Sonora raising $4.0 million for Mexico gold project
Sonoro Gold Corp. [SGO-TSXV, SMOFF-OTCQB, 23SP] is upsizing a previously announced non-brokered private placement financing that is now expected to raise $4.0 million, up from an earlier $3.0 million target. Proceeds are earmarked for the development of the company’s Cerro Caliche gold project in Sonora, Mexico.
Due to strong investor interest, the company said it will now issue 20 million units for 20 cents each. Each unit will consist of one Sonoro common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional Sonoro common share for three years from the closing date at an exercise price of 28 cents per share.
Sonoro shares advanced on the news, rising 2.5% or $0.005 to 20.5 cents. The shares are currently trading in a 52-week range of 24.5 cents and $0.07.
In a press release on September 30, 2025, Sonoro said it plans to commission an updated preliminary economic assessment for its flagship Cerro Caliche project, which is currently in the permitting stage for a proposed open pit, heap leach mining operation. The project’s current PEA was filed on August 2023 and contemplates an initial nine year mining operation at 12,000 tonnes per day with economic parameters based on a gold price of US$1,800 per ounce.
The updated PEA will reflect an increased gold price as well as higher capital costs and operating cost estimates. The PEA will also include a revised mine plan to align with recent updates to the project’s Environmental Impact Statement. Sonoro holds 100% of the surface rights to the Cerro Caliche concessions and surrounding area covering an initial 3,908 hectares.
Commencing September 1, 2028, Sonoro’s surface rights will expand to encompass the entire 5,007-hectare Cerro Prieto Ranch, including the surface rights to the neighbouring Cerro Prieto mine.
The updated PEA will be based on data derived from 55,360 metres of drilling, together with trenching, supporting assays reporting on approximately 30% of the Cerro Calich gold project’s identified mineral zones.
In January, 2018, Sonoro struck the first of five option agreements enabling it to acquire 100% interest in the Cerro Caliche group of concessions. The 1,400-hectare property is surrounded by several gold-silver mining operations, including Equinox Gold Corp’s [EQX-TSXV, EQX-NYSE] Mercedes mine and Agnico-Eagle Mines Ltd.’s (AEM-TSX, AEM-NYSE) advanced Santa Gertrudis project.
The Cerro Caliche property contains low sulphidation epithermal gold-silver deposits in and around northwestern oriented vein-structural zones containing precious metals within veins, veinlets and fractures.
The project contains an indicated resource of 19.9 million tonnes at 0.44 g/t and 3.5/t silver or 290,000 ounces of gold equivalent (AuEq) within an optimized pit shell
On top of that is an inferred resource of 10.5 million tonnes at 0.42 g/t gold and 4.0 g/t silver or 150,000 ounces of AuEq). The company’s objective is to bring the project into production to fund ongoing exploration and mine expansion.
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