Sonoro Metals Corp.
Sonoro Metals Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metals properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records in the discovery and development of natural resource deposits.
Cerro Caliche Gold Project
Sonoro has an option to acquire a 100% interest in the Cerro Caliche gold concessions strategically located between the two world-class mining districts of the Sierra Madre Gold Belt and the Sonoro-Mojave Megashear. Covering approximately 1,400 hectares, the concessions are close to Agnico Eagle's recently-acquired Santa Gertrudis mine, Premier Gold's Mercedes mine, and Goldgroup's Cerro Prieto mine. Sonoro commenced a 10,000 metre drilling program on the property in September 2018.
2018 Exploration Achievements
In 2018, Sonoro acquired the approximately 1,400 hectare Cerro Caliche concessions and commenced a rock chip sampling program, followed by the first phase of a 10,000 meter reverse-circulation drill program. Over 2,000 rock chip samples and 45 drill holes totaling 4,604 meters were completed and assayed.
Sonoro has also received and analyzed databases from other operators that conducted exploration on Cerro Caliche since 2007. These operators completed an aggregate of 116 drill holes totaling 12,442 meters of drilling and over 4,000 surface samples. The combination of historic and current exploration programs totals over 17,000 meters of drilling and over 6,000 surface samples and have been incorporated into Sonoro's database for analysis.
Sonoro's exploration program has successfully corroborated the sampling and drill results generated by the prior operators. A cluster of eight northwest trending gold-dominant mineralized zones have been identified and appear to be amenable to heap leach extraction. Drilling to date indicates an average of approximately 0.55 g/t gold through the mineralized intervals. Exploration continues at Cerro Caliche to define the potential for a commercial resource.
8 Gold Mineralized Zones:
Las Japoneses, Cabeza Blanca, Cuervos, Abejas, El Colorado, Guadalupe, El Quince and San Quintin.
2018 Phase One Drilling Highlights:
El Colorado: 12.19 meters grading 11.3 g/t AuEq; 4.57 meters grading 4.69 g/t AuEq
Cabeza Blanca: 12.19 meters grading 0.95 g/t AuEq
Guadalupe: 22.86 meters grading 0.77 g/t AuEq
2019 Technical Program
2019 Priorities for Cerro Caliche
San Marcial Gold-Silver Project
The 100% owned San Marcial project covers over 1,000 hectares and is located 20km east of Alio Gold's San Francisco mine inside the prolific Sonora-Mojave Megashear in Sonora State. The concessions encompass 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.
Sonoro holds a 1% Net Smelter Returns royalty (“NSR”) on the Chipriona property sold to Agnico Eagle in 2017. Chipriona is located adjacent to Agnico's La India mine in the Mulatos Mining District. Agnico has an option to purchase the NSR for $1.5 million.
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, Chief Executive Officer & Director
35 years experience as an entrepreneur, financier and executive officer in the resource sector in Mexico, Africa, Asia and North & South America.
Melvin Herdrick, P.Geo., Vice President of Exploration
45 years exploration and mining experience, including 10 years as Chief Geologist for Phelps Dodge, Mexico and 7 years as Vice President of Exploration for Pediment Gold Corp.
Jorge Diaz, Operations Manager, Mexico
25 years experience as a mining engineer for projects throughout Mexico, including development and construction of the Mulatos Mine and La Colorada Mine, both in Sonora State.
Steve Kenwood, P.Geo., Director & Qualified Person
25 years mineral exploration experience including Snip Mine (Cominco); Eskay Creek (Prime Exploration); Petaquilla Deposit, Panama (Adrian Resources).
Scott Kelly, B.Comm., Chief Financial Officer & Director
12 years public company senior management experience; formerly Vice President of Finance for Pediment Gold Corp.
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.
"Afar Insights: Bringing Impactful News Directly from Miners Afar" by InProved Investment Banking Services (dated March 28, 2019 on Sonoro's website)
InProved Investment Banking Services' "introductory" article about Sonoro Metals Corp.
On January 02, 2020, Sonoro Metals Corp.'s subsidiary, Minera Mar de Plata SA de CV, has received proceeds of $875,000 from the sale to Agnico Sonoro SA de CV, a subsidiary of Agnico Eagle Mines Ltd., of the 1-per-cent net smelter returns royalty on the Chipriona property located in the Mulatos mining district in Sonora, Mexico.
On December 09, 2019, Sonoro Metals Corp. has appointed Salil Dhaumya, CPA, CMA, as chief financial officer of Sonoro following the resignation of Scott Kelly as CFO and a director of the company.
On October 23, 2019, Sonoro Metals Corp.announced that the company is continuing to advance its discussions with China-based engineering, procurement and construction (EPC) companies regarding plans to develop and finance a proposed heap leach pilot operation for its Cerro Caliche project.
On September 12, 2019, Sonoro Metals Corp. has a comprehensive program of three-dimensional (3-D) modelling, mapping and sampling currently under way at its Cerro Caliche gold project in Sonora state, Mexico. The program is a continuation of the Company's strategy of systematically exploring Cerro Caliche as it concurrently advances its proposed heap leach pilot operation (HLPO). Drilling to date continues to outline shallow, bulk tonnage gold mineralized zones with grades similar to operating heap leach mines in the region.
The Phase 1 & II exploration programs accomplished Sonoro's objective of identifying gold-silver mineralization which the Company believes will support the proposed HLPO, while at the same time indicating that considerable potential remains for the discovery of additional gold mineralization.
On September 03, 2019, Sonoro Metals Corp. announced that the company has entered into an agreement with New Tigers Technologies Ltd. (NTT), a wholly owned subsidiary of New Tigers Consulting Ltd. of Suzhou, Jiangsu province, China, where NTT will act as Sonoro's representative and establish a representative office for the company at NTT. A key NTT function will be to identify and introduce Sonoro to China-based engineering, procurement and construction ("EPC") companies considered to be a good potential fit for Sonoro's project requirement.
On August 2, 2019, Sonoro Metals Corp. announced that it has completed a non-brokered private placement of 4,167,000 units at a price of 18 cents per unit for gross proceeds of $750,060, previously announced on June 17, 2019.
Each Unit consists of one common share and one-half of a common share purchase warrant. Each Warrant entitles the holder thereof to purchase one common share of Sonoro at an exercise price of $0.27 and expires in one year.
On July 26, 2019, Sonoro Metals Corp. announced that it has filed the National Instrument 43-101 technical report for its Cerro Caliche gold project on SEDAR and on the Company's website.
On July 3, 2019, Sonoro Metals Corp. announced that it has received assays for the final 15 holes of the initial two-phase drill program at Cerro Caliche, bringing the total drilled by Sonoro to 10,328 metres over 96 holes. The program has confirmed gold mineralization identified by prior operators and substantially increased the dimensions of all the mineralized zones.
Highlights from the last 15 holes of the 10,328-metre program include:
On July 2, 2019, Sonoro Metals Corp. has released the results of its annual general meeting of shareholders held June 27, 2019, in Vancouver, B.C. At the meeting, shareholders approved all resolutions put before them by management, including the election of all director nominees, the reappointment of the auditor, the approval of the company's share incentive plan, and the cancellation and grant of stock options.
On June 28, 2019, Sonoro Metals Corp. was issuing this news release as a result of a review by the British Columbia Securities Commission (BCSC) to clarify its technical disclosure and, additionally, to clarify certain information posted at the Company's website related to its Cerro Caliche project located in Mexico.
On June 17, 2019, Sonoro Metals Corp. announced that it has arranged a non-brokered private placement of up to 4,167,000 units at a price of 18 cents per unit for gross proceeds of up to $750,060. Each unit will consist of one common share and one-half of a common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of Sonoro at an exercise price of 27 cents during the one year following the closing of the offering.
On June 3, 2019, Sonoro Metals Corp. has provided an update to studies under way regarding its proposed test heap leach pilot operation at Cerro Caliche, Sonora state, Mexico, in accordance with its fiscal advisory services agreement with Singapore-based InProved Pte. Ltd. Sonoro announced that it begins metallurgical testing at Cerro Caliche.
"We are proud of the high degree of skill and leadership demonstrated by our Hermosillo, Mexico-based technical team under the direction of VP Exploration, Mel Herdrick and Operations Manager, Jorge Diaz," said Kenneth MacLeod, President and CEO of Sonoro. "The launching of metallurgical testing and preliminary pilot-plant design in conjunction with the ongoing drilling program, will ensure that all the elements needed to create a successful project are being managed simultaneously."
In connection with the first work phase of its proposed Heap Leach Pilot Operation (HLPO) at Cerro Caliche, Sonoro reports that the results from its phase 1 and 2 drilling campaigns combined with drilling by other companies, have enabled the Company to outline sufficient oxidized, shallow, gold mineralization in the Japoneses-Cuervos zone, to sustain a pilot size operation, making it the planned mineralized material source for the HLPO.
Sonoro has engaged Geo Digital Imaging de Mexicoan (GDI), an independent engineering firm to develop the preliminary studies required to generate quality data for the development of the NI 43-101 compliant pre-feasibility study to assess the viability of the development of a heap leach plant at Cerro Caliche.
On May 28, 2019, Sonoro Metals Corp. reported the drilling at Cerro Caliche continues to confirm and expand the gold and silver mineralization within the Central zone and at several satellite zones previously identified by earlier drilling. Average gold grades of intervals reported are observed to be similar to existing heap leach mining operations in the region.
Highlights from the latest 20 holes of the Phase Two program reported here include:
Japoneses infill hole SCR-064 returned 1.257 g/t AuEq over 9.15m
La Espanola scout hole SCR-068 returned 6.179 g/t AuEq over 3.05m and 1.327 g/t AuEq over 9.14m
Guadalupe step-out hole SCR-061 returned 0.559 g/t AuEq over 15.24m
Chinos Altos scout hole SCR-069 hole returned 1.142 g/t AuEq over 7.6 m
Buena Suerte step-out hole SCR-062 returned 1.064 g/t AuEq over 10.67m & 0.742 g/t AuEq over 10.67m
On April 29, 2019, Sonoro Metals Corp. has encountered gold mineralization in all 60 holes that have been drilled and assayed to date from the reverse circulation program at the 100-per-cent-owned Cerro Caliche gold project in Sonora, Mexico. Highlights from the initial 15 holes of the phase 2 program reported here include:
On April 3, 2019, Sonoro Metals Corp. announced that it has completed a non-brokered private placement of 3,615,104 units at a price of $0.18 per unit for gross proceeds of $650,718, previously announced on March 18, 2019.
The proceeds of the financing will be applied toward the continuation of the Phase Two drill program on its Cerro Caliche project in Sonora, Mexico.
On March 18, 2019, Sonoro Metals Corp. announced that the Company proposes to undertake a non-brokered private placement of up to 3,612,000 units at a price of $0.18 per unit, for gross proceeds of up to $650,160.
The net proceeds from the Offering will primarily be used by the Company for continued exploration on its Cerro Caliche project in Sonora, Mexico, as well as for general working capital purposes.