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Sonoro Gold to raise up to $2 million from non-brokered private placement

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The company is looking to raise gross proceeds of up to $2 million from the placement of up to approximately 11.1 million units priced at $0.18 per unit. Each unit consists of one share and one warrant, with the warrant exercisable at $0.30 for 24 months.

Additional Information:

Company: Sonoro Gold
Website: http://www.SonoroGold.com
Stock Symbol: TSXV: SGO
Date Published: Mar 29, 2021
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media
Sonoro Gold has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $2 million from the placement of up to approximately 11.1 million units priced at $0.18 per unit.
Each unit consists of one share and one warrant, with the warrant exercisable at $0.30 for 24 months.
The net proceeds will be used principally to fund ongoing development plans and property maintenance payments at its Cerro Caliche Gold Project located in Sonora, Mexico along with corporate and general administrative expenses.
The Cerro Caliche project, located approximately 45 kilometers from the town of Magdalena de Kino, is one of Sonoro’s two projects in Mexico.
Its San Marcial property is also located in Sonora State, 20 kilometers east of the San Francisco Mine, which is owned and operated by Magna Gold Inc.
The company recently report assay results from its continuing drill program at its Cerro Caliche.
The new results reflect 20 RC drill holes, totaling 1,792 meters, from Buena Suerte and the adjacent Japoneses gold mineralized zones.
Spacing between the Buena Suerte and Japoneses zones has been reduced to approximately 100 meters in the northern extensions indicating the zones may merge with further infill drilling.
Drill holes SCR-201, SCR-203, SCR-205 and SCR-207 at the 200-meter, high-grade north extension of Buena Suerte all cut high-grade intercepts.
On the southwest flank of the recently extended Buena Suerte zone, a new 100-meter-long high-grade vein, or splay, was identified with drill hole SCR-219 which intercepted 1.5 meters averaging 6.475 grams per tonne gold within a larger interval of 16.76 meters averaging 1.427 grams per tonne gold.
Kenneth MacLeod, President and CEO, stated: “With over 44,500 meters of drilling completed on Cerro Caliche to date, we are pleased to open the data room to geological and mining consultants, Micon International, for preparation of an updated NI 43-101 resource report. Additional assays for drilling to the end of March will be provided to Micon by mid-April for inclusion in the resource report, which is anticipated to be completed in mid-2021.”
These two tables show the highlights from the March 22nd news release.
John Darch, Chairman, stated: “The results continue to build a case for a substantial increase in our upcoming NI 43-101 resource update, as both zones look increasingly likely to coalesce into a single body of shallow, oxide gold mineralization which may justify a single larger pit. At the same time, the discovery of a high-grade gold vein near the Buena Suerte’s southwestern extent not only adds to the project’s resource potential, but it also illustrates the project’s potential for high-grade gold veins.”
Kenneth MacLeod, President and CEO, added: “We are pleased to report that metallurgical testing by McClelland Laboratories has been progressing on schedule, with completion of the column leach tests anticipated by July, together with the completion of the updated 43-101 resource report and a Preliminary Economic Assessment (“PEA”) for the Cerro Caliche project. The private placement will provide sufficient capital to conclude the current phase of the drilling program and complete the independent technical reports and position the Company for the next phase of development as we advance toward a production decision at Cerro Caliche.”
The shares are trading at $0.19.

For more information, please visit the company’s website, www.SonoroGold.com, contact Kenneth MacLeod, President and CEO, at 604-632-1764 or email info@SonoroMetals.com.

I’m Megan Edwards for Investmentpitch Media