Core Viewpoint - Sonoro Gold Corp. has received final acceptance for a surface rights lease agreement for its Cerro Caliche Gold Project in Sonora, Mexico, allowing the company to control 100% of the surface and mineral rights for the project area [1][5]. Financial Obligations - The company has completed cash payments of US $3,125,000 to the lessor, fulfilling the financial obligations for the first year of the lease agreement [2]. - Funding for the year-1 payment was sourced from unsecured shareholder loans totaling US $2,900,000, with an annual interest rate of 10% and a 7% lending fee [3]. Related Party Transactions - The loans provided by company directors are classified as a "related party transaction" under Multilateral Instrument 61-101, with the company relying on exemptions from formal valuation and minority shareholder approval [4]. Project Development - The lease agreement is crucial for the construction and operation of the Cerro Caliche gold mine, covering an area larger than initially required, thus allowing for future expansion [5]. - The project is in the final permitting stage for an open-pit, heap leach mining operation, with only 30% of the identified mineralized zones drilled and assayed to date [6]. Mineral Resource and Economic Assessment - The Cerro Caliche project spans 1,400 hectares and has confirmed a low-sulphidation epithermal vein structure with over 25 gold mineralized zones [7]. - A Preliminary Economic Assessment (PEA) filed in October 2023 indicates a potential after-tax net present value (NPV5) of US $47.7 million at a gold price of US $1,800 per ounce, and US $77 million at US $2,000 per ounce, with an internal rate of return (IRR) of 45% and 63% respectively [8][9].
SONORO GOLD PROVIDES SURFACE RIGHTS UPDATE FOR THE CERRO CALICHE GOLD PROJECT
Globenewswireยท2025-08-18 12:00