Xali Gold Completes NSR Buy Back on Casua Property in Peru
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Xali Gold Completes NSR Buy Back on Casua Property in Peru
Vancouver, British Columbia, October 24, 2023 - Xali Gold Corp. (TSXV:XGC) ("Xali Gold” or the
“Company”) is pleased to advise that the previously announced agreement to buy back a 1.5% Net
Smelter Return (“NSR”) royalty over the Casua Property (the “Property”) from Minera Silex Peru
S.R.L., held by Golden Minerals Company (“Golden Minerals”) has now been completed and duly
registered in Peru.
The Company holds a 100% interest in the Casua Property located in southern Peru. The Property
covers a silver (“Ag”) rich low sulphidation vein system . Three veins have been found to contain
high grades of silver with lead (“Pb”) and zinc (“Zn”) mineralization. Anomalous gold levels also
occur in high sulphidation style alteration surrounding the veins and are associated with rhyolite
domes. Historic mine workings (collapsed) and remnants of a small smelting furnace are believed to
date back to the time of Spanish explorers in the late 1800’s. The low sulfidation system comprises
three vein systems within a northwest trending system traced to date over 700 metres in strike length.
Sampling to date indicates grades of 52.91 ounces per tonne (“oz/t”) Ag, 4.62% Pb, 0.12% Zn over
0.10 metre (“m”); 9.98 oz/t Ag, > 10% Pb, 1.59% Zn over 0.5m and 13.13 oz/t Ag, 2.05% Pb, 0.07%
Zn over 1m on surface. Selected samples from mine dumps contain up to 31.24 oz/t Ag, 8.7 ‐ 10%
Pb, 1.81% Zn and 0.21% copper (“Cu”).
Full details about the terms of the NSR buy back can be found in the Company’s October 4, 2023
News Release.
Mexico Assets
The El Oro Project remains a highly valued asset of the Company with past production of 8 million
ounces gold equivalent (gold-silver 1:10) and excellent discovery potential , however exploration
focus for El Oro has been temporarily put on hold. The Company is now focused on building local
partnerships for our two assets in Mexico, which have strong potential to provide near-term cash
flow.
About Xali Gold
Xali Gold has gold and silver projects in Peru and Mexico. 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 million ounces of gold and 74 million ounces 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 200 metres.
NEWS RELEASE
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Xali Gold is dedicated to being a responsible Community partner.
Joanne C. Freeze, P.Geo., President, CEO and Matthew Melnyk, CPG., Director Operations, are Qualified Persons as defined by
National Instrument 43-101 for the projects discussed above. Ms. Freeze and Mr. Melnyk have 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.
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 the mineral resource estimate for the Mexico Mine Tailings and information regarding
references to historical resource estimates, the potential for discovery on the El Oro Propert y and other statements that
are not historical facts. While such forward-looking information is expressed by Xali Gold in good faith and believed by
Xali Gold to have a reasonable basis, th ey 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
materially 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.
On behalf of the Board of Xali Gold Corp.
“Joanne Freeze” P.Geo.
President, CEO and Director
For further information please contact:
Joanne Freeze, President & CEO
Tel: + 1 (604) 689-1957
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