Sailfish Provides Update on its San Albino Gold Stream and Royalty; Highlighted by a US$17.2 million and 110,080 Meters Drilling Campaign TORTOLA, British Virgin Islands ,
Sailfish Provides Update on its San Albino Gold Stream and Royalty;
Highlighted by a US$17.2 million and 110,080 Meters Drilling Campaign
TORTOLA,
British Virgin Islands
,
March 10, 2022
/CNW/ - Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the "
Company
" or "
Sailfish
") is pleased to
announce significant updates on the Company's gold stream equivalent to a 3% net smelter return royalty ("
NSR
") on the San Albino gold mine located in northern
Nicaragua
("
San Albino
") and on the Company's 2% NSR on the Las Conchitas area which is located approximately 2.5 kilometers south of San Albino ("
Las
Conchitas
").
On
March 9, 2022
, Mako Mining Corp. ("
Mako
") approved a
US$17.2 million
and 110,080 meters ("
m
") drilling campaign on its 100% owned land package, which
includes San Albino and Las Conchitas, and has also reported additional results from its recent expansion drilling campaign.
Cesar Gonzalez
, Chief Executive Officer of Sailfish states that, "We are extremely pleased with the recent developments and discoveries at San Albino and Las
Conchitas. More specifically, the announcement of a
US$17.2 million
drill program is a major positive development in unlocking the potential of Mako's district-
scale land package. In the near term, we eagerly await the results of the expansion drilling program at San Albino, which once incorporated into an updated 3D
geological model outlining a new pit optimization and eventually mine plan, should result in added cashflow to the Company. We also look forward to the
completion of the maiden resource and permitting process at Las Conchitas in 2022."
Highlights
(from Mako's
March 9, 2022
news release)
San Albino Exploration Results
Results from the recent drill campaign targeting the northerly extension of the West Pit at San Albino have confirmed mineralization and indicate the potential
for pit expansion along strike and downdip. An updated 3D geological model is currently being compiled which will be used to run a new pit optimization
incorporating the recent assay data. The West Pit is presently being mined along with the smaller Central pit, which contains the Arras and Naranjo veins.
Highlights of the Recent Drilling
43.73 g/t Au and 24.5 g/t Ag over
2.00m
,
1.2m
estimated true width ("
ETW
")
31.27 g/t Au and 26.5 g/t Ag over
4.50m
,
3.6m
ETW
11.18 g/t Au and 13.3 g/t Ag over
3.55m
,
2.0m
ETW
Highlights of the program are drill holes SA21-560 and SA21-555, which both successfully confirmed the down dip continuity of the high-grade mineralization.
Drill hole SA21-560 intersected a mineralized interval of 43.73 g/t Au and 24.5 g/t Ag over
2.00m
(
1.20m
ETW),
96m
from the surface and approximately
101m
down dip from the current pit limit (see table below). Drill hole SA21-555 intersected an interval of 11.18 g/t Au and 13.3 g/t Ag over
3.55 m
(
2.2m
ETW),
85m
from surface and approximately
50m
down dip from the current pit limit. Mineralization remains open along strike and down dip.
Drill hole SA21-550 tested a high-grade zone previously identified by several drill holes. SA21-550 intersected an interval of 31.27 g/t Au and 26.5 g/t Ag over
4.50 m
(
3.6m
ETW),
61m
from the surface.
2022 Exploration Program
Highlights
US$17.2 million
budget
110,080 m
drilling planned with nine drill rigs
75,080 m
diamond drilling with seven drill rigs
35,000 m
reverse circulation ("
RC
") drilling with two drill rigs
Deliverables:
Define additional sources of production for the San Albino mill
Secure mining permits for new areas of production
Complete a maiden resource estimate on Las Conchitas
Make at least two significantly new regional discoveries
Demonstrate that the Corona de Oro Gold Belt is an emerging orogenic gold camp
For complete information on all areas of exploration (including drill results) pertaining to San Albino and Las Conchitas, please refer to Mako's news release
issued on
March 9, 2022
, which is available on its SEDAR profile at
www.sedar.com
or on Mako's website at
www.makominingcorp.com
.
About Sailfish
Sailfish is a precious metals royalty and streaming company. Within Sailfish's portfolio are two 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
; 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 San Albino will add mineable resources
and increase cashflow from the recent expansion drilling program or that Mako will complete a maiden resource estimate and permitting process at Las
Conchitas. 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 San Albino will add mineable resources and increase cashflow from the recent expansion drilling program and that
Mako will complete a maiden resource estimate and permitting process at Las Conchitas. 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: San Albino will add mineable resources and increase cashflow from the recent expansion drilling program or
that Mako will complete a maiden resource estimate and permitting process at Las Conchitas . 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.
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https://www.prnewswire.com/news-releases/sailfish-provides-update-on-its-san-albino-gold-stream-and-royalty-highlighted-by-a-us17-2-million-and-110-080-meters-drilling-campaign-301499680.html
SOURCE
Sailfish Royalty Corp.
View original content:
http://www.newswire.ca/en/releases/archive/March2022/10/c9242.html
%SEDAR: 00044073E
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 07:30e 10-MAR-22