As GOLDINVEST.de had already reported, the drilling results are the Sonoro Gold (WKN A2QCST / TSXV SGO) from its Cerro Caliche gold and silver project recently has been superb. So again today. Overall, the results are so positive that Sonoro management is now examining a heap leach operation with a capacity of 20,000 tons per day! Up until now they had “only” expected 8,000 tons per day …
Both the recent determination and extension drilling at Cerro Caliche have been very favorable and have resulted in a significant expansion of several mineralized zones, particularly the Japoneses, Buena Suerte, Veta de Oro, El Rincon and El Colorado zones, which as stated is prompting management , as part of the planned first performance audit (PEA) to evaluate whether the capacity of the planned heap leach operation cannot be increased from 8,000 to 20,000.
The necessary tests also include metallurgical investigations that Sonoro commissioned in November. It is assumed that the company’s own preliminary metallurgy tests will be confirmed and expanded by the independent experts.
Strong results from the El Colorado zone
The drilling results that Sonoro Gold is presenting today clearly show why management is so optimistic!
The highlights of El Colorado were:
– 11.7 meters with 0.92 g / t gold, of which 4.55 meters with 1.84 g / t gold,
– 11.25 meters with 1.08 g / t gold, of which 1 meter with 2.88 g / t gold,
– 8.45 meters with 1.4 g / t gold, of which 1.85 meters with 4.76 g / t gold,
– 5.7 meters with 1.25 g / t gold, of which 0.9 meters with 6.22 g / t gold!
How good these drill results really are can perhaps be seen when considering that the pre-existing resource at Cerro Caliche (201,000 ounces) averages 0.545 g / t gold. Results from four additional holes on El Colorado are pending and will of course be presented as they become available.
El Colorado lies along an extensively mineralized east-west ridge in the southwestern portion of the Cerro Caliche property. So far, the drilling has shown a gold mineralization zone of around 300 by 200 meters that remains open to the northwest and southeast. The mineralization is due to the elevation profile in relative proximity to the surface. Previous drilling returned 12 meters averaging 11.22 g / t gold and 6 meters averaging 12.96 g / t gold.
New drill results also from the Japoneses Zone
On Japoneses, Sonoro had completed three core holes to test the potential for at depth extensions of the near-surface mineralization. The aim was to target areas around 200 meters below the previously drilled depth in the zone and intersected 8 meters with 0.45 g / t gold, 21 meters with 0.41 g / t and several narrow intervals with 0.212 to 0.978 g / t gold.
In addition, Sonoro has received results from an additional five backwash holes from Japoneses which demonstrate the continuity of gold mineralization between previous holes.
Core drilling will continue in the New Year
As Sonoro also announced, the core drilling on the project will be suspended until the coming year. However, they should be resumed on January 4th. In total, Sonoro has completed 24 such holes and results from 11 holes are pending. An additional 11 holes were drilled at the start of the drill program to provide material for metallurgical testing, which, as stated, is critical to the Company’s plans to begin gold production at Cerro Caliche in late 2021.
Initial assessment of the core drilling program
The additional core drilling in the El Colorado zone reinforced an already heavily mineralized zone, while drilling results from other mineralized zones not only allowed Sonoro to refine the mineralization model, but also indicated where to look for additional targets for high grade mineralization. The results also show that several of the initial targets were below the expected heating zone in the epithermal system. Thus, after the ideal heating zone has been shown to be higher, the Company will now prioritize previously identified high-grade mineralization targets found in the higher elevations of Cerro Caliche. Since these targets are much closer to the near-surface gold mineralization of Cerro Caliche, and in some cases even adjoin it, the higher grades would, if successful, be part of an expanded, near-surface resource.
Sonoro Gold has had an eventful year. Even if the recent drilling results for near-surface gold mineralization have not been adequately recognized by the market in our opinion, the stock is still trading more than 80% above the corona low from March this year. Should Sonoro manage to continue to present results like last and both the resource estimate and the PEA are positive in the coming year, this should give the share another significant boost. Not to mention the development to be expected in the event that the company actually succeeds in starting gold production at the end of 2021. In our opinion, a complete re-evaluation would then be due!
Until then, however, there is still a long and difficult path, which is also paved with considerable risks. Interested investors should always be aware of this.
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