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Mining News November 29, 2023 03:50:07 PM

Xali Gold Signs Agreement with Barrick in Peru

Paul Ploumis
ScrapMonster Author
Xali Gold holds a 100% interest in the Tres Marias Property and has identified many exploration targets for both gold and silver mineralization.

Xali Gold Signs Agreement with Barrick in Peru

SEATTLE (Scrap Monster): British Columbia, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) ("Xali Gold” or the “Company”) is pleased to advise that it has signed an Option Agreement (the “Agreement”) with Barrick Gold Corporation (“Barrick”) on the Tres Marias Property (“Tres Marias” or the “Property”) located in southern Peru.

As per the Agreement, Barrick must pay Xali Gold US$175,000 over a 5-year period and spend $500,000 in exploration work to earn 100% of the Property subject to Xali Gold retaining a 1.5% Net Smelter Return (“NSR”) Royalty. Barrick retains the right to purchase 1% of the NSR Royalty, for a single one-time payment of US$750,000, which would decrease the NSR Royalty from 1.5% to 0.5%.

“Xali Gold’s history in the area dates as far back as 2002 when the Candente Resources Peru team recognized a superposition of both high and low-sulfidation styles of mineralization, alteration and geochemical anomalies, which manifested in both high-grade vein hosted silver mineralization as well as potential for bulk tonnage high-sulfidation style gold mineralization,” says Joanne Freeze, President and CEO of Xali Gold. “We are very excited to have Barrick as our partner for this project in Peru as they have excellent technical skills and aggressive exploration plans for the area.”

Tres Marias is located within an emerging epithermal gold, silver and polymetallic belt of southern Peru (view map at https://xaligold.com/projects/peru/tres-marias-peru/maps/) which includes several new mines and discoveries by Barrick, Minas Buenaventura, Gold Fields, Aruntani and Bear Creek and is considered one of the fastest growing precious metal mining districts in Peru. A northwesterly trend extends over 200 kilometers (“km”) and a northeasterly trend covers approximately 60 km so far.

Xali Gold holds a 100% interest in the Tres Marias Property and has identified many exploration targets for both gold and silver mineralization. Three veins have been found to contain high grades of silver (“Ag”) with lead (“Pb”) and zinc (“Zn”) mineralization. Anomalous gold levels also occur in high sulphidation style alteration surrounding the veins and are associated with rhyolite domes. Historic mine workings (collapsed) and remnants of a small smelting furnace are believed to date back to the time of Spanish explorers in the late 1800’s. The low sulfidation system comprises three vein systems within a northwest trending system traced to date over 700 metres (“m”) in strike length.

Courtesy: www.finance.yahoo.com

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