CERRO CALICHE MAPS (Click to enlarge)
CERRO CALICHE GOLD EXPLORATION PROJECT
SONORA-CUCURPE GOLD DISTRICT, SONORA STATE, MEXICO
Sonoro’s Mexican subsidiary, Minera Mar De Plata, SA de C.V. has entered into option agreements with five vendors, to acquire 100% interests in several concessions totaling approximately 1,400 hectares, collectively named the Cerro Caliche Group of Concessions (“Cerro Caliche”) located in the municipality of Cucurpe, Sonora, Mexico.
Cerro Caliche is a very compelling under-explored gold project area located in the Sonora-Cucurpe mega-district located between the prolific north-south oriented Sierra Madre Gold Belt to the east and the northwest oriented Sonora-Mojave Megashear complex to the west,
This important gold mining district includes Premier Gold Mines’ Mercedes gold mine, Goldgroup Mining’s Cerro Prieto gold mine, Agnico Eagle’s Santa Gertrudis gold mine, and other nearby gold mineralized prospect areas.
THE OPTION AGREEMENTS
The Cerro Caliche Option Agreement provides for Sonoro to acquire a 100% interest in 907.6 hectares for total consideration to the Vendor of US$2,977,000, payable in escalating cash installments over 72 months, with the initial first-year installment of US$127,000 having been completed. In addition, Sonoro has paid US$23,000 for outstanding mining duties. Following exercise of the Option, the Vendor will hold a 2% net smelter returns royalty (“NSR”) from the proceeds of the sale of minerals from Cerro Caliche. Sonoro has been granted an option to purchase the NSR at any time for US$1,000,000 for each one percent of the 2 percent NSR.
The Rosario Option Agreement provides for Sonoro to acquire a 100% interest in 403.5 hectares for total consideration to the Vendor of US$1,600,000, payable in escalating cash installments over 72 months, with the initial first-year installment of US$60,000 having been paid upon execution of the Rosario Option Agreement. Following exercise of the Option, the Vendor will hold a 2% net smelter returns royalty (“NSR”) from the proceeds of the sale of minerals from Rosario. Sonoro has been granted an option to purchase the NSR at any time for US$1,000,000 for each one percent of the 2 percent NSR.
The Tres Amigos Option Agreement provides for Sonoro to acquire a 100% interest in 20 hectares for total consideration to the Vendor of US$130,000, payable in 9 equal cash installments of US$14,444.44 over 48 months, of which the initial payment has been made.
The El Colorado Option Agreement provides for Sonoro to acquire a 100% interest in 9 hectares for total consideration to the Vendor of US$100,000, of which US$50,000 has been paid and the balance payable in March 2019.
The Cabeza Blanca Option Agreement provides for Sonoro to acquire a 100% interest in 10 hectares for total consideration to the Vendor of US$175,000 and 250,000 Sonoro shares, with the cash component to be paid in 5 installments over 2 years.
ABOUT THE CERRO CALICHE CONCESSIONS
The Cerro Caliche concessions are located about 45 km southeast of Magdelena de Kino in north-central Sonora State with good road access. Older local historic mines including Los Cuervos, Japoneses, Las Abejas, Boluditos which operated during periods up to about 130 years ago are included in or are near the concessions.
Cerro Caliche is situated in the heart of the Sonora-Cucurpe mega-district. Nearby producing mines include Premier Gold Mines’ Mercedes gold mine, located 10 km to the east of Cerro Caliche; Goldgroup Mining’s Cerro Prieto gold mine located contiguous to the western boundary of Cerro Caliche; Agnico Eagle’s recently purchased Santa Gertrudis gold mine, located 20 km to the north of Cerro Caliche; and other nearby gold mineralized prospect areas.
Cerro Caliche was previously the subject of drill programs by Cambior Gold and Corex Gold Corp. Total drilling by those two companies in the last 20 years of 10,118 meters in 101 drill holes reportedly outlined large areas of mineralized material that may in future programs assist in defining a resource with significant gold mineralization. A historic non-published report completed by Corex (Flores, 2008) includes a non NI 43-101 estimated resource.
Cerro Caliche is a sub-district of the Sonora-Cucurpe gold mine district with many gambusino workings and exploration pits in the concession area as well as drill holes. Immediate plans are to utilize new and prior data available from surface sampling and east-west soil sampling lines focusing in the areas with prospect pits to identify targets for additional work including necessary permitting and completing a reverse circulation drilling program after mid-year. The form of mineralization includes veins, parallel sheeted veinlets to stockwork veinlet zones, and disseminated-fracture controlled gold without quartz veinlets are present in the concession area containing gold.
ABOUT THE SONORA-CUCURPE MINING DISTRICT
Mineralization types of the Sonora-Cucurpe mega-district include variants of epithermal low sulfidation, epithermal mineralized dikes and associated volcanic rocks, and sub-adjacent mesothermal Carlin type gold mineralization. These deposits in the district appear to be genetically linked with a similar mineralization age ranging from 40 to 30 Ma. Altered felsic dikes cut the mineralized meta-sedimentary rock units are associated with mineralization in both rock units.
The Sonora-Cucurpe mega-district has historically been regarded as a higher-grade vein-only dominated district including the Cerro Prieto and the Mercedes mines. Activities at Cerro Prieto and Santa Gertrudis mine areas have developed open pit resources in more recent years with more disseminated to stockwork style gold mineralization. Sonoro’s San Marcial project is located about 30 kilometers further west of Cerro Caliche with gold mineralization hosted in Jurassic shale and quartzite meta-sedimentary units.
Stephen Kenwood, P. Geo. is a qualified person within the context of National Instrument 43-101 and has read and takes responsibility for this information. Readers are cautioned that the presence of mineralization on properties adjacent to or in proximity to Cerro Caliche is not necessarily indicative of alteration and mineralization on Cerro Caliche.
CERRO CALICHE EXPLORATION - JUNE 2018
PREPARING TO DRILL CERRO CALICHE - SEPTEMBER 2018
DRILLING AT CERRO CALICHE - OCTOBER 2018