sonaresources.com
Sona Resources Corp. is a junior resource company based in Vancouver, British Columbia, specializing in gold exploration, development and mining in North America. The Sona board of directors and management have decades of combined experience in the mineral exploration and mining industry, and in managing and financing junior exploration companies.
Since its inception in 1990, Sona has engaged in exploration activities at its 100 percent owned mineral properties in Canada and the United States, as well as small-scale gold production at its flagship property, the Blackdome Gold Mine, in south-central B.C. Since 2002 at its Elizabeth Gold Property, 220 kilometres north of Vancouver, Sona has completed four diamond drill programs that have outlined a 206,000-ounce inferred gold resource.
Sona signs JV with First Nations fund for Blackdome and Elizabeth properties in BC
Sona Resources (TSX-V:SYS, FSX:QS7) said Tuesday it has entered into a joint venture with First Nations economic development fund, SXDLP, to help develop Sona's Blackdome and Elizabeth properties in British Columbia.
The joint venture will see both parties develop Sona's 100% owned Blackdome Gold mine and Elizabeth Gold property located in the Clinton and Lillooet Mining Districts of southern British Columbia.
SXDLP, of Dog Creek, British Columbia, was formed in 2007 with the mandate to invest in various joint ventures and business activities relating to the economic development of the Canoe Creek Indian Band. It currently operates in the forest industry, in harvesting and silviculture, as well as agriculture.
Under the terms of the joint venture, Sona has granted SXDLP a four-year option for the purchase of up to 10% of the shares in No. 75 Corporate Ventures, a wholly owned subsidiary of Sona that holds all the mineral claims, mining leases, ore processing plant and equipment for both projects.
The option can be exercised once permitting approvals are received and once Sona has decided to begin full production at the two gold properties.
“We believe this agreement sets a precedent for the mining sector. It uses a free-market approach, and is founded on our mutual desire to create wealth, jobs, and contracting and other business opportunities for all the people of south-central British Columbia," said Sona executive chairman Nick Ferris.
Indeed, both parties said that their partnership is expected to give the region's First Nations the opportunity to develop business ventures and skills in the mining industry, as well as support entrepreneurs in the local aboriginal community.
Sona and SXDLP will collaborate in all areas of operations, including finance, permitting and development, employment, contracting, as well as cultural and environmental matters.
At Blackdome, the indicated mineral resources are estimated to be 144,500 tonnes, grading 11.29g Au/t and containing 52,600 ounces of gold, and the inferred resource is estimated to be 90,600 tonnes, grading 8.79g Au/t.
At the Elizabeth Gold property, 30 kilometres south of the Blackdome Gold Mine, Sona has outlined an inferred gold resource of 522,900 tonnes, grading 12.3g Au/t and containing 206,100 ounces of gold. The company aims to bring the Blackdome Gold Mine and mill back into production over the next three years at a rate of 200 tonnes per day, with mill feed from both Blackdome and Elizabeth.
Sona also holds a 100% interest in two other properties, including the Callaghan project located in Nevada and the Montgolfier project in Quebec.
The company was up more than 2% on Tuesday, trading at $0.82 as of 3:44pm ET.
