Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) announced that it has secured all necessary surface rights for its Cerro Caliche gold project in Sonora, Mexico, through a lease agreement signed by its wholly owned Mexican subsidiary, Minera Mar De Plata.
The newly secured lease provides Sonoro with exclusive surface rights to the Rancho El Cerro Prieto property, which spans 3,908 hectares and includes the 15 contiguous Cerro Caliche mining concessions, totaling 1,350 hectares.
These surface rights will expand to 5,007 hectares in September 2028.
The lease grants exclusive access for exploration, development, mineral extraction, and the construction of related mining infrastructure.
The agreement has an initial term of 12.5 years, with an option for Sonoro to extend the lease for an additional 12.5 years, bringing the potential total term to 25 years.
As a result of the lease, MMP now controls 100% of both the surface and mineral rights for the Cerro Caliche project area.
“This agreement represents a pinnacle achievement in our business strategy to advance Cerro Caliche into production to generate cash flow and to fund ongoing exploration, potentially expanding the resource and proposed mining operation,” Sonoro Gold CEO Kenneth MacLeod said.
“We have enjoyed a strong working relationship with the Cerro Prieto Ranch owner since acquiring the project in 2018 and securing the exclusive surface rights for the Cerro Caliche concessions and the surrounding lands strengthens our objective to now move from exploration to production.”
Transaction terms
Sonoro has made an initial payment of US$1 million. The lease requires payments of US$3.125 million in the first year, along with a one-time issuance of 5 million Sonoro common shares, followed by US$6.25 million in each of the second and third years.
If the company renews the lease, the same payment structure applies to years 13, 14, and 15.
The Cerro Caliche project is currently in the final permitting stage for a proposed open-pit, heap leach mining operation. Following four drilling campaigns and extensive technical and environmental studies, Sonoro plans to develop an initial 12,000 tonnes per day operation.
This phase is intended to generate cash flow to support further exploration of the remaining 70% of the project's mineralized zones, which have not yet been drilled or assayed. To date, 30% of the identified mineralized zones have been explored.