VANCOUVER, British Columbia, March 20, 2018 (GLOBE NEWSWIRE) -- Sonoro Metals Corp., (“Sonoro”) (TSXV:SMO) (OTCQB:SMOFF), announces that its Mexican subsidiary, Minera Mar De Plata, SA de C.V. has executed a formal option agreement (the “Rosario Option Agreement”) with a resident of Tucson, Arizona (the “Vendor”), to acquire a 100% interest in the 403.5 hectare Rosario group of concessions (“Rosario”) on the terms initially disclosed in a news release dated March 5, 2018. Rosario is located contiguous to the recently-acquired Cerro Caliche concessions in the prolific Cucurpe Sonora Mega-district of Sonora, Mexico. The option agreement increases the land holdings under option to Sonoro in this important gold mining district to 1,455 hectares.
The Rosario Option Agreement provides for Sonoro to acquire a 100% interest in Rosario for total consideration to the Vendor of US$1,600,000, payable in escalating cash installments over 72 months. The initial first-year installment of US$60,000 was paid on execution of the Rosario Option Agreement.
Following exercise of the Option, the Vendor will hold a 2% net smelter returns royalty (“NSR”) from the proceeds of the sale of minerals from Rosario. Sonoro has been granted an option to purchase the NSR at any time for US$1,000,000 for each one percent of the 2 percent NSR.
The Rosario and Cerro Caliche concessions (collectively “Cerro Caliche”) were the subject of earlier drill programs by Cambior Gold and Corex Gold Corp., with the most recent drilling occurring in 2008. Total drilling by those two companies in the last 20 years of 10,118 meters in 101 drill holes reportedly outlined large areas of mineralized material that may in future programs assist in defining a resource with significant gold mineralization. A historic non-published report completed by Corex (Flores, 2008) includes a non NI 43-101 resource estimation.
“Our Hermosillo-based exploration team, headed by noted geologist Mel Herdrick, has commenced a surface sampling program to define additional zones for a drilling program scheduled to begin during the second half of 2018,” said Kenneth MacLeod, President and CEO of Sonoro. “Our aim is to verify the earlier data and expand the scope and scale of the gold resource indicated in the Corex report.”
The Cucurpe Sonora Mega-district includes Premier Gold’s Mercedes gold mine; Goldgroup Mining’s Cerro Prieto gold mine; Agnico Eagle’s recently purchased Santa Gertrudis gold mine; and other gold mineralized prospect areas.
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 Cerro Caliche is not necessarily indicative of mineralization on Cerro Caliche.
About Sonoro Metals Corp.
Sonoro Metals Corp. (TSXV:SMO) (OTCQB:SMOFF) is an 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, Mexico and 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.
|On behalf of the Board of SONORO METALS CORP. |
|President & CEO|
|For further information, please contact:|
|Sonoro Metals Corp. - Tel: (604) 632-1764|
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 acquisition of the above-described Rosario Group of 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.
Source: Sonoro Metals Corp.