Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) told investors it is set to generate an updated resource estimate for its Cerro Caliche gold asset in Mexico as part of its efforts to secure project financing.
The new estimate, to be prepared by SRK Consulting, will include an additional 7,200 meters (m) of drilling completed in May this year.
That work returned multiple higher-grade gold intercepts and showed the expansion of several known mineralized gold zones.
"The resource estimate is being updated now in connection with our on-going work to secure project financing," said Sonoro's CEO Kenneth MacLeod in a statement.
"We continue to successfully proceed through the environmental permitting phase to facilitate our primary strategy of launching Cerro Caliche into production."
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Chairman John Darch added: "We are pleased to have engaged the services of SRK Consulting due to their extensive experience with mineral resources and operating mines in the near vicinity of Cerro Caliche."
Following the updated resource estimate, a further technical report will examine the economic impact on the proposed seven-year, heap-leach mining operation, the company added.
Sonoro also highlighted in the statement that more than 55,000m of drilling have been completed at Cerro Caliche, which have confirmed a broadly mineralized epithermal vein structure and multiple northwest-trending gold mineralized zones along trend and near surface.
So far, just over 30% of the 1,400-acre property has been mapped and assayed, it added.
Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF) holds the near-development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico.
Contact the author at giles@proactiveinvestors.com