Agnico Eagle Purchases Chipriona Royalty From Sonoro
VANCOUVER, British Columbia, Jan. 02, 2020 (GLOBE NEWSWIRE) — Sonoro Metals Corp., (TSXV: SMO | OTCQB: SMOFF | FRA: 23SP), (“Sonoro” or the “Company”), announces receipt of proceeds of $875,000 by Sonoro’s subsidiary, Minera Mar de Plata, S.A. de C.V., from the sale to Agnico Sonoro, S.A. de C.V., a subsidiary of Agnico Eagle Mines Limited (“Agnico”), of the 1% Net Smelter Returns royalty (the “Royalty”) on the Chipriona property located in the Mulatos Mining District in Sonora, Mexico. The Royalty originated from the sale of the Chipriona property to Agnico in December 2016 for $4,000,000 plus the Royalty. Concurrent with the sale of the Chipriona property, Agnico was granted an option to purchase the Royalty at any time for $1.5 million.
“We are pleased to sell the Chipriona Royalty to Agnico,” said Kenneth MacLeod, President and CEO of Sonoro. “The $875,000 cash injection into Sonoro’s treasury without any resulting share dilution provides greater value at this time versus waiting until Chipriona is placed into production at some indeterminate time in the future. The proceeds will be primarily allocated toward the upcoming Phase III drill program at the Cerro Caliche project in Mexico.”Sonoro acquired the Cerro Caliche project in 2018 and conducted a two-phase reverse-circulation drilling program during 2018 and 2019, with a total of 10,328 meters drilled and assayed during that period. A total of 96 drill holes were completed for an average drill hole length of 107.6 meters, all inclined. The combination of historic and current exploration drilling now totals 23,679 meters in 212 drill holes in addition to more than 6,000 surface samples.The Phase III drilling program, which is expected to take approximately 6 months, is planned to include stepout drilling to extend the strike lengths of the known mineralized zones within the Central and Western regions, specifically the Japoneses, Chinos NW, Buena Suerte, Abejas, Cuervos and El Colorado zones. The Japoneses and Cabeza Blanca zones in particular are both expected to extend along their respective strikes by at least 100 meters to the north. Infill drilling is also planned for these zones in part to support a more complete block model, while their respective gold grades and depth potential is further explored.Diamond drilling is planned to test the Veta de Oro, La Espanola, Cuervos and Guadalupe/Cabeza Blanca zones, where previous scout holes reported intervals of high-grade vein gold mineralization.To view more information on the ongoing preparatory work program for the Phase III drill program, please click here: https://bit.ly/2MIGaIX or visit the Sonoro website at www.sonorometals.com.Stephen Kenwood, P. Geo., a director of Sonoro, is a Qualified Person within the meaning of National Instrument 43-101 and has read and approved this news release. Readers are cautioned that the presence of mineralization on historic mines adjacent to or on Cerro Caliche is not necessarily indicative of gold mineralization in the concessions held by the Company.About Sonoro Metals Corp.
Sonoro Metals Corp. is a publicly listed exploration and development company with a portfolio of exploration-stage precious metal properties in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.For further information, please contact:
Sonoro Metals Corp. – Kenneth MacLeod, President & CEO
Phone: (604) 632-1764
Email: firstname.lastname@example.orgForward-Looking Statement Cautions:This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to, among other things, the Company’s plans for the drilling of the above-described Cerro Caliche Concessions, located in the municipality of Cucurpe, Sonora, Mexico, and the Company’s future exploration plans for those properties. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavourable interim exploration results, the lack of sufficient future financing to carry out exploration plans, and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.