Xali Gold signs SPA to acquire Pico Machay gold project

Core Insights - Xali Gold has signed a share purchase agreement to acquire Minera Calipuy, which owns the Pico Machay gold project in Central Peru, covering 100% of the interest [1] - The Pico Machay gold deposit has a historic measured and indicated resource of 264,600 ounces of gold and an inferred resource of 446,000 ounces of gold [2] - The acquisition is seen as a pivotal step for Xali Gold to expand its presence in a prolific gold-silver region, with immediate value and upside potential [3] Resource Details - The measured and indicated resource consists of 10.6 million tonnes at a grade of 0.78 grams per tonne of gold, while the inferred resource is spread across 23.9 million tonnes at a grade of 0.58 grams per tonne [2] - The original resource was calculated using a long-term gold price of $700 per ounce, and the current stronger gold price environment presents opportunities for project upgrades [4] Future Plans - Xali Gold aims to update the resource estimate and previous engineering studies with a near-term production goal, while also exploring additional targets for potential resource expansion [5] - The company is also considering other high-sulphidation prospects in the area for potential acquisition and exploration to enhance production at Pico Machay [6]