Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP),
(“Sonoro” or the “Company”), announces receipt of proceeds of
$875,000 by Sonoro’s subsidiary, Minera Mar de Plata, S.A. de C.V.,
from the sale to Agnico Sonoro, S.A. de C.V., a subsidiary of
Agnico Eagle Mines Limited (“Agnico”), of the 1% Net Smelter
Returns royalty (the “Royalty”) on the Chipriona property located
in the Mulatos Mining District in Sonora, Mexico. The Royalty
originated from the sale of the Chipriona property to Agnico in
December 2016 for $4,000,000 plus the Royalty. Concurrent with the
sale of the Chipriona property, Agnico was granted an option to
purchase the Royalty at any time for $1.5 million.
“We are pleased to sell the Chipriona Royalty to
Agnico,” said Kenneth MacLeod, President and CEO of Sonoro. “The
$875,000 cash injection into Sonoro’s treasury without any
resulting share dilution provides greater value at this time versus
waiting until Chipriona is placed into production at some
indeterminate time in the future. The proceeds will be primarily
allocated toward the upcoming Phase III drill program at the Cerro
Caliche project in Mexico.”
Sonoro acquired the Cerro Caliche project in
2018 and conducted a two-phase reverse-circulation drilling program
during 2018 and 2019, with a total of 10,328 meters drilled and
assayed during that period. A total of 96 drill holes were
completed for an average drill hole length of 107.6 meters, all
inclined. The combination of historic and current exploration
drilling now totals 23,679 meters in 212 drill holes in addition to
more than 6,000 surface samples.
The Phase III drilling program, which is
expected to take approximately 6 months, is planned to include
stepout drilling to extend the strike lengths of the known
mineralized zones within the Central and Western regions,
specifically the Japoneses, Chinos NW, Buena Suerte, Abejas,
Cuervos and El Colorado zones. The Japoneses and Cabeza Blanca
zones in particular are both expected to extend along their
respective strikes by at least 100 meters to the north. Infill
drilling is also planned for these zones in part to support a more
complete block model, while their respective gold grades and depth
potential is further explored.
Diamond drilling is planned to test the Veta de
Oro, La Espanola, Cuervos and Guadalupe/Cabeza Blanca zones, where
previous scout holes reported intervals of high-grade vein gold
mineralization.
To view more information on the ongoing
preparatory work program for the Phase III drill program, please
click here: https://bit.ly/2MIGaIX or visit the Sonoro
website at www.sonorometals.com.
Stephen Kenwood, P. Geo., a director of Sonoro,
is a Qualified Person within the meaning of National Instrument
43-101 and has read and approved this news release. Readers are
cautioned that the presence of mineralization on historic mines
adjacent to or on Cerro Caliche is not necessarily indicative of
gold mineralization in the concessions held by the Company.
About Sonoro Metals Corp.Sonoro
Metals Corp. is a publicly listed exploration and development
company with a portfolio of exploration-stage precious metal
properties in Sonora State, Mexico. The Company has highly
experienced operational and management teams with proven track
records for the discovery and development of natural resource
deposits.
On
behalf of the Board of SONORO METALS CORP. |
Per: |
“Kenneth
MacLeod” |
|
KENNETH MACLEOD |
|
President & CEO |
For further information, please contact:Sonoro Metals Corp. –
Kenneth MacLeod, President & CEOPhone: (604) 632-1764Email:
info@sonorometals.com
Forward-Looking Statement
Cautions:
This press release contains certain
"forward-looking statements" within the meaning of Canadian
securities legislation, relating to, among other things, the
Company's plans for the drilling of the above-described Cerro
Caliche Concessions, located in the municipality of Cucurpe,
Sonora, Mexico, and the Company’s future exploration plans for
those properties. Although the Company believes that such
statements are reasonable based on current circumstances, it can
give no assurance that such expectations will prove to be correct.
Forward-looking statements are statements that are not historical
facts; they are generally, but not always, identified by the words
"expects," "plans," "anticipates," "believes," "intends,"
"estimates," "projects," "aims," "potential," "goal," "objective,"
"prospective," and similar expressions, or that events or
conditions "will," "would," "may," "can," "could" or "should"
occur, or are those statements, which, by their nature, refer to
future events. The Company cautions that forward-looking statements
are based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made and they involve a
number of risks and uncertainties, including the possibility of
unfavourable interim exploration results, the lack of sufficient
future financing to carry out exploration plans, and unanticipated
changes in the legal, regulatory and permitting requirements for
the Company’s exploration programs. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law or the policies of the TSX
Venture Exchange. Readers are encouraged to review the Company’s
complete public disclosure record on SEDAR at www.sedar.com.
THIS PRESS RELEASE DOES NOT CONSTITUTE
AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL
THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION
IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR
TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY
SUCH JURISDICTION.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
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