Agoracom Blog Home

Posts Tagged ‘ElDorado’

Xali Gold $XGC.ca: Permits Applied for Mexico Mines Tailings Project $FMG.ca $MEX.ca $AGI.ca $DSV.ca

Posted by AGORACOM-Eric at 8:31 AM on Tuesday, April 13th, 2021

Xali Gold Corp.(TSXV:XGC) (“Xali Gold” and/or the “Company”) is pleased to advise that permit applications have been submitted for the Mexico Mines Tailings Project in El Oro, Mexico. The permits are to allow both the transportation and re-processing of the Mexico Mine tailings at a new plant site located just 5 kilometers from the current location. Sun River Gold “SRG” and their Mexican subsidiary, Remediacion Rio Sol “RRS”, will be conducting all of the work on the tailings as part of an option agreement to acquire the Tailings Project and Xali Gold’s subsidiary, Minera CCM El Oro Jales.

A land package comprising 25 hectares has been purchased for the new plant site and the re-processing plant is expected to be operational within 12 months from receiving permits. Extensive laboratory testing has been performed, which was critical in completing design work for the plant and preparing detailed planning documents.

“We are very excited with the work that SRG has completed to advance the Tailings Project,” says Joanne Freeze, President and CEO of Xali Gold. “There have been some delays due to government closures during the COVID pandemic, but the project is now moving forward and we are very excited to the re-processing getting into operation.”

In addition to laboratory test work, SRG has also completed the following work in preparation for the operation:

  • Design of the plant site
  • Mine plan of tailings indicating extraction levels over the years
  • Developed a contour map demonstrating resulting topography of municipal land once tailings are removed
  • Engaged power contractor to upgrade and extend power lines to site
  • Secured access across private land for roads and power lines
  • Secured access to water from local sources

Xali Gold’s subsidiary, CCM El Oro Jales, has an agreement with the municipality of El Oro which provides the Company the right to recover all available gold and silver from the Mexico Mines tailings deposit and pay to the Municipality of El Oro an 8% Net Profits Interest (“NPI”). Xali Gold will also retain the first US$1.5M from the 8% NPI payable to the Municipality.

SRG has the option to acquire 100% of the Tailings Project by making staged payments totalling US$500,000 (paid), bringing the tailings into commercial production within 36 months of the effective date of the option agreement, and granting to the Company a 5% NPI, Life of Mine royalty as well as the Municipalities 8% NPI on production from the properties. The 36 month term has been extended for 6 months providing that SRG demonstrates sufficient progress during each 3 month period.

Read More: https://agoracom.com/ir/XaliGold/forums/discussion/topics/758945-permits-applied-for-mexico-mines-tailings-project/messages/2311722#message

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

Candente Gold Changes Name to Xali Gold Corp. $XGC.ca $FMG.ca $MEX.ca $AGI.ca $DSV.ca

Posted by AGORACOM-Eric at 6:16 PM on Monday, January 18th, 2021

Candente Gold Corp. (TSXV:CDG) (“Candente Gold” and/or the “Company”) is pleased to announce that the Company will change its name to Xali Gold Corp. on Tuesday January 19th, 2021. The new trading symbol will be XGC, CUSIP number will be 98387F103 and ISIN will be CA98387F1036. The website will also be changed to www.xaligold.com.

About Xali Gold
Xali Gold has launched a comprehensive growth strategy to build a cash flowing business platform and gain access to properties with near surface exploration potential while maintaining El Oro as its flagship asset and an integral part of the overall growth strategy. The acquisition of the SDA Plant, the El Dorado historic mines and the Cocula Project signify important initial steps.

The financial benefits from Western Mexico operations and the addition of specialized personnel will translate across platforms to strengthen the Company’s efforts to explore and potentially mine areas demonstrated to contain mineralization of value. The Company is currently evaluating other properties that are complementary to the SDA plant, El Dorado and the Cocula Project.

Read More: https://agoracom.com/ir/XaliGold/forums/discussion/topics/753330-candente-gold-changes-name-to-xali-gold-corp/messages/2298688#message

Candente Gold $CDG.ca Engages Permitting Team and Provides Updates $FMG.ca $MEX.ca $AGI.ca $DSV.ca

Posted by AGORACOM-Eric at 8:46 AM on Wednesday, December 23rd, 2020
https://s3.amazonaws.com/s3.agoracom.com/public/companies/logos/563973/hub/Candente_Gold_Hub_Logo.gif

VANCOUVER, British Columbia, Dec. 23, 2020 (GLOBE NEWSWIRE) — Candente Gold Corp. (TSXV:CDG) (“Candente Gold” and/or the “Company”) is pleased to announce that technical experts have been engaged for permitting and deposit modelling for the El Dorado and Cocula projects and for permitting for the San Dieguito de Arriba (“SDA”) plant. Claudia Santos of Consultoría Ambiental VUGALIT S.C. will be handling permitting with Barney Lee, of Mingeo International S.A. de C.V.

Yenlai Chee, of Mountain Goat Consulting, is developing three dimensional models for the El Oro, Cocula and El Dorado mineral deposits to assist in understanding the deposits and in identifying higher grade zones.

Cocula Gold Project

The Company recently signed the Definitive Agreement for profit sharing on the Cocula Gold Project which gives Candente Gold the right to receive 70% of profits that may be derived from mining and processing of the deposit. Upon signing this agreement, a second payment of US$20,000 was made to the owners of the property.  

Grades of 5.66 grams per tonne (“g/t”) gold over 6 metres and 4.32 g/t gold over 8 metres occur in quartz breccia bodies in an oxidized zone that to date has been delineated over an 800 metre length and 54 metre depth. Metallurgical testing indicates that this portion of the deposit is expected to be amenable to either heap, vat or dynamic (agitation) leaching.

In addition, higher grade mineralization associated with sulphides is also known to occur in veins at Cocula. Grades of 59 g/t gold and 729 g/t silver were obtained from a selected sample over a 10 centimetre (“cm”) width in the hanging wall of a quartz vein-breccia structure near the portal of a collapsed adit.   This style of mineralization will be further explored for the potential for mineralization that could be amenable to flotation and processed at our SDA plant.

The Cocula Project area is located within the Ameca Mining District of Jalisco State which is home to Agnico Eagle’s El Barqueño Project, Endeavor Silver’s Terronera Project and GoGold’s Los Ricos Project. Please see News Releases dated September 10th and October 22nd, 2020 as well as http://www.candentegold.com/s/cocula.asp for further details on the Cocula Project.

SDA Plant and El Dorado

The Company has received final TSX Venture Exchange (“TSXV”) approval for the Definitive Agreement to acquire the SDA plant and the rights to an agreement on the El Dorado property from Magellan Acquisition Corp. (“Magellan”).   The company is issuing 5,000,000 shares for Magellan’s rights to the El Dorado property and to obtain the first 10% interest in the SDA plant. The Definitive Agreement also gives Candente Gold the right to earn up to 100% interest in the plant by issuing shares in stages over 30 months totaling a value of US$1.425 million. Magellan has also agreed that the total number of shares to be issued for the 100% interest will not exceed 33,500,000.

SDA Plant

The SDA plant consists of a flotation plant which also includes a precious metals leach circuit – Merrill Crowe system and associated assets, licenses and agreements.   The plant lies within the rich Sierra Madre Occidental mineralized belt, which historically has yielded millions of ounces (“oz”) of precious metals and offers multiple high-grade gold and silver epithermal vein opportunities.   For further details, please see News Releases dated April 28 and September 28, 2020 as well as http://www.candentegold.com/s/sda.asp.

El Dorado

The El Dorado Gold-Silver Project is located in the Pacific Coastal Plain, State of Nayarit, within a district of epithermal vein systems which is known to host high grade gold and silver in several veins.

The El Dorado vein system has a history of small-scale mining from two veins and is reported to extend over 3.5 km. Within this system, a mineralized zone 400 meters long and up to 180 meters to depth has been delineated by drilling by previous explorers.   Average grades are reported to be in the ranges of 4.4 to 9.8 grams per tonne (“g/t”) gold and 113 to 239 g/t silver, however, drilling has intersected grades ranging from 3.0 to 40.0 gold and 57 to 500 g/t silver over widths ranging from 0.52 meters to 11.2 meters. Silver, lead, zinc and copper mineralization also occurs in the Cocula deposit and is expected to provide secondary credits.

The El Dorado property lies 50 km south of the SDA Plant. The project has excellent road and rail infrastructure.   For further details, please see News Releases dated April 28 and September 28, 2020 as well as http://www.candentegold.com/s/eldorado.asp.

AGM

The Company is pleased to report that all matters submitted to the shareholders for approval as set out in the Company’s Notice of Meeting and Information Circular, dated November 13, 2020, were approved at the Annual Meeting of Shareholders held on December 18th, 2020 in Vancouver (the “AGM”). A total of 34,356,926 shares were voted, representing 31.17% of total shares issued and outstanding as of the record date of the Meeting.

All of the current Directors: Joanne C. Freeze, Larry D. Kornze, Ian Ward, Mark Lotz and Matthew Melnyk were re-elected.   Shareholders also voted in favour of (i) appointing Davidson & Company LLP, Chartered Professional Accountants as auditors of the Company for the ensuing year and authorizing directors to fix their remuneration; (ii) approving the Company’s Stock Option Plan of the Company; and (iii) approving Other Business that may properly come before the meeting or any adjournment or adjournments thereof.

Xali Gold Corp.

The Company also advises that it plans to change its name to Xali Gold Corp. in early 2021 which will include both a change of trading symbol and CUSIP number. The Company will advise the actual date for the change once all of the above is confirmed.

About Candente Gold

Candente Gold has launched a comprehensive growth strategy to build a cash flowing business platform and gain access to properties with near surface exploration potential while maintaining El Oro as its flagship asset and an integral part of the overall growth strategy. The acquisition of the SDA Plant, the El Dorado historic mines and the Cocula Project signify important initial steps.

The financial benefits from Western Mexico operations and the addition of specialized personnel will translate across platforms to strengthen the Company’s efforts to explore and potentially mine areas demonstrated to contain mineralization of value. The Company is currently evaluating other properties that are complementary to the SDA plant, El Dorado and the Cocula Project.

El Oro is a district scale gold project encompassing a well-known prolific high-grade gold dominant gold-silver epithermal vein system in Mexico.   The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from just two of these veins (Ref. Mexico Geological Service Bulletin No. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores*)

Modern understanding of epithermal vein systems indicates that several of the El Oro district’s veins hold excellent discovery potential, particularly below and adjacent to the historic workings of the San Rafael Vein, which was mined to an average depth of only 200 metres.

Joanne C. Freeze, P.Geo., President, CEO and Director and Matthew Melnyk, CPG., Director Operations and Director are Qualified Persons as defined by National Instrument 43-101 for the projects discussed above, however, they have not been able to visit the El Dorado or Cocula Projects nor the SDA Plant recently due to COVID virus travel restrictions. The work discussed in the News Release is either historical and documented by public records or conducted by Mexican professionals with qualifications similar to those of QP’s registered in Canada. Ms. Freeze and Mr. Melnyk have reviewed and approved the contents of this release.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.