Xali Gold provides update on several Mexican properties
VANCOUVER, British Columbia, Sept. 12, 2022 (GLOBE NEWSWIRE) — Xali Gold Corp. (TSXV: XGC) (“Xali Gold” or the “Company”) is pleased to provide several updates as follows.
El Oro tailings
The Company is pleased to announce that it has been informed by Sun River Gold (“SRG”), beneficiary of the Xali Gold tailings project, that it expects to receive its permit for the removal of tailings from the site. of the city within 30 days. SRG is also working on a permit to install and operate a reprocessing plant outside the town of El Oro. In the meantime, SRG has identified and is investigating options for outsourcing reprocessing until the reprocessing license can be obtained. SRG will provide the company with an update on the progress of the project by October 15, 2022. Xali Gold will receive 5% interest on net profits as well as the first US$1.5 million due to the municipality from El Oro by El Oro from SRG. tailings operations.
The company regrets to announce that one of the founders of Sun River Gold and shareholder of Xali Gold, Hans Von Michaelis, passed away on September 2, 2022. He was a great optimist and pioneer. Hans will be dearly missed and fondly remembered by his family, friends and many colleagues.
San Dieguito de Arriba Plant (“SDA”)
The Company is pleased to announce that it is in negotiations to partner with a local Mexican mining group to both operate the SDA plant and explore nearby mining properties from which the group is currently producing. Terms being discussed include the Mexican group providing the capital needed to make the SDA plant operational while Xali Gold would provide expertise to explore additional gold and silver resources and/or stand-alone mineral discoveries.
Ingenieros Mineros SA de CV (“IMSA”) and Xali Gold have recently engaged SACH environmental consultants to assist them with both drilling and operating permits. The Company has received indications from SACH that a drilling permit for the El Dorado property could be obtained by the end of 2022. In addition, discussions are ongoing with the owner of the El Dorado property, IMSA, to reduce ownership payments until drilling permits are received. High-grade gold and silver mineralization (see press release dated May 20, 2021) was previously produced from El Dorado and extensions of this mineralization could be processed at the nearby SDA plant.
Marketing with Agoracom
The Company continues to engage Agora Internet Relations Corp. (“AGORACOM”) (see Press Release 82 dated July 29, 2020) which educates the Company for small cap investors provided by the Agoracom website, as well as the AGORACOM Twitter account, interviews hosted on YouTube and the website of the company, AGORACOM network and extended marketing on search engines. In addition, AGORACOM “CEO Verified” provides identity verification for small cap managers on a financial platform. CEOs of small cap companies and other company executives can post or communicate in a discussion forum without the risk of impersonation.
Pursuant to the agreement dated October 15, 2021, the Company will issue shares for services rendered (a value of C$48,000 + HST) from October 15, 2021 to July 15, 2022. A total of 662,933 common shares will be issued for quarterly invoices such that the stock issues will be: 226,000 common shares at a deemed price of $0.06 per share; 150,667 common shares at a deemed price of $0.09; 135,600 common shares at a deemed price of $0.10; and 150,666 common shares at a deemed price of $0.09. Each issue will be subject to a 4 month holding period. This transaction is in accordance with applicable corporate and securities laws and is subject to the approval of the TSXV.
The last period will be billed on October 15, 2022 for C$12,000 + HST and the Company will seek TSXV approval prior to issuance.
The Company terminated the exploration and exploitation agreement entered into for the Cocula property on December 7, 2020. The Company no longer has any rights or obligations with respect to this property.
About Xali Gold
Xali Gold has a growth strategy to acquire gold and silver projects with near-surface exploration potential, near-term production potential and mining track record in Mexico and also Newfoundland, Canada. Xali Gold plans to advance our growing bank of gold and silver assets internally and/or with industry partners.
El Oro is a district-scale gold project encompassing a prolific high-grade gold-dominant gold-silver epithermal vein system well known in Mexico. The project covers 20 veins with past production and over 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver would have been produced from just two of these. veins (Ref. Mexico Geological Service Bulletin Nr 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores).
Modern understanding of epithermal vein systems indicates that several of the veins in the El Oro district have excellent discovery potential, particularly below and adjacent to historic workings of the San Rafael vein, which has been mined at mid-depth only 200 meters.
Xali Gold is committed to being a responsible community partner.
Joanne C. Freeze, P.Geo., President, Chief Executive Officer and Matthew Melnyk, CPG., Chief Operating Officer, are Qualified Persons as defined by National Instrument 43-101 for the projects mentioned above. Ms. Freeze and Mr. Melnyk have reviewed and approved the contents of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking information (as that term is defined in Canadian securities laws), including, but not limited to, the mineral resource estimate for the Mexico Mine tailings and information regarding references to historical resource estimates, discovery potential on the Victoria, El Dorado and El Oro Properties and other statements that are not historical facts. Although this forward-looking information is expressed by Xali Gold in good faith and believed by Xali Gold to have a reasonable basis, it addresses future events and conditions and is therefore subject to inherent risks and uncertainties, including those set forth in the management report of Xali Gold. Factors that cause actual results to differ materially from those in the forward-looking information include, but are not limited to, gold prices, results of exploration and development activities, regulatory changes, title defects, availability of materials and equipment, timeliness of government approvals, environmental issues, availability of capital and financing and general economic, market or business conditions. Xali Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board of Directors of Xali Gold Corp.
“Joanne Freeze” P. Geo.
President, CEO and Director
For more information, please contact:
President and CEO
Tel: +1 (604) 689-1957