Commercial Production Declared at San Albino Gold Mine TORTOLA, British Virgin Islands ,
Commercial Production Declared at San
Albino Gold Mine
TORTOLA,
British Virgin Islands
,
July 14, 2021
/CNW/ - Sailfish Royalty Corp. (TSXV: FISH)
(OTCQX: SROYF) (the "Company" or "Sailfish") is pleased to announce that Mako Mining Corp.
("Mako") has declared commercial production at its San Albino gold mine ("San Albino"), located in
northern
Nicaragua
, effective
July 1
, 2021. Sailfish holds a gold stream equivalent to a 3% NSR on
San Albino (~3.5 sq. km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San
Albino.
Highlights
(from Mako's
July 13, 2021
news release)
All components of the 500 tonne per day gravity and carbon-in-leach ("CIL") processing plant
have been fully operational since the beginning of May 2021. Since
May 12
th
, when the
processing of high-grade mineralization began, the plant has been averaging 456 tonnes per
day ("tpd") at 71% availability. Since this time, the plant has been exclusively processing
high-grade diluted vein material with an average grade of 12.52 grams per tonne ("g/t") gold
and recovering an average of 96.3%.
Since
May 12
th
, an average of 596 tpd of diluted vein, historical dump material and other
mineralized material above cutoff grade have been mined, with a strip ratio of 14.9. The
stockpile is now approximately 116,748 tonnes and is comprised of 10,354 tonnes of diluted
vein material at 11.41 g/t gold and 106,394 tonnes of historical dump and other mineralized
material at 2.49 g/t gold for a total of 12,327 ounces of gold.
These levels of plant and mine throughputs are above the thresholds required by Mako to
declare commercial production and after averaging these levels for 50 days, Mako has
declared commercial production effective
July 1, 2021
.
Looking forward, mining of the Porcelana Zone has commenced and Mako expects to begin
blending the diluted vein material with historical dump material and other mineralized material
above cutoff grade towards the end of the month. The Porcelana Zone has the highest grade-
thickness profile encountered at San Albino.
Cesar Gonzalez
, Chief Executive Officer of Sailfish states that, "reaching commercial production at a
gold mine is a major milestone. Yesterday's announcement is even more special considering that
San Albino was built and commissioned during a global pandemic and after two major hurricanes.
Sailfish has been receiving cash flow from its gold stream on San Albino since May. With
commencement of mining at the Porcelana Zone, we are excited to see that cash flow grow."
About Sailfish
Sailfish is a precious metals royalty and streaming company. Within Sailfish's portfolio are three main
assets in the Americas: a gold stream equivalent to a 3% NSR on the San Albino gold mine (~3.5
sq. km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San Albino in northern
Nicaragua
; an up to 2.75% NSR on the Tocantinzinho gold project in the prolific Tapajos district of
northern
Brazil
; and an up to 3% NSR on the multi-million ounce
Spring Valley
gold project in
Pershing County, Nevada
.
Sailfish is listed on the TSX Venture Exchange under the symbol "FISH" and on the OTCQX under
the symbol "SROYF". Please visit the Company's website at
www.sailfishroyalty.com
for additional
information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary statement regarding forward–looking information
Certain disclosures in this release constitute "forward-looking information" within the meaning of
Canadian securities legislation. Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by words such as the following: expects, plans,
anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions.
Forward-looking statements also include reference to events or conditions that will, would, may,
could or should occur, including, without limitation, statements regarding the Company's
expectation that the San Albino gold mine is in commercial production. In making the forward-
looking statements in this news release, the Company has applied certain factors and assumptions
that the Company believes are reasonable, including that the San Albino gold mine is in
commercial production. However, the forward-looking statements in this news release are subject
to numerous risks, uncertainties and other factors that may cause future results to differ materially
from those expressed or implied in such forward-looking statements, including without limitation:
that the San Albino gold mine is not in commercial production or will not achieve production at all.
There can be no assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements and forward-looking
information. Readers are cautioned that reliance on such information may not be appropriate for
other purposes. The Company does not undertake to update any forward-looking statement,
forward-looking information or financial out-look that are incorporated by reference herein, except
in accordance with applicable securities laws.
SOURCE
Sailfish Royalty Corp.
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For further information:
Cesar Gonzalez, CEO, tel. 203-862-7009 or Akiba Leisman, Executive
Chairman of the Board, tel. 203-862-7059
CO: Sailfish Royalty Corp.
CNW 08:30e 14-JUL-21