Sonoro Gold Corp.
Sonoro Gold is a 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 15,000 tonne per day heap leach mining operation (HLMO) at its flagship property, the Cerro Caliche gold project and utilize the generated cash flow to fund further exploration and development.
Sonora State, Mexico
Cerro Caliche Gold Project, Sonora State, Mexico
Preliminary Economic Assessment (PEA) Highlights ($1,750/oz gold price)
(Effective date September 15, 2021)
Updated Mineral Resource Estimate (within Resource Pit Shells) at 0.207 g/t Au Cut-off:
Potential Mineralization (outside Resource Pit Shells, identified by limited exploration drilling)
Preliminary Economic Assessment
2022 Program for Mine Construction
Heap Leach Mining Operation (HLMO)
A 10,000-metre drilling campaign currently under way at Cerro Caliche. The objective of the program is to increase the estimated size and grade of the project's oxide gold mineralization as well as to establish a basis for an extension of the estimated life of the proposed heap leach mining operation.
El Colorado Zone
When combined with prior drilling results, the current infill and expansion drilling at the higher-grade El Colorado gold mineralized zone, reveal the presence of blind (lack of surface exposure) irregular higher-grade, low angle vein occurrences. These occurrences range from 10 to 70 metres below the present surface and may be included in future open pit cone determinations. Mineralization at El Colorado remains open to the northwest, the southeast and to depth.
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. 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.
Management and Directors
John Darch, Chairman & Director
35 years experience as financier, developer & operator in international resource sector.
Kenneth MacLeod, President, Chief Executive Officer & Director
35 years experience as financier and developer in the international resource sector.
Melvin Herdrick, P.Geo., Vice President of Exploration
45 years experience, including Head of Exploration Mexico for Phelps Dodge & Pediment Gold.
Jorge Diaz, Operations Manager, Mexico
45 years experience in design/construction/operations as a mining engineer in Mexico.
Curtis Turner, Director
15 years experience in resource finance and operations, M&A, government and community relations.
Steve Kenwood, P.Geo., Director & Qualified Person
25 years mineral exploration experience with Cominco, Prime Exploration and Adrian Resources.
Neil Maedel, Executive Director, Corporate Finance
30 years experience in international venture capital and resource sector financing.
James Taylor, Director
Over 35 years experience as an investment advisor; financing expertise in the natural resource sector and with venture companies.
Salil Dhaumya, CPA, CMA, Chief Financial Officer
20 years financial and administrative experiences with public companies.
Katharine Regan, Corporate Secretary
Over 25 years experience in generating Business Development Programs across multiple industries in both the private and public sectors.
On June 21, 2022, Sonoro Gold Corp. announced that in response to strong investor demand, the company is increasing its previously announced non-brokered private placement from 13.5 million units to 16 million units for gross proceeds of up to $2.4-million.
On June 13, 2022, Sonoro Gold Corp. has released assay results from the final seven drill holes, completing the phase IV drilling program at its Cerro Caliche gold project in Sonora, Mexico. In total, the Company completed over 7,200 meters of reverse circulation drilling with 63 drill holes which returned multiple higher-grade gold intercepts and demonstrated the expansion of several known mineralized gold zones within the Cerro Caliche concession. Highlights are as follows:
SCR-321 intercepted 15.24m averaging 1.336 g/t Au; including 4.57m averaging 3.657 g/t Au;
SCR-322 intercepted 18.29m averaging 0.785 g/t Au; including 1.52m averaging 4.88 g/t Au.
On June 06, 2022, Sonoro Gold Corp. will undertake a non-brokered private placement offering consisting of up to 13.5 million units at a price of 15 cents per unit, for gross proceeds of up to $2,025,000. The net proceeds from the Offering will be used to fund the ongoing development of a proposed heap leach mining operation at the Company's Cerro Caliche gold project in Sonora, Mexico.
On May 25, 2022, Sonoro Gold Corp. has released assay results from an additional 10 drill holes completed at its Cerro Caliche gold project in Sonora, Mexico. Results reflect drilling conducted at El Colorado and Buena Suerte gold mineralized zones where intercepts include 1.52 metres averaging 9.57 grams per tonne (g/t) gold, 28.95 metres averaging 1.021 g/t Au and 10.67 metres averaging 1.183 g/t Au.
On May 17, 2022. Sonoro Gold Corp. has released assay results from an additional seven drill holes completed at its Cerro Caliche gold project in Sonora, Mexico. Results reflect recent drilling activity conducted at two of the property's gold mineralized zones, El Colorado and El Rincon, with the reported intercepts situated outside of the pit shells used to calculate the mineral resource estimate announced in September, 2021, as part of a preliminary economic assessment (PEA) for a proposed heap leach mining operation.
Highlights are as follows:
The drilling campaign at Cerro Caliche is now complete, with final assays expected to be announced in June. New geological data from over 7,200 metres and 63 drill holes will be included in a further updated resource estimate scheduled to be released in the fall of 2022. The updated technical report will also assess the potential economic impact of the new drilling data on the proposed heap leach mining operation.
On May 13, 2022, Sonoro Gold Corp., due to current capital market conditions, has decided to withdraw its previously proposed non-brokered private placement offering of up to 17 million units at a price of 18 cents per unit announced on April 25, 2022. The company will continue to monitor market conditions to determine a more favourable time to seek additional financing.
On May 09, 2022, Sonoro Gold Corp. has released the positive results of an updated independent preliminary economic assessment (PEA) on the company's Cerro Caliche gold project located in Sonora state, Mexico. The updated PEA highlights several opportunities to potentially increase the project's previously reported economic parameters, as well as potentially lower several identified risks. As the engineering and costing outlined in both the initial and updated studies are at the PEA level, potential variations in operation and capital costs may occur.
Updated PEA highlights:
Note: All currencies are reported in U.S. dollars. Base case parameters assume $1,750 per oz of gold and $22 per oz of silver.
On May 04, 2022, Sonoro Gold Corp. has filed an environmental impact statement, or manifestacion de impacto ambiental (MIA), for its Cerro Caliche gold project in Sonora, Mexico. Under Mexican law, mining construction and operation activities require an approved MIA, as well as a change of land use permit, or autorizacion en cambio de uso de suelo (ETJ), from the Mexican federal permitting authority, Secretaria de Medio Ambiente y Recursos Naturales (SEMARNAT). The company is currently completing the required documentation for the change of land use application and anticipates filing with SEMARNAT in the near future.
"Completing the MIA provided us with an opportunity to work closely with various stakeholders and I would like to thank everyone who worked alongside us as we conducted multiple environmental baseline studies and socio-economic assessments," stated vice-president (VP) of operations, Jorge Diaz. "The filing of the MIA is an important step in the project's development and we will continue to move the project forward during the permitting process."
Kenneth MacLeod, Sonoro's president and chief executive officer, commented, "The filing of the MIA follows the compilation of extensive technical and environmental studies conducted on the Cerro Caliche concession over the past four years and supports the company's objective to develop Sonoro's proposed heap leach mining operation."
On April 25, 2022, Sonoro Gold Corp. will undertake a non-brokered private placement offering consisting of up to 17 million units at a price of 18 cents per unit for gross proceeds of up to $3.06-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 30 cents per share.
The net proceeds from the offering will be used to finance the continuing development of a proposed heap leach mining operation at the company's Cerro Caliche gold project in Sonora, Mexico. Funds will be allocated principally for permitting, land agreements, drilling and technical studies, and secondarily for corporate and general administrative expenses.
On March 1, 2022, Sonoro Gold released the initial assay results from the first 24 drill holes of a 10,000-metre drilling campaign currently under way at its Cerro Caliche gold project in Sonora, Mexico.
The results include drilling conducted in the gold mineralized zones of El Colorado and Guadalupe, located in the southwestern region of the property, where assays returned multiple higher-grade gold intercepts within larger intervals of high-grade gold mineralization. Drilling is continuing at both zones.
Highlights are as follows:
Mel Herdrick, Sonoro's vice-president of exploration, commented, "These results indicate that we are successfully extending gold mineralization at Cerro Caliche while simultaneously demonstrating the potential for higher-grade mineralized zones deeper in the system."
Drilling continues to advance at Cerro Caliche with 30 drill holes completed to date.