VANCOUVER, Nov. 8, 2017 /CNW/ - Sonoro Metals Corp., ("Sonoro" or the "Company") (TSXV: SMO) (OTCQB: SMOFF), announces that its Mexican subsidiary, Minera Mar De Plata, SA de C.V. has entered into an option agreement (the "Option Agreement") with a resident of Magdalena de Kino, Sonora, Mexico (the "Vendor"), to acquire a 100% interest in the Calera Group of Concessions ("Calera") located in the municipality of Cucurpe, in northern Sonora state, Mexico.
The Calera project consists of four concessions covering 144 hectares within the Cucurpe Sonora mega-district. The Cucurpe mega-district includes Premier Gold Mines' Mercedes gold mine, Goldgroup Mining's Cerro Prieto gold mine, Agnico Eagle's recently purchased Santa Gertrudis gold mine, and other nearby gold mineralized prospect areas.
The Option Agreement provides for Sonoro to acquire a 100% interest in Calera over a 72-month period for total consideration of US$1,000,000 payable in installments as follows:
|
Date |
Payment |
|
November 1, 2017 |
$25,000 plus reimbursement of property taxes to a maximum of $15,000 |
|
November 1, 2018 |
$50,000 |
|
May 1, 2019 |
$30,000 |
|
November 1, 2019 |
$30,000 |
|
May 1, 2020 |
$50,000 |
|
November 1, 2020 |
$50,000 |
|
May 1, 2021 |
$100,000 |
|
November 1, 2021 |
$100,000 |
|
May 1, 2022 |
$125,000 |
|
November 1, 2022 |
$125,000 |
|
May 1, 2023 |
$150,000 |
|
November 1, 2023 |
$150,000 |
Following exercise of the Option, the Vendor will be entitled to a 2% net smelter returns royalty ("NSR") from the proceeds of the sale of minerals from the Calera project. Sonoro has been granted an option to purchase the NSR for US$650,000 at any time.
"Sonoro's exploration team believes that the Cucurpe gold mega-district has the potential for additional gold discoveries," said Kenneth MacLeod, President and CEO of Sonoro. "We are pleased to begin immediate exploration of Calera under the direction of our noted geologist Mel Herdrick, Sonoro's head of exploration in Mexico, who has several gold discoveries to his credit."
About Calera and the Cucurpe Sonora Mega-District:
Mineralization types of the Cucurpe mega-district include epithermal low sulfidation, epithermal mineralized dikes and associated volcanic rocks, and mesothermal Carlin type gold mineralization. These deposits in the district appear to be genetically linked with a mineralization age ranging from 40 to 30 Ma. Potential style of gold mineralization of the Calera area is for mesothermal calcareous sedimentary rocks to host disseminated gold.
Large zones of disseminated pyrite replacement in the shallow dipping calcareous shale units are extensive with coincident regolith gold placer within the concessions. Local altered felsic dikes cut the mineralized meta-sedimentary rock units and may be associated with mineralization. The Calera area is a sub-district of Cucurpe with many gambusino workings and exploration pits in the concession area. Immediate plans are to utilize surface sampling and more extensive east-west soil sampling lines focusing in the areas of known placer gold prospecting pits to identify targets for additional work.
The Cucurpe mega-district was generally regarded as a vein dominated district including the Cerro Prieto mine and the Mercedes mine. Activities at Cerro Prieto and Santa Gertrudis mine areas have developed open pit resources in more recent years. Sonoro's San Marcial project is located about 30 kilometers further west of Calera with gold mineralization hosted in Jurassic shale and quartzite meta-sedimentary units.
Stephen Kenwood, P. Geo. is a qualified person within the context of National Instrument 43-101 and has read and takes responsibility for this news release. Readers are cautioned that the presence of mineralization on properties adjacent to or in proximity to Calera is not necessarily indicative of alteration and mineralization on Calera.
About Sonoro Metals Corp.
Sonoro Metals Corp. is a TSX Venture Exchange listed (TSXV: SMO) (OTCQB: SMOFF) exploration and development company with a portfolio of precious metals properties in Sonora, Mexico and Alaska, USA. Sonoro's skilled exploration team in Mexico is headed by Hermosillo-based geologist Melvin Herdrick, with 45 years of mine related experience, including 10 years as Chief Geologist for Phelps Dodge in Mexico followed by 7 years as Vice President, Exploration for Pediment Gold in Mexico until its takeover by Argonaut Gold in 2011. Sonoro's Chief Geologist and Qualifying Person is Stephen Kenwood, with over 20 years of experience in mineral exploration and development.
