KCA Confirms Commitment to Xali Gold’s El Oro Tailings Project
24 Outubro 2024 - 8:00AM
Xali Gold Corp. (TSXV:XGC) ("Xali Gold” or the ”Company”) is
pleased to advise that Kappes, Cassiday and Associates (“KCA”)
continues to meet the terms of the Purchase Agreement (the
“Agreement”) on the Mexican Mine Tailings Reprocessing Project at
El Oro (the “El Oro Tailings Project”) in Mexico with a recent
payment of US$100,000.
“We are very pleased with the progress that KCA
has made to date on the El Oro Tailings Project and that they are
committed to getting the reprocessing project into production,”
states Joanne Freeze, President and CEO of Xali Gold. “KCA’s recent
payment reinforces the Company’s strategy to minimize dilution by
raising funds through partnerships in our Mexican projects.”
KCA has the right to process and sell all gold
and silver recovered from the Tailings in return for a gross
royalty of 3 to 4% to Xali Gold as well as an 8% Net Profits
Interest to the municipality of El Oro. KCA expects to be in
production within 12 to 18 months and prior to that will be
obligated to make minimum royalty payments of US$50,000 to Xali
Gold every six months. Please refer to News Releases dated April
15, 2024 and May 16, 2024 for complete details on the terms of the
Agreement.
The tailings are estimated to contain 1.27
million tonnes at a grade of 2.94 grams per tonne (“gpt”) gold and
75.12 gpt silver (3.85 gpt gold equivalent) containing 119,900
ounces (“oz”) of gold and 3,061,200 oz of silver as per an Inferred
Mineral Resource Estimate National Instrument 43-101 Resource Study
in 2014*. KCA’s work to date indicates a minimum recovery of 75% of
the contained gold and silver.
*Note: Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability. All
figures have been rounded to reflect the accuracy of the estimate.
For more information see “National Instrument 43-101 Technical
Report on the Inferred Mineral Resource Estimate of the Mexico Mine
Tailings” prepared by Nadia Caira, P.Geo. and Allan Reeves, P.Geo.,
dated August 25, 2014 with an effective date of July 8, 2014
available at www.sedar.com.
About Xali Gold
Xali Gold has gold and silver projects in Peru
and Mexico. The Company’s flagship project, El Oro, is a district
scale historic producer of gold and silver. While the Company’s
main goal at El Oro is to make a new discovery, similar to the ore
bodies mined historically, the Company has entered into two
agreements to bring in cash flow. Two third-parties now have the
rights to produce gold and silver from El Oro. KCA has the right to
reprocess tailings which contain 1.27 million tonnes at a grade of
2.94 gpt gold and 75.12 gpt silver (3.85 gpt gold equivalent)
containing 119,900 oz of gold and 3,061,200 oz of silver*.
Remedioambiente S.A. de C.V. has the right to recover gold and
silver from mineralized veins and backfill left behind in historic
workings. Xali Gold is to receive various payments related to net
smelter returns agreements with these two parties.
Future exploration in Mexico will be focused on
the El Oro property which covers 20 veins with past production and
more than 57 veins in total, from which approximately 6.4M ozs of
gold and 74M ozs of silver were reported to have been produced from
just two of these veins (Ref. Mexico Geological Service Bulletin
Nr. 37, Mining of the El Oro and Tlalpujahua 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 200m.
With renewed interest in gold and silver
exploration in South America, Xali Gold recently resumed
exploration in Peru by optioning the Majo Project, located within a
proven high sulphidation epithermal belt. The Company still
maintains other properties in Peru including the Tres Marias
Property, which is under option to Barrick Gold.
Xali Gold is dedicated to being a responsible
community partner.
Joanne C. Freeze, P.Geo., President and CEO is
the Qualified Person as defined by National Instrument 43-101 for
the projects discussed above. Ms. Freeze has 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.
On behalf of the Board of Xali Gold
Corp.
“Joanne Freeze” P.Geo.President, CEO and
Director
For further information please contact:Joanne
Freeze, President & CEOTel: + 1 604-512-3359
info@xaligold.com
Forward-looking InformationThis news release may
contain forward-looking information (as such term is defined under
Canadian securities laws) including but not limited to historical
production records and resource estimates. While such
forward-looking information is expressed by Xali Gold in good faith
and believed by Xali Gold to have a reasonable basis, they may
address future events and conditions and are therefore subject to
inherent risks and uncertainties including those set out in Xali
Gold’s MD&A. Factors that cause the actual results to differ
materially from those in forward-looking information include,
without limitation, gold prices, results of exploration and
development activities, regulatory changes, defects in title,
availability of materials and equipment, timeliness of government
approvals, potential 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.
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