Xali Gold Advances on Two Fronts at El Oro
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Xali Gold Advances on Two Fronts at El Oro
Vancouver, British Columbia - August 28, 2024 - Xali Gold Corp. (TSXV:XGC) ("Xali Gold”
or “the Company”) is pleased to advise that it now has two active projects in the El Oro
Mining District, State of Mexico, Mexico.
“We're excited to be making progress on two fronts at El Oro and planning further
exploration here ,” states Joanne Freeze, President and CEO of Xali Gold . “In today's
productive meetings with our partners and government officials in El Oro, it became clear
that our efforts could bring significant benefits to the local community as well as to our
investors. Our strategy to develop potential revenue streams thr ough local Mexican
partnerships while resuming exploration in both Mexico and Peru is progressing very
well.”
El Oro Underground Project
Xali Gold met with Remedioambiente S.A. de C.V. (“Remedioambiente”), Mexican
subsidiary of Rio Verde Resources , in El Oro this week to review their field work to date
and discuss how the two Company’s plans for work can benefit each other and the local
community.
Remedioambiente has the exclusive right to explore and extract gold and silver above the
2400 metre (“m”) level in the historic mine workings on five mining concessions in El Oro,
in exchange for a 3% Net Smelter Return (“ NSR”) to Xali Gold. Xali Gold retains the
exclusive ownership of all mineral bodies that may be discovered or delineated below the
2400 m level. See the Company’s July 22, 2024 News Release,
As important as the revenue potential from the NSR is, the underground access that
Remedioambiente plans to open would be invaluable for Xali Gold’s exploration efforts,
particularly for drilling. Previous drilling demonstrated that gold and silver mineralization
continues for several hundreds of metres below the historic mine levels and there are
many indicators that a second deeper mineralizing system has been active in El Oro.
Drilling is key to understand and delineate higher grade targets.
El Oro Tailings Project
Following the successful completion of a 34-hole drill program for metallurgical test work
on the Mexican Mine Tailings in El Oro, Mexico, samples were shipped to Kappes, Cassiday
and Associates (“KCA”) lab in Reno, Nevada as announced in the Company’s July 11, 2024
News Release. Metallurgical testing is underway and r esults are expect ed by the end of
Q3 2024.
NEWS RELEASE
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KCA has the right to process and sell all gold and silver recovered from the Tailings in
return for a gross royalty of 3 to 4% to Xali Gold as well as an 8% Net Profits Interest to the
municipality of El Oro. See News Releases dated April 15, 2024 and May 16, 2024.
The tailings are estimated to contain 1.27 million tonnes at a grade of 2.94 grams per tonne
(“gpt”) gold and 75.12 gpt silver (3.85 gpt gold equivalent) containing 119,900 ounces of
gold and 3,061,200 ounces of silver as per an Inferred Mineral Resource Estimate National
Instrument 43-101 Resource Study in 2014 *. KCA’s recent work indicates an estimated
recovery of over 75% of the gold and silver.
*Note: Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability. All figures have been rounded to reflect the accuracy of the estimate.
For more information see “National Instrument 43 -101 Technical Report on the Inferred
Mineral Resource Estimate of the Mexico Mine Tail ings” prepared by Nadia Caira, P.Geo.
and Allan Reeves, P.Geo., dated August 25, 2014 with an effective date of July 8, 2014
available at www.sedar.com.
About Xali Gold
Xali Gold has gold and silver projects in Peru and Mexico. The Company’s flagship project
El Oro is a district scale gold project encompassing a well -known prolific high-grade gold
dominant gold-silver epithermal vein system in Mexico. The project covers 20 veins with
past production and more than 57 veins in total, from which approximately 6.4 M ozs of
gold and 74 M ozs of silver were reported to have been produced from just two of these
veins (Ref. Mexico Geological Service Bulletin Nr. 37, Mining of the El Oro and Tlapujahua
Districts. 1920, T. Flores).
Modern understanding of epithermal vein systems indicates that several of the El Oro
district’s veins hold excellent discovery potential, particularly below and adjacent to the
historic workings of the San Rafael Vein, which was mined to an average depth of only
200m.
Xali Gold is dedicated to being a responsible Community partner.
Joanne C. Freeze, P.Geo., President and CEO is the Qualified Person as defined by National
Instrument 43 -101 for the projects discussed above. Ms. Freeze ha s reviewed and
approved the contents of this release. Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts responsibility for the adequacy or accuracy of this
release.
On behalf of the Board of Xali Gold Corp.
“Joanne Freeze” P.Geo.
President, CEO and Director
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For further information please contact:
Joanne Freeze, President & CEO
Tel: + 1 604-512-3359
Forward-looking Information
This news release may contain forward -looking information (as such term is defined under Canadian
securities laws) including but not limited to historical production records. While such forward -looking
information is expressed by Xali Gold in good faith and believed by Xali Gold to have a reasonable basis, they
may address future events and conditions and are therefore subject to inherent risks and uncertainties
including those set out in Xali Gold’s MD&A. Factors that cause the actual results to differ m aterially from
those in forward -looking information include, without limitation, gold prices, results of exploration and
development activities, regulatory changes, defects in title, availability of materials and equipment,
timeliness of government approvals, potential environmental issues, availability of capital and financing and
general economic, market or business conditions. Xali Gold expressly disclaims any intention or obligation
to update or revise any forward-looking information, whether as a result of new information, future events or
otherwise, except in accordance with applicable securities laws.