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Xali Gold Corp V.XGC

Alternate Symbol(s):  CGDXF

Xali Gold Corp. is a Canada-based mineral exploration company that has gold and silver projects in Peru and Mexico. It operates in three geographical areas: Peru, Mexico and Canada. Its Mexican Properties include El Oro Hard Rock, El Oro Tailings and Western Mexico. Its Peruvian Properties include Tres Marias. Its flagship asset, El Oro Project, is a gold project encompassing the gold-silver epithermal vein system in Mexico. The El Oro project covers 20 veins with past production and more than 57 veins in total, which consists of approximately 6.4 million ounces of gold and 74 million ounces of silver. The El Dorado Property is in the Pacific Coastal Plain, State of Nayarit, approximately 50 kilometers (km) south of the San Dieguito de Arriba (SDA) Plant. SDA is located in Nayarit, Western Mexico and consists of a flotation plant which also includes a precious metals leach circuit. Tres Marias is located within an emerging epithermal gold, silver and polymetallic belt of southern Peru.


TSXV:XGC - Post by User

Post by zack50on Nov 18, 2021 4:48pm
292 Views
Post# 34142866

Xali Gold hires Windfall Geotek to identify drilling targets

Xali Gold hires Windfall Geotek to identify drilling targets
Windfall Geotek Engaged to assist in identifying drill targets on the Victoria Property in Newfoundland
18 Nov 202116:35 ET  

GlobeNewswire

Xali Gold Corp. (TSXV:XGC) ("Xali Gold" and/or the "Company") is pleased to announce that the Company has agreed to terms for a Services Contract ("Contract") with Windfall Geotek Inc. (TSX-V: WIN, OTCQB: WINKF, FSE: L7C2) for them to use their digital exploration technology tools to assist Xali Gold in delineating potential drill targets on the Victoria Property in Newfoundland.

Windfall Geotek's Artificial Intelligence ("AI") targeting technology analyzes all geological data to generate the highest probability targets and has been successful in assisting in many gold discoveries in Canada and elsewhere internationally. Windfall Geotek's AI targeting technology has contributed to gold discoveries on numerous projects, in several areas including: Lebel Gold Project, Metanor-Bachelor Lake Mine Area, Azimuth Elemer Gold Property, SGH S.A.'s Faille B property in Haiti and several others.

Windfall Geotek will initially review all available data on and around the Victoria Property and based on their findings, the two companies would then move forward under the terms of the Contract which provides for remuneration to Windfall Geotek of staged payments in shares and cash totalling a value of up to $150,000. Xali Gold also plans to engage Windfall Geotek to review Xali Gold's El Oro and other properties in Mexico where their technology is expected to assist in exploration and drill targeting.

Xali Gold's Victoria Property is located between Marathon Gold's Valentine Gold Project and Tru Precious Metal Corp.'s Golden Rose Property (see Newfoundland Map). Marathon, just 3 kilometres northeast of the Victoria Property, has defined (Measured and Indicated) reserves of 3.14 million ounces ("Moz") gold and Inferred resources of 1.00 Moz (https://marathon-gold.com/valentine-gold-project/). Tru Precious Metals is currently drilling and has reported visible gold in drill core on their Golden Rose Property. *There are no assurances that similar results would be obtained on Xali Gold's Victoria Property.

Twenty rock chip samples were submitted in late September to Eastern Analytical Ltd in Springdale, Newfoundland for 34 element Inductively Coupled Plasma analysis ("ICP") and Fire Assay for gold. Results are expected to be received by the end of November. These results will be added to the data to be reviewed by Windfall Geotek to assist us in planning upcoming exploration programs.

For more information about the Victoria Property, please see News Releases 097, 098 and 102 dated July 14, 2021, August 4, 2021 and October 5th, 2021.

On another matter, the Company advises it has entered into a market-making agreement with Independent Trading Group ("ITG") pursuant to which ITG has agreed to provide market-making services to the Company in accordance with the policies of the TSX Venture Exchange (the "TSXV") and applicable laws.

ITG will trade the securities of the Company on the TSXV for the purposes of maintaining an orderly market and improving the liquidity of the Company's common shares. None of ITG nor its affiliates or associates has any interest directly or indirectly in the Company or its securities, or any right or intent to acquire such an interest.

In consideration of the services provided by ITG, the Company will pay ITG a monthly cash fee of $5,000 for a minimum term of three months, which will automatically extend for successive one-month terms unless terminated by either party on thirty days' prior notice. The services provided by ITG commenced on November 12, 2021. ITG will not receive shares or other securities as compensation. The capital used for market making will be provided by ITG.


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