Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA:
23SP) (“Sonoro” or the “Company”) is pleased to report the filing
of a technical report titled “NI 43-101 Technical Report for the
Preliminary Economic Assessment on the Cerro Caliche Project,
Sonora, Mexico” (the “PEA”) with an effective date of August 28,
2023.
The PEA has been prepared in accordance with the
requirements of National Instrument 43-101 (“NI 43-101”) by
D.E.N.M. Engineering Ltd. of Burlington, Ontario (“D.E.N.M.”) and
Micon International Limited of Toronto, Ontario (“Micon”) with
confirmation of the applicable resource estimates prepared by SRK
Consulting (U.S.) Inc. of Denver, Colorado (“SRK”).
The PEA demonstrates the potential viability for
a nine-year life of mine (“LOM”), open pit, heap leach mining
operation with an initial two-year production rate of 4,000 metric
tonnes per day (“mtpd”) and an increase to 12,000 mtpd for the
remaining LOM.
The PEA can be found under the Company’s profile
at www.sedarplus.ca and on Sonoro’s website at
www.sonorogold.com.
PEA Highlights:
- Pre-Tax net present value
discounted at 5% (“NPV5”) of USD $71.4 million
- Pre-Tax Internal Rate of Return
(“IRR”) of 59%
- After-Tax NPV5 of USD $47.7 million
with an IRR of 45%
- Gold recovery of 72% and silver recovery of 27%
- 9-year LOM with 297,575 ounces
(“oz”) of gold equivalent (“AuEq”)
- LOM annual average production of
33,000 oz AuEq at 0.45 g/t AuEq
- Initial CAPEX costs of USD $15.5
million, including USD $1.83 million in contingency
- Sustaining capital costs of USD
$15.5 million
- Cash(1) operating costs of USD
$1,295/oz AuEq
- AISC(2) of USD $1,395/oz AuEq
- Payback period of 2.9 years
Note: All currencies are reported in U.S.
dollars. Base case parameters assume $1,800/oz gold and $23/oz
silver.(1) Cash operating costs include mining, crushing,
processing, assaying and administration.(2) All-in-Sustaining Costs
include cash costs plus sustaining, refining and reclamation costs,
as well as 2% royalty buyout.
Mineral Resource EstimateThe
PEA utilizes the updated Mineral Resource Estimate (MRE) contained
in the technical report prepared by SRK and titled “NI 43-101
Technical Report: Mineral Resource Estimate, Cerro Caliche Project,
Sonora, Mexico” with an effective date of January 26, 2023 and
report date of March 24, 2023. The updated MRE is based on a total
55,360 meters of drilled data, including 498 drill holes, 17
trenches and assays for 53,865 meters of the drilled data.
PEA SummaryThe PEA is
preliminary in nature and includes inferred resources that are
considered too speculative to have the economic considerations
applied to them that would enable them to be categorized as mineral
reserves and there is no certainty the estimates presented in the
PEA will be realized.
Qualified Person StatementDavid
Salari, P.Eng. of D.E.N.M. Engineering Ltd., Christopher Jacobs,
CEng, MIMMM, Kerrine Azougarh, P.Eng. and William Lewis, P.Geo. of
Micon International Limited, and Doug Reid, P. Eng. of SRK
Consulting (U.S.) Inc. are independent of the Company and are
Qualified Persons as defined in NI 43-101.
Sonoro Director, Stephen Kenwood, P.Geo., is a
Qualified Person within the context of NI 43-101 and has read and
approved this news release.
About D.E.N.M. Engineering
Limited
D.E.N.M. Engineering
Ltd. is a niche engineering company servicing the mining / mineral
processing sector that specializes in Engineering & Design,
Equipment Supply, Project & Construction Management,
Commissioning and Operations Support. D.E.N.M. Engineering Ltd. has
proven success while championing projects for over fifteen years in
Canada, USA, Mexico and Central America.
In addition, D.E.N.M.
Engineering, with its principal and independent specialists,
performs NI 43-101 compliant assessments and studies in the
sections of mineral processing metallurgical design, process
design, capital and operating costing and cash flow analysis.
About Micon International
Limited
Micon International
Limited (Micon) has provided consulting services to the worldwide
mining industry since 1988 from its offices in Canada and the UK.
Micon comprises a multi-disciplinary group of highly qualified and
experienced professionals who are guided by the Company principles
of Integrity, Competence and Independence.
Micon’s experience in
Mexico ranges from exploration programs and resource estimation to
technical studies on operating mines, as well as due diligence for
precious metals and base metals projects. Micon has worked in most
of the major mining districts throughout Mexico, as well as some
lesser-known historical districts. In northern Mexico, assignments
have been undertaken in the gold and silver districts of Sonora,
Durango, Zacatecas, Chihuahua and Baja California.
About SRK Consulting (U.S.),
Inc.SRK Consulting is an independent international mining
consultancy firm, which provides focused advice and solutions to
clients in the earth and water resource industries. The company has
contributed to its clients' success for over 45 years in over
20,000 projects globally. It is based across 45 offices worldwide
with leading mining specialists in fields such as due diligence,
technical studies, mine waste and water management, permitting and
mine rehabilitation.
About Sonoro Gold Corp.Sonoro
Gold Corp. is a publicly listed exploration and development Company
holding the near-development-stage Cerro Caliche project and the
exploration-stage San Marcial project 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 Gold
Corp.Per: “Kenneth
MacLeod” Kenneth
MacLeod President
& CEO
For further information, please contact: Sonoro Gold Corp. -
Tel: (604) 632-1764 Email: info@sonorogold.com
Forward-Looking Statement
Cautions: This press release may contain "forward-looking
information" as defined in applicable Canadian securities
legislation. All statements other than statements of historical
fact, included in this release, including, without limitation,
statements regarding the future exploration and development on the
Cerro Caliche project, and future plans and objectives of the
Company, constitute forward looking information that involve
various risks and uncertainties. Forward-looking information is
based on a number of factors and assumptions which have been used
to develop such information, but which may prove to be incorrect,
including, but not limited to, assumptions in connection with the
continuance of the Company and its subsidiaries as a going concern,
general economic and market conditions, mineral prices and the
accuracy of Mineral Resource Estimates. There can be no assurance
that such information will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such forward-looking information. Important factors that could
cause actual results to differ materially from the Company's
expectations include exploration and development risks associated
with the Company’s projects, the failure to establish estimated
Mineral Resources, volatility of commodity prices, variations of
recovery rates, and global economic conditions. The forward-looking
information contained in this release is made as of the date of
this release. 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.
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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