VANCOUVER, BC, Feb. 14, 2022 /CNW/ – Tarachi Gold Corp. (CSE: TRG) (OTCQB: TRGGF) (Frankfurt: 4RZ) (“Tarachi” or the “Company”) is pleased to announce plans for an initial field exploration program on the La Texana property in Sonora, Mexico. The Company has the right to earn a 100% interest in La Texana as part of its option agreement with Minerales de Tarachi R.L. de C.V. (see press release dated March 27, 2020).
About La Texana
The La Texana concession is 300 hectares in size and located within the Sierra Madre Gold Belt. This section of the Sierra Madre is host to numerous gold deposits and active gold mines along a northwest-southeast trend. La Texana is situated midway between Agnico Eagle’s La India mine and the undeveloped Tarachi Deposit.
Exploration at La Texana Concession
The company expects to commence fieldwork on the La Texana Concession within the month. The fieldwork will entail detailed geological and structural mapping and rock sampling of the entire concession and take approximately 45 days to complete. The goal of the exploration program is to assess the area’s potential to host mineralization similar to neighbouring deposits and identify future drill targets. This will be the Company’s first exploration program conducted at La Texana.
Deposits in Close Proximity to La Texana Concession
The La India mine occurs in an area of intrusion-related alteration dominated by volcanic-hosted high-sulphidation epithermal-hydrothermal gold, silver and porphyry-related gold deposits. These deposits may be present as veins and/or disseminated deposits and/or breccias. The La India mine is best characterized as an area of several high sulphidation epithermal mineralization centres recognized in the region.
The Tarachi deposit is a large low-grade gold porphyry deposit with satellite epithermal mineral occurrences discovered in 2010. The gold system at the Tarachi deposit has been classified as a wall rock gold porphyry deposit, comprising sheeted veins that deposited gold within the wall rock outside the source dacite porphyry intrusions, suggesting that it has the potential to grow into a much larger deposit.
Chipriona is a polymetallic deposit host to gold, silver and zinc resources contained within structurally controlled veins, stringers and breccias. All deposits mentioned are projects owned by Agnico Eagle.
About Tarachi Gold
Tarachi Gold is a Canadian-listed junior gold exploration company focused on exploring and developing projects in Mexico. Tarachi acquired the Magistral Mill and tailings project in Durango, Mexico in 2021. Magistral includes a 1,000 tpd mill and access to a tailings deposit with Measured and Indicated resources of 1.26 million tonnes at a grade of 1.93g/t Au. The Company expects to bring the asset into production in early 2023.
The Company is also exploring on their highly prospective mineral concessions in the Sierra Madre gold belt of Sonora, Mexico in close proximity to Alamos Gold’s Mulatos mine and Agnico Eagle’s La India mine.
Lorne Warner, P.Geo, VP Exploration and Director of the Company is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical disclosure in this news release.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain “Forward–Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward–looking information” under applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”, “schedule” and similar words or expressions, identify forward–looking statements or information. These forward–looking statements or information relate to, among other things: future exploration programs, development of mining assets, acquisition of additional resources, future production, future cash flows, and the completion of drill holes; and receipt of assay results.
Forward–looking statements and forward–looking information relating to any future mineral production, liquidity, timing of completion of reports and studies, enhanced value and capital markets profile of Tarachi, future growth potential for Tarachi and its business, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of silver, gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; Tarachi’s ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect Tarachi’s respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward–looking statements or forward-looking information and Tarachi has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the Company’s dependence on one mineral project; precious metals price volatility; risks associated with the conduct of the Company’s mining activities in Mexico; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks regarding mineral resources and reserves; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities and artisanal miners; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption “Risk Factors” in Tarachi’s management discussion and analysis. Readers are cautioned against attributing undue certainty to forward–looking statements or forward-looking information. Although Tarachi has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. Tarachi does not intend, and does not assume any obligation, to update these forward–looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.