Sonoro Gold Secures Funding for Cerro Caliche Development
Sonoro Gold Secures Funding for Its Future
Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) is thrilled to share the successful closure of an over-subscribed non-brokered private placement. This offering raised C$875,000 through the sale of 17,500,000 units, demonstrating robust interest in the Company's potential in the gold sector.
Details of the Offering
Each unit consists of a common share and a warrant that allows the holder to purchase an additional share at C$0.07 within a three-year period. This strategic move not only enhances the cash resources available to the Company but also signals strong investor confidence.
Investment Return and Finder's Fees
In conjunction with the offering, Sonoro Gold paid Finder’s Fees amounting to $6,720 and issued non-transferable Finder’s Warrants. These warrants are valid for three years, further showcasing the Company’s commitment to maintaining strong investor relations.
Use of Proceeds
The net proceeds from this offering will significantly support the ongoing development of the Cerro Caliche gold project located in Mexico. With a focus on enhancing the project’s operational capabilities, the funding will also cater to general working capital needs.
The Cerro Caliche Gold Project Overview
The Cerro Caliche project spans 1,400 hectares and has displayed promising results, confirming a low-sulphidation epithermal vein structure with over 25 gold mineralized zones. Presently, only 30% of these zones have been drilled, indicating substantial growth opportunities ahead.
Recent Developments and Assessments
In a recent endeavor to increase stakeholder confidence, the Company filed an updated Preliminary Economic Assessment (PEA). This assessment details the feasibility of a nine-year open-pit, heap leaching operation, presenting positive financial figures. At a gold price of US $1,800 per ounce, after-tax net present value (NPV) is estimated at US $47.7 million, with an impressive internal rate of return (IRR) of 45%. When using a higher price of US $2,000 per ounce, these figures escalate to a US $77 million NPV and a 63% IRR.
Commitment to Exploration and Development
The recent PEA was constructed aligning with National Instrument 43-101 requirements, showcasing the careful planning and analysis undertaken by D.E.N.M. Engineering Ltd. and Micon International Limited, affirming the quality of resource estimates guided by SRK Consulting (U.S.) Inc.
About Sonoro Gold Corp.
Sonoro Gold Corp. is dedicated to exploration and development in the mining sector, focusing on its advancement-stage Cerro Caliche project alongside the exploration-stage San Marcial project in Sonora, Mexico. The Company is backed by a skilled management and operational team that emphasizes successful resource discovery and development.
Join Our Journey
Stay connected with Sonoro Gold as they progress in their endeavors. Join their online communities on social media platforms to remain updated with the latest developments and engage with fellow stakeholders.
On behalf of the Board of SONORO GOLD CORP.,
Per: “Kenneth MacLeod”
Kenneth MacLeod
President & CEO
Frequently Asked Questions
What is the purpose of the private placement by Sonoro Gold?
The private placement aims to raise funds for the ongoing development of the Cerro Caliche gold project and general working capital needs.
What are the financial highlights of the Cerro Caliche project?
The project has a projected after-tax NPV of US $47.7 million at a gold price of US $1,800 per ounce, with an IRR of 45%.
How is Sonoro Gold planning to utilize the raised funds?
Funds will be utilized primarily for the advancement of the Cerro Caliche project and operational costs.
Who are the key partners involved in the PEA?
The PEA is conducted in collaboration with D.E.N.M. Engineering Ltd. and Micon International Limited with resource estimates verified by SRK Consulting.
What geological features does Cerro Caliche boast?
The project features a low-sulphidation epithermal vein structure and numerous gold mineralized zones, indicating significant exploration potential.
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