results from an additional 12 reverse circulation drill holes completed at its Cerro Caliche gold project in Sonora, Mexico. Results reflect strategic drilling recently concluded at the Buena Suerte gold mineralized zone as well as at the adjacent Buena Vista extension of the Japoneses zone. One additional drill hole was completed at the northern extension of the Japoneses zone, and another two drill holes were completed at the El Colorado gold mineralized zone. It drilled 74.67 m of 0.6 g/t Au at Cerro.

On March 29, 2021, Sonoro Gold Corp. announced that it will undertake a non-brokered private placement offering, consisting of up to 11,111,111 units at a price of 18 cents per unit for gross proceeds of up to $2-million. Each Unit will be composed of one Sonoro Common share and one Common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional Sonoro Common share for a period of two years from the closing at an exercise price of $0.30 per share.

On March 22, 2021, Sonoro Gold Corp. reported the assay results from its continuing drill program at the Company’s Cerro Caliche gold project in Sonora, Mexico. The new results reflect 20 RC drill holes, totaling 1,792 meters, from Buena Suerte and the adjacent Japoneses gold mineralized zones and highlight the following:

  • Spacing between the Buena Suerte and Japoneses zones has been reduced to approximately 100 meters in the northern extensions indicating the zones may merge with further infill drilling.
  • Drill holes SCR-201, SCR-203, SCR-205 and SCR-207 at the 200-meter, high-grade north extension of Buena Suerte all cut high-grade intercepts.
  • Drilling at the southwest extension of Buena Suerte identifies a 100-meter-long high-grade splay vein zone and widens the Buena Suerte zone toward the west.
  • High-grade zone identified at the northwest extension of Japoneses, approximately 150 meters east of the 200-meter-long high-grade zone at Buena Suerte.

On March 11, 2021, Sonoro Gold Corp. reported the latest assay results from its ongoing drilling program at the Company’s Cerro Caliche gold project in Sonora, Mexico. The new results reflect 32 drill holes, totaling 2,830 meters and highlight the following:

  • Confirmation of a 200-meter-long, high-grade zone in the northwest extension of Buena Suerte
  • High-grade intercepts at the northern extension of Buena Suerte including SCR-186 which intercepted 24.39 meters averaging 1.206 g/t Au, including 13.72 meters averaging 1.853 g/t Au
  • Further confirmation of continuous mineralization at the two kilometer long El Rincón - Veta de Oro - Abejas vein and stockwork gold mineralized zone.
  • Further extension to the new Bellotoso gold mineralized zone through step-out drilling.

On March 03, 2021, Sonoro Gold Corp. reported the bottle roll results from the Company’s Cerro Caliche property in Sonora, Mexico. The samples tested were from four specific mineralized zones: Japoneses, Cuervos, El Colorado/Cabeza Blanca and Buena Suerte, and included associated composites. The testing was conducted at McClelland Laboratories, Inc. in Sparks, Nevada as part of a detailed scope of work consisting of 43 bottle roll tests over 96-hours at a coarse sizing of 80% - 1.7 mm feed size. Subsequent leach recoveries averaged 80.3% for gold and 27.2% for silver. Sodium cyanide consumption rates averaged 0.20 kg/t and lime addition averaged 2.1 kg/t for the bottle roll tests at varying feed grades. These recoveries are similar in all structures and domains while cyanide consumption, which averaged 0.2-0.3 kg/t, together with the amount of lime required for pH control (approximately 2 kg/t) are well within acceptable levels.

On February 16, 2021, Sonoro Gold Corp. has released the latest assay results from its continuing drilling program at the company's Cerro Caliche gold project in Sonora, Mexico. The new results reflect 24 drill holes, totalling 2,591 metres, and highlight the following:

  • Significant increase of strike length at the Buena Suerte gold-mineralized zone to 900 metres;
  • High-grade intercepts at the newly identified southern extension at Buena Suerte, including SCR-159 which intercepted 3.05 metres averaging 6.839 grams per tonne (g/t) gold (Au);
  • Continuous mineralization confirmed at the two-kilometre-long El Rincon/Veta de Oro/Abejas vein and stockwork gold-mineralized zone;
  • Identification of the new Bellotoso gold-mineralized zone with an initial strike length of 1.2 kilometres.

On February 04, 2021, Sonoro Gold Corp. has granted, under its share option plan, incentive stock options to certain directors, officers and consultants of the company to purchase an aggregate of 535,000 common shares exercisable for a period of up to three years from the date of grant at a price of 30 cents per share. This grant is subject to acceptance for filing by the TSX Venture Exchange.

On January 19, 2021, Sonoro Gold Corp. announced the remaining assay results from its 2020 drilling campaign at the Cerro Caliche gold project in Sonora, Mexico. The 2021 drilling program is currently underway with approximately 50 additional RC and core holes expected to be completed by the end of the first quarter. The latest assays further support the Company’s consideration of the viability for a bulk mining heap-leach development proposal with a conceptual throughput of up to 20,000 tonnes per day (tpd).

On January 05, 2020, Sonoro Gold Corp. announced that the company reported continuing favourable results from eight reverse circulation (RC) drill holes at the premier Buena Suerte and Japoneses gold mineralized zones located in the central region of the Company’s Cerro Caliche gold project in Sonora State, Mexico.

Buena Suerte: zone extended and widened and remains open along strike. At Buena Suerte, five drill holes extended the zone 100 meters to the northwest and 50 meters to the southeast, increasing the total length along strike to approximately 600 meters:

  • SCR-141 intercepted 3.05 m averaging 1.479 g/t Au, including 1.52 m averaging 2.591 g/t Au
  • SCR-142 intercepted 7.62 m averaging 1.322 g/t Au and 12.19 m averaging 0.965 g/t Au
  • SCR-143 intercepted 12.19 m averaging 0.687 g/t Au, including 1.52 m averaging 1.741 g/t Au
  • SCR-148 intercepted 27.44 m averaging 1.170 g/t Au, including 3.05 m averaging 4.696 g/t Au
  • SCR-149 intercepted 12.19 m averaging 0.498 g/t Au from a depth of 4.57 m

On December 18, 2020, Sonoro Gold Corp. announced a very favourable results from its current stepout and infill drilling programs. The current programs have demonstrated a material expansion of several mineralized zones, most notably at Japoneses, Buena Suerte, Veta de Oro, El Rincon and El Colorado (see map below). Based on these results, the Company is revising the parameters for a planned Preliminary Economic Assessment (PEA) to assess the viability of Heap Leach Mining Operation (HLMO) by increasing the target conceptual capacity from 8,000 tonnes per day (tpd) to 20,000 tpd. It drilled 11.25 m of 1.08 g/t Au at Cerro.

On December 08, 2020 Sonoro Gold Corp. has released assay results from its continuing drilling program at the Cerro Caliche project in Sonora state, Mexico, confirming strategic extensions to several shallow gold mineralized zones in the northwest-central region of the concession. The company drilled 21 m of 1.13 g/t AuEq at Cerro.

On November 24, 2020, Sonoro Gold Corp. has released assay results from an additional 20 reverse circulation (RC) drill holes at its Cerro Caliche gold project in Mexico, include several of the best gold grade intercepts recorded to date on the property.

Buena Suerte Zone assay results highlights:

  • Hole SCR-109: 45.72 metres averaging 0.97 g/t Au, including 15.24 metres averaging 2.1 g/t Au.
  • Hole SCR-124: 6.09 metres averaging 3.99 g/t Au, including 3.04 metres averaging 7.80 g/t Au.
  • Hole SCR-127: 10.67 metres averaging 0.96 g/t, including 1.52 metres averaging 2.81 g/t Au.

On November 18, 2020, Sonoro Gold Corp. announced that it has retained McClelland Laboratories Inc. to conduct independent metallurgical testing of the gold mineralization at the Cerro Caliche gold project in Mexico.


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