Sonoro Gold raising $15 million for Mexico drilling
Sonoro Gold Corp. [SGO-TSXV, SMOFF-OTCQB, 23SP] says that in response to investor demand, it is increasing the size of a previously announced private placement financing that is now expected to raise $15 million. That is up from an earlier target of $10 million. Proceeds from the offering will be used to advance the ongoing development of the company’s Cerro Caliche gold project on Sonora, Mexico, where the company is planning a two-phased exploration campaign, including 50,000 metres of resource expansion drilling.
The company is increasing the offering to 60 million units priced at 25 cents per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional share for three years from the date of closing at an exercise price of 34 cents per common share.
On Friday, Sonoro Gold shares were unchanged at 26 cents and trade in a 52-week range of 33.5 cents and 13 cents.
Sonoro recently announced the results of an updated preliminary economic assessment for its flagship Cerro Caliche project. The company said the PEA demonstrates the viability for a 10-year life of mine, open pit, heap leach mining operation\ with an initial one-year ramp up production rate of 12,000 tonnes per day and an increase to 16,000 tonnes per day for the remaining of the project’s life span.
The updated PEA reflects an increased gold price as well as higher capital costs and operating cost estimates. It envisages a 10-year life of mine with average production of 46,000 ounces of gold equivalent (AuEq) at 0.38 g/t or 459,000 ounces of AuEq over 10 years. The initial capital expenditure is forecast at US$83 million, including an US$11 million contingency. Sonoro holds 100% of the surface rights to the Cerro Caliche concessions and surrounding area covering an initial 3,908 hectares.
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.
According to the recent update, the project contains a measured and indicated resource of 51.7 million tonnes at 0.37 g/t and 3.7g/t silver or 640,000 ounces of gold equivalent (AuEq) within an optimized pit shell. On top of that is an inferred resource of 97,000 ounces of AuEq.
In a press release on May 12, 2026, Sonoro said it had executed three binding letters of intent with two residents of Sonora, Mexico to acquire 100% interest in 24 mineral concessions, and up to a 51% interest in five additional mineral concessions that are adjacent to the Cerro Caliche project. Sonoro believes the acquisition is a strategic opportunity to potentially demonstrate the Cerro Caliche project as being part of a larger gold epithermal system, with wide-scale potential to host multiple mineral zones.