Xali Gold (XGC) has submitted exploration permit applications and plans for a drill program at its El Dorado Gold-Silver Project.
The Vancouver company recently signed a new Exploration and Production Agreement (EPA) with Ingenieros Mineros, S.A. de C.V. The EPA gives Xali Gold the right to explore and produce gold, silver and other metals for life of mine.
The El Dorado Gold-Silver Project is located in the Pacific Coastal Plain, State of Nayarit, Mexico.
The plans are based on a new 3D model, which identified high-grade mineralization occurring in multiple parallel veins at a spacing close enough to potentially access several veins through common development workings.
A drill program with a minimum of 2,000 metres is planned for the fourth quarter of 2021 and will extend into the first quarter of 2022.
Drilling, along with underground sampling, is planned to test potential lateral extensions to the high-grade zones and to better define plunging mineralization shoots.
Permit approval is expected to take two to four months to receive.
Xali Gold has launched a comprehensive growth strategy to acquire gold and silver projects with near surface exploration potential, near-term production potential and previous mining histories.
Xali Gold is down 7.14 per cent, trading at $0.065 at 12:15 pm ET.