“Last year saw a record exploration budget, particularly at Tucano, successfully defining near-mine and underground resources that will enable us to accelerate development of a new underground mine in 2022.”
To-date, every hole drilled at California has intersected near surface, oxidized gold mineralization with minor copper oxides. There are 13 more holes pending from the California zone with one pending from each of the Jasper and California North targets.
“We are now one step closer to getting back to drilling at our flagship project, El Oro,” says Joanne Freeze, President and CEO of Xali Gold. “The El Oro district, which we hold 100% of, is a well-known historic mining district with over 8 million ounces of gold equivalent produced historically from only 2 of more than 50 known veins.”
Mr. Jay Roberge, CEO of Pantera Silver stated, “We are very pleased to have confirmed mineralization of the target veins at depth and intersect additional new mineralization that was not expressed at surface.”
“The early returns from the vein target mapping program are promising. The Company, along with our partner Colibri Resource Corp., will jointly manage and fund an initial 2,000 metre drilling program upon receipt of the drilling permit, expected in late March 2022, from SEMARNAT, the Mexican government environmental authority.”
“CAL22-05 intersected the strongest gold mineralization at Cervantes in the project’s history. This discovery further advances the California gold zone in demonstrating the open pit heap leach gold potential of the project. Overall, the 2021-2022 RC drill program continues to return strong gold grades over broad widths in every drill hole reported to date.”
Phase III drilling is currently in progress, 1,200 meters of core drilling has been completed providing essential information across the Main Zone and 4-T Trend.
The Press Release refers to the following matters: a) the cancellation of approval of extraction permits; b) declaring the Honduran territory free of open pit mining; c) pursuant to the approval of a mining moratorium for metallic and non-metallic exploration and extraction, environmental licenses, permits and concessions will be reviewed, suspended and cancelled; and d) areas of high ecological value will be taken over by the government to ensure their conservation.
Tim Maunula, P.Geo., Principal of T. Maunula & Associates Consulting Inc. commented: “We sincerely regret the miscalculation. It needs to be emphasized, however, that the data used in the model is sound and has been checked and verified and the grade estimation is also accurate.”
Dan Symons, Vice President, Corporate Development & Investor Relations stated: “2022 was a solid year operationally, as we achieved record annual production, which led to record annual revenue and record annual cash flow. We achieved above our production guidance at La Colorada, near the top of production guidance at El Castillo and San Agustin and near the mid-point of our production guidance at Florida Canyon.”
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