Xali Gold Corp. Enters Acquisition Agreement for Sarape Silver-Gold Project
Xali Gold Corp. has signed a Letter of Intent to acquire the Sarape silver-gold Project from Advanced Lithium Corp., located in the Rio Sonora Valley, Mexico. This project spans 57 square kilometers and is situated near several established mines, presenting extensive exploration potential. The acquisition aims to enhance Xali Gold’s position in the precious metals market by leveraging advanced exploration techniques.
Xali Gold Corp. has entered a binding Letter of Intent (LOI) to acquire the Sarape silver-gold Project from Advanced Lithium Corp. The project, located in theRio Sonora Valley, spans 57 square kilometers and offers significant exploration potential in a region known for its high-grade silver and gold mines, such as SilverCrest’s Las Chispas Mine and First Majestic’s Santa Elena Mine. Xali Gold intends to leverage its expertise in epithermal gold systems to tap into the unexplored depths of the Sarape Project, which features promising vein systems indicating substantial mineralization potential.
Joanne Freeze, CEO of Xali Gold, expressed enthusiasm about the acquisition, likening Sarape’s potential to SilverCrest’s Las Chispas deposit. She highlighted the opportunity to accelerate exploration at Sarape while undertaking underground work at the El Oro Project to improve drilling access. Allan Barry Laboucan, CEO of AALI, endorsed the partnership, noting that Xali Gold’s capabilities and the complementary nature of both projects could yield fruitful results for shareholders.
The Sarape Project presents a prime location near significant mining operations and exhibits extensive mineralization across its veins. Favorable geological features support the expectation of discovering rich gold and silver deposits, particularly at deeper levels. The project’s existing infrastructure will facilitate future exploration and development efforts. Following the LOI, Xali Gold is poised to capitalize on the area’s exploration potential.
The LOI establishes terms for Xali Gold to acquire a 90% interest in the Sarape Project, contingent upon financial commitments and drilling milestones. Additional benefits of the property include access to AALI’s skilled team, contributing valuable technical knowledge to project development and operations.
Xali Gold Corp.’s strategic option to acquire the Sarape Project represents a significant enhancement of its portfolio in Mexico’s burgeoning mining district. With favorable geology, abundant mineralization, and established infrastructure, Sarape offers considerable exploration potential. The LOI outlines a clear pathway for Xali Gold to realize this potential while benefiting from the expertise of Advanced Lithium Corp. and solidifying its position in the region.
Original Source: www.globenewswire.com
