TORTOLA, British Virgin Islands, Nov. 30, 2020 /CNW/ - Sailfish Royalty Corp. (TSX-V: FISH) (OTCQX: SROYF) (the "Company" or "Sailfish") is pleased to announce significant updates on the Company's San Albino gold stream equivalent to a 3% NSR.
On November 10, 2020, Mako Mining Corp. ("Mako") publicly announced grade and tonnage results from mining of the second full bench containing the San Albino vein at its San Albino gold project located in Nueva Segovia, Nicaragua ("San Albino"). The bench mined consisted of two separate three-meter half benches between 610 and 604 meters above sea level ("Bench 604") and contained 1,532 ounces Au and 2,569 ounces Ag within 2,467 tonnes of diluted vein material grading 19.32 g/t Au and 32.4 g/t Ag.
The 2,467 tonnes of diluted vein material are now sitting in a high-grade stockpile awaiting processing in addition to the 2,654 tonnes from the first full bench. An additional 12,840 tonnes of historical dump material grading 2.35 g/t Au was also mined from Bench 604. This stockpiled historical dump material is expected to be used as initial mill feed during the ramp up to commercial production, which is expected from January 2021 to early Q2 2021.
Below is a table included by Mako in the November 10, 2020 press release summarizing the vein material mined at San Albino from the first two benches that is now sitting in stockpile.
Diluted Vein Material Sent to Stockpile | |||||
Bench | Diluted Vein Tonnes* | Diluted Grade | Diluted Grade | Ounces | Ounces |
610 | 2,654 | 11.74 | 17.7 | 1,002 | 1,511 |
604 | 2,467 | 19.32 | 32.4 | 1,532 | 2,569 |
Total | 5,121 | 15.39 | 24.8 | 2,534 | 4,080 |
*Tonnes are estimated by subtracting laser survey scans of the topography before and after mining the bench. | |||||
Cesar Gonzalez, Chief Executive Officer of Sailfish states that, "the grades being mined and stockpiled by Mako at San Albino are truly remarkable, especially for an open pit project. We look forward to the commencement of production at San Albino and, most importantly, the corresponding growth in cash flow at Sailfish from the gold stream on the project."
Sailfish would like to remind its shareholders that the gold stream equivalent to a 3% NSR on San Albino and 2% NSR royalty on the surrounding district-scale land package are cornerstone assets of the Company and that upcoming project development and exploration updates provided by Mako should be monitored with increased interest. For complete technical information on the San Albino gold project, refer to Mako's news release of November 10, 2020 and its technical report on the project, which are available on its SEDAR profile at www.sedar.com.
About Sailfish
Sailfish is a precious metals royalty and streaming company. Within Sailfish's portfolio are two cornerstone assets on advanced stage projects in the Americas: a gold stream equivalent to a 3% NSR on the San Albino gold project (~3.5 sq. km) and a 2% NSR on the rest of the area (~134.5 sq. km) surrounding San Albino in northern Nicaragua; and an up to 3.5% NSR on the Tocantinzinho gold project in the prolific Tapajos district of northern Brazil. The acquisition of Terraco Gold Corp. adds a potential cornerstone asset: an up to 3% NSR on the multi-million ounce Spring Valley gold project in Pershing County, Nevada.
Sailfish is listed on the TSX Venture Exchange under the symbol "FISH" and on the OTCQX under the symbol "SROYF". Please visit the Company's website at www.sailfishroyalty.com for additional information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary statement regarding forward–looking information
Certain disclosures in this release constitute "forward-looking information" within the meaning of Canadian securities legislation (such statements being referred to as "forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur, including, without limitation, statements regarding the Company's expectation that the San Albino gold project is nearing production. In making the forward-looking statements in this news release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the San Albino gold project is nearing production, and that the forward-looking statements in Mako's public disclosure are accurate However, the forward-looking statements in this news release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including without limitation: that the San Albino gold project is not nearing production or will not achieve production at all. 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, except in accordance with applicable securities laws.
SOURCE Sailfish Royalty Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2020/30/c7036.html
