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Xali Gold $XGC.ca Delineates Drilling Targets at El Dorado $FMG.ca $MEX.ca $AGI.ca $DSV.ca

Posted by AGORACOM-Eric at 8:35 AM on Thursday, February 25th, 2021

Xali Gold Corp. (TSXV:XGC) (“Xali Gold” and/or the “Company”) is pleased to advise that new drill targets have been delineated on the El Dorado Gold-Silver Project, located in Nayarit State, Mexico through the development of a new 3D geological model. The new model indicates high grade mineralization occurring in multiple parallel veins such that future mining could focus on several veins at once to potentially allow reduced mining costs. Drilling is planned to test potential lateral extensions to the high grade zone.

Permitting applications are in progress for the drilling which are expected to take 3 to 4 months to receive. Permit applications are also being prepared for the reopening of the historical Hundida Mine and should take 6 to 10 months to receive. Mineralization is planned to be shipped from this area to the nearby SDA plant under acquisition from Magellan Acquisitions.

The El Dorado vein system has a history of small-scale mining from two veins in the Hundido and El Dorado mines (see News Release April 28, 2020) but four veins with parallel high-grade zones have been delineated in the new model. Additionally, several vein targets have been identified along trend for follow-up exploration.

Prospero Silver Corp. (“Prospero”) explored the El Dorado property between 2010 and 2011. Their drilling intersected multiple steeply-dipping silicified mineralized zones extending from near-surface to the 180 metre (“m”) drilled depth and over a strike length of 440m.   Prospero intersected grades ranging from 3 to 40 grams per tonne (“gpt”) gold and 57 to 500 gpt silver over true widths ranging from 0.52 to 11.2 m. (http://www.candentegold.com/i/maps/sedardoc4391012.pdf)

Significant results reported by Prospero on Dec 10, 2010 included:

  • 16.17m grading 4.03 g/t gold, 204 g/t silver, 4.0% lead, and 1.75% zinc; and 2.32m grading 6.04 g/t gold and 140 g/t silver in hole DOR-10-11. (http://www.candentegold.com/i/maps/Prospero-NR–December-10,-2010.pdf)

Read More: https://agoracom.com/ir/XaliGold/forums/discussion/topics/756062-xali-gold-delineates-drilling-targets-at-el-dorado/messages/2305340#message