Sailfish Provides Update on its San Albino Royalty; Highlighted by the Discovery of New Gold Bearing Veins at Las Conchitas North and Declares Q2 2022 Dividend TORTOLA, British Virgin Islands ,
Sailfish Provides Update on its San Albino Royalty; Highlighted by the
Discovery of New Gold Bearing Veins at Las Conchitas North and Declares
Q2 2022 Dividend
TORTOLA,
British Virgin Islands
,
June 1, 2022
/CNW/ - Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the "
Company
" or "
Sailfish
") is pleased to
report that Mako Mining Corp. ("
Mako
") has announced a discovery of new gold bearing veins at Las Conchitas North, including an intercept of 51.80 grams per
tonne ("
g/t
") gold and 29.8 g/t silver over 0.90 meters ("
m
") (estimated true width), which is located approximately
750 m
south of the San Albino gold mine.
As a reminder to shareholders, Sailfish currently holds a gold stream equivalent to a 3% net smelter return royalty ("
NSR
") on the producing San Albino gold mine
located in northern
Nicaragua
("
San Albino
") and a 2% NSR on the Las Conchitas area which consists of Las Conchitas North, Las Conchitas Central and Las
Conchitas South (collectively, "
Las Conchitas
").
Cesar Gonzalez
, Chief Executive Officer of Sailfish states that, "We continue to be impressed with the Mako exploration team as they execute on their
US$17.2
million
and
110,080 m
exploration campaign announced on
March 9, 2022
. We are especially excited with the announcement of a gold discovery at Las Conchitas
North, only
750 m
from the producing San Albino gold mine. In addition to the cash flow currently being generated from the gold stream on the San Albino gold
mine, we look forward to future production and cash flow from our 2% NSR on Las Conchitas. We are also pleased to report that we have declared our fourth
consecutive quarterly dividend of
US$0.0125
per share, which will be payable on
July 15, 2022
to shareholders of record as of the close of business on
June 30,
2022
."
Highlights
(from Mako's
June 1, 2022
news release)
Initial drilling in 2018 targeted a mineralized structure exposed in the historic San Pablo working where seven drill holes, totaling
260.30 m
were drilled. No
additional drilling had been completed in the area until this year, which has resulted in the discovery of two veins, the Mina Francisco and the Tirado vein.
Highlights of the recent drilling:
Mina Francisco
51.80 g/t Au and 29.8 g/t Ag over
0.90 m
(ETW)
San Pablo
27.60 g/t of Au and 17.1 g/t of Ag over
0.50 m
(ETW)
Tirado
39.30 g/t Au and 49.0 g/t Ag over
0.50m
(
0.4 m
ETW)
Tirado
10.97 g/t Au and 23.2 g/t Ag over
3.50 m
(
3.30 m
ETW)
*
ETWs are estimated true width measured from interpreted sections.
To date, a total of
4,670 m
in the 2022 drilling campaign have been completed in 35 drill holes at Las Conchitas North resulting in the discovery of the Mina
Francisco and Tirado veins as well as further delineation of the San Pablo vein. The three mineralized structures are located at the northern portion of the Las
Conchitas area in
Nueva Segovia
,
Nicaragua
which is interpreted to be a new emerging orogenic gold camp with over 28 kilometers of relatively unexplored
strike length.
For complete information on this discovery, please refer to Mako's news release issued on
June 1, 2022
, which is available on its SEDAR profile at
www.sedar.com
or on Mako's website at
www.makominingcorp.com
.
Q2 2022 Dividend
In addition to the above, the Company is pleased to announce that a quarterly dividend of
US$0.0125
per common share will be payable on
July 15, 2022
to
Sailfish shareholders of record as of the close of business on
June 30, 2022
.
Stock Option Grant
The Company also announces the grant of a total of 1,425,000 incentive stock options (the "
Options
") to certain directors, officers and consultants of the
Company pursuant to the Company's stock option plan (the "
Stock Option Plan
"). Subject to the policies of the TSX Venture Exchange and the terms and
conditions of the Stock Option Plan, the Options will have an exercise price equal
C$1.28
and shall expire five years from the date of grant and shall vest over two
years.
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 the Las Conchitas discovery will convert
into a mineable resource or will ever become mineable. 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 Las Conchitas discovery will convert into a mineable resource or will
ever become mineable. 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: the Las Conchitas
discovery will convert into a mineable resource or will ever become mineable. 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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%SEDAR: 00044073E
For further information:
Cesar Gonzalez, CEO, tel. 203-570-1039 or Akiba Leisman, Executive Chairman of the Board, tel. 203-862-7059.
CO: Sailfish Royalty Corp.
CNW 09:00e 01-JUN-22