Sonoro Gold Updates Mineral Resources Estimate at Cerro Caliche
The Canadian mining company Sonoro Gold announced a Mineral Resource Estimate (MRE) update for its Cerro Caliche gold project in Sonora. The report is based on a total of 59,500m of drilled data including 544 drill holes, 17 trenches and assays for 57,500m of the drilled data.
“We are very pleased to announce the MRE prepared by SRK Consulting which provides a comprehensive analysis of all the historical and recent drilling and trenching carried on Cerro Caliche to date. We are now evaluating the economic impact of the MRE on the project while we continue the permitting process,” said Kenneth MacLeod, President and CEO, Sonoro Gold.
The company expects indicated mineral resources of 19.9Mt at 0.44g/t Au and 3.5g/t Ag. Moreover, the project contains an optimized pit shell with 280,000oz of gold, 2,240,000oz of silver and 290,000oz of gold equivalent. Meanwhile, inferred mineral resources of 10.5Mt at 0.42g/t Au and 4.0g/t Ag contain an optimized pit shell of 140,000oz of Au, 1,345,000oz of Ag and 150,000oz of AuEq.
According to John Darch, Chairman and Director, Sonoro Gold, having a strong business plan helps the company reduce the amount of time and money needed to begin gold production. Having a smaller first phase means less money is required upfront, which in turn minimizes share dilution.
In May 2022, Sonoro Gold filed the updated preliminary economic assessment (PEA) of the Cerro Caliche Project, which contemplated an optimized mine plan for an open pit, heap leach mining operation with an initial two-year production rate of 8,000t/d, and an increase to 15,000t/d for the remaining mine life cycle.
Within the highlights of the updated PEA, Cerro Caliche has a US$53.5 million after-tax net present value, a 45.6 percent after-tax internal rate of return with US$26 million initial capital costs, 2.2 years as payback period and a seven-year life of mine.
“Sonoro is making a transition from an exploration to a development company and by next year to a production company. We have had a very successful three-year operational period at Cerro Caliche,” said MacLeod.