Xali Gold Advises that Starcore has joined the Team to Develop the El Oro Tailings Project in Mexico
16 Mai 2024 - 1:00PM
Xali Gold Corp. (TSXV:XGC) ("
Xali Gold” or “the
Company”) is pleased to announce that Kappes,
Cassiday & Associates (“
KCA”) has advised us
they have teamed up with Starcore International Mines Ltd.
(“
Starcore”) to put into production our
environmental rehabilitation project to clean up mine tailings from
our Mexican Mine Tailings Reprocessing Project (“Tailings
Reprocessing”) at El Oro in Mexico (the “
El Oro Tailings
Project”). Starcore and KCA have entered into a joint
venture, with KCA contributing its expertise and services for the
project aimed at rehabilitating the environment, while Starcore
assumes the role of Operator and Financier for the joint venture.
“We are very pleased with the strategy that KCA
has brought to our Tailings Reprocessing project,” says Joanne
Freeze, President and CEO of Xali Gold. “We received the Change of
Soil Usage permit almost a year ago, which allows the Tailings to
be moved out of the historical deposition site from within the town
of El Oro. KCA has now teamed up with Starcore to use their already
permitted mine plant site for the Reprocessing which is expected to
significantly shorten the timeline to production.”
Recent test work by KCA on the El Oro Tailings
Project indicates excellent potential for 72% recovery of gold and
80% recovery of silver using a process being introduced to Xali
Gold by KCA. This process would allow the gold and silver to be
produced in the form of Dore, which enhances the value of the
royalty stream agreed to with Xali Gold. Overall recoveries will
need further testing to establish a better estimate for overall
recoveries of gold and silver, but KCA is very optimistic about the
process.
KCA will oversee all metallurgical and
engineering studies and designs, for the Tailings Reprocessing
Project, and recovery of the precious metal from the Project.
Starcore will cover the Capital Costs for plant construction and
take on the role of Operator.
As per the Company’s April 15, 2024 News
Release, Xali Gold entered into a Letter of Intent to enter into a
Purchase Agreement with KCA on the El Oro Tailings Project. Once
production begins on the El Oro Tailings Project, KCA will pay Xali
Gold a gross royalty equal to 4% of the sales income received from
all gold and silver produced, less any royalties due and payable to
others (the Municipality of El Oro), but in no case less than a 3%
gross royalty.
About Starcore
Starcore is engaged in precious metals
production with focus and experience in Mexico. While this
base of producing assets has been complemented by exploration and
development projects throughout North America, Starcore has
expanded its reach internationally with the recently acquired
project in Côte d’Ivoire. The Company is a leader in
Corporate Social Responsibility and advocates value driven
decisions that will increase long term shareholder value. You can
find more information on the investor friendly website here:
www.starcore.com
Shares for Debt
The Company also advises that as per the Xali
Gold News Release dated May 2, it has issued shares of the Company
to Lotz CPA Inc, in order to cover the debt due for CFO consulting
fees over 5 years. The Common Shares issued pursuant to the shares
for debt settlement will be subject to a four month hold
period.
About Xali Gold
Xali Gold has gold and silver projects in Peru
and Mexico. The Company’s flagship project El Oro is a district
scale gold project encompassing a well-known prolific high-grade
gold dominant gold-silver epithermal vein system in Mexico. The
project covers 20 veins with past production and more than 57 veins
in total, from which approximately 6.4 million ounces of gold and
74 million ounces of silver were reported to have been produced
from just two of these veins (Ref. Mexico Geological Service
Bulletin Nr. 37, Mining of the El Oro and Tlapujahua Districts.
1920, T. Flores).
Modern understanding of epithermal vein systems
indicates that several of the El Oro district’s veins hold
excellent discovery potential, particularly below and adjacent to
the historic workings of the San Rafael Vein, which was mined to an
average depth of only 200m.
Xali Gold is dedicated to being a responsible
Community partner.
Joanne C. Freeze, P.Geo., President and CEO is
the Qualified Person as defined by National Instrument 43-101 for
the projects discussed above. Ms. Freeze has reviewed and approved
the contents of this release.
Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
Forward-looking InformationThis
news release may contain forward-looking information (as such term
is defined under Canadian securities laws) including but not
limited to historical production records. While such
forward-looking information is expressed by Xali Gold in good faith
and believed by Xali Gold to have a reasonable basis, they may
address future events and conditions and are therefore subject to
inherent risks and uncertainties including those set out in Xali
Gold’s MD&A. Factors that cause the actual results to differ
materially from those in forward-looking information include,
without limitation, gold prices, results of exploration and
development activities, regulatory changes, defects in title,
availability of materials and equipment, timeliness of government
approvals, potential environmental issues, availability of capital
and financing and general economic, market or business conditions.
Xali Gold expressly disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except in accordance
with applicable securities laws.
On behalf of the Board of Xali Gold
Corp.
“Joanne Freeze” P.Geo.President, CEO and
Director
For further information please contact:Joanne
Freeze, President &
CEO
Tel:
+ 1 (604) 689-1957
info@xaligold.com
NR 131
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