Sonoro Metals – Discovering Gold & Silver in Mexico
President & CEO of this gold explorer, Kenneth MacLeod, was giving an interesting presentation on the VRIC 2019, taken place in January in Vancouver. He was summarizing of what has been achieved on the various projects in Mexico, outlining the next steps there and was telling about opportunities on what could happen with them in the future.
He started with introducing the team of Sonora Metals, and pointed out Mexico’s unique value as a natural resource destination. Insiders control almost 40% of Sonoro’s share capital.
Ken was outlining the 3 projects Sonoro is focussing on. The Cerro Caliche project has been experiencing drilling of 10.000 meters. Only 2 of the 14 square kilometers have been properly explored, so that there is still great potential. The company extpects to identify a resource of +1 million gold ounces within the next 2 years. Before that Sonoro is intending to complete a Preliminery Economic Assessment, and will then decide if they take the project into production themself, or sell it to the surrounding operating mines. After settling legal issues on the San Marcial project, a drill program should begin in 2019.
Both projects and the surrounding profitable operations have got all-important characteristics in common: Relatively low gold grades (0.5 g/t on average) but large open-pitable and heap-leachable tonnages of oxide ore.
Last but not least, Sonoro has retained a 1% Net Smelter Returns royalty (NSR) on the Chipriona property from Agnico Eagles. The production decision there should be made soon.
