On February 28, 2025, Xali Gold Corp. announced a Letter of Intent to acquire the Sarape silver-gold Project in Mexico from Advanced Lithium Corp. The project spans 57 square kilometers in the Rio Sonora Valley, known for its potential high-grade silver and gold deposits. Xali Gold plans an exploration program to unlock the project’s value while maintaining focus on its existing assets, including El Oro.
Xali Gold Corp. announced the signing of a binding Letter of Intent to acquire the Sarape silver-gold Project from Advanced Lithium Corp. The 57 square kilometer project is situated in the Rio Sonora Valley, a burgeoning gold-silver mining area that features significant nearby operations, including SilverCrest’s Las Chispas Mine. The Sarape Project exhibits promising geology with its extensive gold and silver vein systems, which remain largely unexplored at deeper levels where high-grade mineralization may exist.
Xali Gold’s Chief Executive Officer, Joanne Freeze, expressed enthusiasm regarding the acquisition, noting the potential for significant mineral discovery similar to that of SilverCrest’s Las Chispas deposit. The company intends to initiate an exploration program aimed at unlocking the project’s full potential while concurrently facilitating access to drilling at El Oro, which is part of its other assets.
Advanced Lithium’s CEO, Allan Barry Laboucan, remarked positively about the partnership, highlighting the complementary nature of Xali Gold’s El Oro project, which boasts a rich history of gold-silver production. He noted that both projects feature low-sulphidation epithermal veins, with Sarape’s land package located strategically near established mines.
The Sarape Project showcases a range of exploration opportunities, including extensive high-level vein systems and promising geological conditions, which together suggest strong mineralization potential. The project is equipped with existing infrastructure, enhancing its accessibility for future development.
The Letter of Intent outlines several terms under which Xali Gold can acquire a 90% interest in the Sarape project, including issuing shares to Advanced Lithium and committing to cash payments, with defined drilling requirements necessary to formalize the earn-in. The timeline for achieving the 90% interest is projected to be within 12 to 18 months, contingent upon regulatory approvals.
Xali Gold also announced it has decided to discontinue the option on the Majo property in favor of focusing its resources on more promising exploration targets. Following recent activity, Barrick Gold has terminated their option on the Tres Maria’s Project in Peru, allowing Xali Gold to retain potential exploration opportunities there.
Xali Gold’s portfolio emphasizes their commitment to responsible exploration and their focus on developing their flagship project, El Oro, along with newly acquired opportunities in Mexico. The company continues to pursue innovative exploration strategies and community partnerships to enhance shareholder value and mineral discovery potential.
In summary, Xali Gold Corp. has strategically entered into an option agreement to acquire the Sarape Project, enhancing its portfolio with high-potential silver-gold assets in a prolific mining district. The collaboration with Advanced Lithium marks a significant opportunity for both companies to leverage their exploration strengths. With the outlined terms of the LOI and planned exploration initiatives, Xali Gold is poised for potential advancements in mineral discovery and exploration success. Additionally, the company’s focus on its other projects, including El Oro and exploration opportunities in Peru, reflects its strategic approach to resource development.
Original Source: www.globenewswire.com
