Vancouver, Canada, June 23, 2022 (GLOBE NEWSWIRE) — Gardenro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or “Company”) reports the submission of a technical report entitled “Latest Preliminary Economic Assessment of the Serocaliche Project in Sonora, Mexico” To do. The effective date is May 9, 2022 “PEA”).
The PEA was created in accordance with the requirements of National Instrument 43-101 by DENM Engineering Ltd. (“DENM”) and David Salari, P. Eng in Burlington, Ontario. As the first author. William Lewis, P. Geo from Micon International Limited (“Micon”) in Toronto, Ontario. Was a qualified person in charge of estimating mineral resources.
The updated PEA envisions an optimized mining program for open pit mining and heap reach mining operations, with daily production of 8,000 metric tonnes (“mtpd”) for the first two years and remaining mine life. Increases to 15,000 mtpd (“LOM”).
PEA can be found on our profile (www.sedar.com) and on the Sonoro website (www.sonorogold.com).
- 5% discount on net present value before tax (“NPV”Five”) US $ 84.4 million
- 74.9% pre-tax internal rate of return (“IRR”)
- NPV after taxFive US $ 53.5 million
- 45.6% post-tax IRR
- The gold recovery rate is 74% and the silver recovery rate is 27%.
- 7-year LOM with 344,500 ounces (“oz”) of gold equivalent (“AuEq”)
- 45,000 ounces of AuEq LOM average annual production (1-7 years)
- Annual production of 46,000 ounces of AuEq at 0.58 g / tAuEq in the first to third years
- Initial capital investment costs of $ 26 million, including $ 3 million in reserves
- Maintaining the cost of capital of US $ 7.4 million
- cash(1) Cost USD $ 1,206 / oz AuEq
- AISC(2) US $ 1,333 / oz AuEq
- 2.2 year payback period
Note: All currencies are reported in US dollars. The parameters of the base case assume that gold is $ 1,750 / ounce and silver is $ 22 / ounce.
(1) Cash costs include mining, crushing, processing, analysis and management.
(2) All-in-sustain costs include cash costs, as well as sustain, refining, refurbishment costs, and 2% royalties.
Estimates of mineral resources
The updated PEA utilizes the mineral resource estimates contained in our first PEA dated October 29, 2021 and is based on our September 2018-April 2021 drilling campaign. ..
Readers find that the extent of these potential mineralizations is conceptual in nature and is based on a limited amount of exploration drilling and sampling outside the current resource pit shell. Please note that it is unclear whether the mineralization target will be portrayed as a mineral by further exploration.
The recent completion of an additional excavation of approximately 7,200 meters at Cerro Cariche is not included in the current mineral resource estimates. The new geological data will be included in the updated resource estimates to be submitted in the fall of 2022.
Since the resumption of drilling in November 2021, we have announced multiple high-grade interceptions and expansions of several known mineralization zones in the southwestern part of the property. The potential economic impact of updated resources on the proposed heap reach mining operation will be reviewed in further technical reports.
PEA is inherently preliminary and contains estimated resources that may be considered too speculative, so it cannot be classified as mineral reserves with economic considerations and is presented in PEA. It is uncertain whether the estimate will be realized.
Qualified Person Statement
David Salari, P. Eng of DENM Engineering Ltd. And William Lewis, P. Geo from Micon International Limited. Both are independent of us and have confirmed and endorsed the scientific and technical information here regarding our Cerro. Cariche project. William Lewis, P. Geo. Responsible for the updated Cerro Caliche Mineral Resource Estimate, David Salari, P. Eng. At the same time, we have approved the information related to the Cerro Caliche Project in this news release. David Salari and P.Eng respectively. William Lewis, P. Geo. Is a qualified person as defined in NI 43-101.
Stephen Kenwood, P. Geo, director of Sonoro Gold. Is a qualified person in the context of National Instrument 43-101 (NI 43-101) and has read and approved this news release.
About DENMEngineering Limited
DENM Engineering Ltd. is a niche engineering company that serves the mining / mineral processing sector, specializing in engineering and design, equipment supply, project and construction management, commissioning and operational support. DENM Engineering Ltd. has been successful in promoting projects in Canada, the United States, Mexico, and Central America for over 15 years.
In addition, DENM Engineering, along with its key and independent specialists, will carry out NI43-101 compliant assessments and research in the Mineral Processing Metallurgical Design, Process Design, Capital and Operating Costs, and Cash Flow Analysis sections.
About Micon International Limited
Since 1988, Micon International Limited (Micon) has provided consulting services to the mining industry around the world from its offices in Canada and the United Kingdom. Micon is made up of an interdisciplinary group of highly qualified and experienced professionals, guided by the company’s principles of integrity, competence and independence.
Micon’s experience in Mexico ranges from exploration programs and resource estimation to technical research on operating mines and due diligence on precious and base metal projects. Micon has worked in most of Mexico’s major mining districts and in lesser-known historic districts. In northern Mexico, missions are carried out in the gold and silver districts of Sonora, Durango, Zacatecas, Chihuahua and Baja California.
About Sonoro Gold Co., Ltd.
Sonoro Gold Corp. is a listed exploration and development company in Sonora, Mexico that owns the near-development Cerro Caliche project and the exploration phase San Marcial property. We have an experienced operations and management team with a solid track record in the discovery and development of natural resource deposits.
On behalf of the Board of Directors of Sonoro Gold Corporation.
Around: “Kenneth Macleod”
President and CEO
For more information, please contact:
Sonoro Gold Corp. – Tel: (604) 632-1764
Email: [email protected]
Notes on future prospects:
This press release may contain “forward-looking information” as defined by applicable Canadian securities law. All statements contained in this release except historical fact statements. This includes, but is not limited to, descriptions of the Cerro Caliche project. Future Plans Our objectives, such as NPV, IRR, initial and maintenance cost of capital, operating costs, and Cerro Caliche’s LOM production, constitute information about future prospects with various risks and uncertainties. Forward-looking information is based on many factors and assumptions that have been used to create such information. information However, it turns out to be inaccurate, including but not limited to assumptions related to the survival of the Company and its subsidiaries as continuing companies, general economic and market conditions, mineral prices, and accuracy of mineral resource estimates. There is likely to be. There is no guarantee that such information will be accurate and actual results and future events may differ materially from those expected from such forward-looking information. Key factors that may cause actual results to differ materially from our expectations are exploration and development risks associated with our projects, failure to establish estimated mineral resources or mineral reserves, fluctuations in commodity prices, and recovery rates. Fluctuations, and global economic conditions are included. .. The forward-looking information contained in this release was produced as of the date of this release. We disclaim any intention or obligation to update or revise any forward-looking statement. as a result New information, upcoming events, etc., unless required by law or TSX Venture Exchange policy. Readers are encouraged to see our complete public records of SEDAR at the following URL: www.sedar.com..
Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.
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SONORO FILES UPDATED PRELIMINARY ECONOMIC ASSESSATION ON SEDAR, The Canadian Business Journal
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