VANCOUVER, Canada, June 28, 2019 – Sonoro Metals Corp., (“Sonoro” or the “Company”) (TSXV: SMO) (OTCQB: SMOFF) is issuing the following news release as a result of a review by the British Columbia Securities Commission (the “BCSC”), to clarify its technical disclosure and, additionally, to clarify certain information posted on the Company’s website, related to its Cerro Caliche project located in the municipality of Cucurpe, Sonora, Mexico, held by the Company’s Mexican subsidiary, Minera Mar De Plata, SA de C.V.
Correcting Disclosure of Historical Resource Estimate
In a January 25, 2018 news release, the Company made reference to historical drill programs on its Cerro Caliche concession group by Cambior Gold and Corex Gold Corp, including reference to a historic non-published report completed by Corex (Flores, 2008) that was stated to include a historical resource estimate.
The reader is cautioned that the above referenced “historical resource” is considered historical in nature and is based on prior data and reports prepared by previous property holders. The work necessary to verify the classification of this mineral resource estimate has not been completed and the resource estimate therefore, cannot be treated as a current resource estimate compliant with National Instrument 43-101 of the Canadian Securities Administrators (“NI 43-101”), and should not be relied upon as such. There can be no assurance that any of these historical resources, in whole or in part, will ever become economically viable. As most recently disclosed by the Company in its June 3, 2019 press release, it is continuing its exploration and metallurgical testing activities with a view to preparing and publishing an NI 43-101 compliant technical report.
Correcting References to NI 43-101
In addition, the BCSC has drawn to the Company’s attention that its June 3, 2019 news release includes certain statements including that: preliminary metallurgical tests are “being conducted under Canadian National Instrument protocols, but are not NI 43-101 compliant”; “future NI 43-101 compliant work”; and that study results would be “updated to a NI 43-101 level”. Readers are cautioned that such statements could be misleading in that they suggest that NI 43-101 provides rules for the collection of exploration information or the estimation of mineral resources. The Company confirms that, while NI 43-101 establishes rules regarding the disclosure of mineral resource and reserve estimates and other scientific and technical information, it is not the basis for exploration and mineral resource calculation standards and best practices.
Correcting Company Website and Investor Communications
In a “Comparative Deposits” report that was posted on the Cerro Caliche page of the Company’s website, and on slide 7 of the Company’s June 2019 corporate presentation (the “Presentation”), the Company disclosed certain mineral resources/reserves as “comparable deposits”. In addition, this information was presented without the required disclosure of the Company’s qualified person who prepared, supervised the preparation of, or approved of the technical information disclosed, as required by NI 43-101, s. 3.1. In addition to amending the Presentation to address certain concerns raised by the BCSC, the Company confirms that all scientific or technical information contained in the Presentation has been reviewed and approved by Stephen Kenwood, P.Geo., a Director of Sonoro Metals Corp., who is a “qualified person” as defined in NI 43-101, and advises that this information should not be taken to imply that the Company will achieve similar results for its project, and confirms that this disclosure has been removed from its website.
In addition, the Company has removed from the Media page of its website: a January 28, 2019 VRIC presentation video; March 18, 2019 PDAC interview; and March 28, 2019 Afar Insights article. These media materials reference the resource potential of the Cerro Caliche without providing the cautions and qualifications required by NI 43-101, s. 2.3. Readers who viewed these materials are cautioned that the resource potential disclosures are not supported by exploration at Cerro Caliche sufficient to define a mineral resource. Presently, it remains uncertain if the Company’s continuing exploration and testing will result in defining a mineral resource.
The Company has engaged an independent third-party consultant to prepare an NI 43-101 technical report.
On behalf of the Board of SONORO METALS CORP.
Per: “Kenneth MacLeod”
KENNETH MACLEOD
President & CEO
For further information, please contact:
Sonoro Metals Corp. – Tel: (604) 632-1764
Email: info@sonorogold.com
Forward-Looking Statement Cautions:
This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, relating to, among other things, the Company’s plan to continue its exploration and metallurgical testing activities on its Cerro Caliche Group of Concessions, located in the municipality of Cucurpe, Sonora, Mexico. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavourable interim exploration results, the lack of sufficient future financing to carry out exploration plans, and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.