Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) CEO Kenneth MacLeod talked with Proactive about the company’s milestone of securing a 100% interest in the Cerro Caliche mining concessions in Sonora, Mexico, which represent about 67% of the total surface area of the project.
He also expressed confidence in meeting the final payment for Cerro Caliche by April 2025, securing 100% ownership of the property.
Proactive: You’ve got news out today about completing the acquisition of the Cerro Caliche project. This is a significant piece you’re discussing today.
Kenneth MacLeod: Oh, absolutely. It’s a major milestone for us. Cast your mind back to 2018, when we signed five contracts to acquire close to 1,400 hectares in the Cerro Caliche area. The first agreement was designed so that by year four, we would be in production. That would have been the case if we had received approval for the environmental impact statement in 2022, as expected. We went through the SEMARNAT process, including Q&A, and anticipated construction by late 2022. Unfortunately, the Mexican government at the time chose not to approve open-pit mining. To ensure property payments continued, we used smaller equity financings and over $3 million in insider loans to protect our holdings. By April 2025, we’ll pay the remaining balance for 400 hectares, securing full ownership of Cerro Caliche.
What’s next for Sonoro Gold? Permits are critical here, right?
Absolutely. The environmental permit approval is key. Under Mexico’s new president, Claudia Sheinbaum, we’ve seen improved dialogue with mining companies. We are confident in securing the permit and meeting sustainability goals within our mine plan. 2025 will be pivotal for Cerro Caliche and Sonoro Gold.
If approved, you’re aiming for an initial capacity of 12,000 tons per day?
Yes, the plan is to generate cash flow quickly, enabling further drilling. Only 30% of mineralized zones have been drilled so far. Our target is 2 million ounces in the next two years, and the project can support that.
Quotes have been lightly edited for clarity and style