ALORO MINING CORP. – (the “Company or Aloro”) ALORO MINING CORP. – (“Aloro” or the “Company”) is pleased to provide the following updates:
Alamos Gold Inc. (“Alamos”) has informed Aloro, that in January, 2021, it started its field exploration programs on the Los Venados claims, Mulatos District, Sonora Mexico. The initial area of focus is the south portion of the property, adjacent to the Mulatos open pit, following up on the initial exploration programs and data collected by Aloro, including the areas of previous drilling.
Alamos has the option to acquire a 70% interest from Aloro by incurring an aggregate of USD$5,000,000 in exploration expenditures and making certain cash payments over the course of three years in two mining concessions, commonly known as the Los Venados Project located in the Municipality Sahuaripa, in the State of Sonora, Mexico. (See news release October 20, 2020)
As the operator, Alamos will be conducting the exploration on the Los Venados Project. The Company’s strategy has been to acquire 1 or 2 exploration properties in order to have news coming from those properties in between the results coming from Los Venados. Over the past year, Aloro has reviewed many different properties for potential acquisition. The Company has focused on 3 properties that it continues to follow up and negotiate on, as a potential acquisition. The Company will continue to review new projects as they become available.
Thomas A. Doyle, President, CEO, stated “We are very pleased that Alamos has informed us that it has started its field exploration programs on the Los Venados Project. With Alamos’ experience and geologic knowledge of the immediate area with a major gold mine, I look forward to their findings.”
About Aloro Mining Corp. Aloro controls the 3199 hectare Los Venados Project (LV) which is located in the Mulatos Gold District and is directly adjacent to the active Mulatos open pit of Alamos Gold Inc. to the south. Aloro also shares with Alamos, common borders to the east and north. The western border is shared with Agnico Eagle Mines Limited where it operates the La India open pit. The known mineralization within the Mulatos District is gold-dominant, high sulfidation mineralized system, with accessory silver and copper.
ALORO MINING CORP.
Per: “Thomas A. Doyle”
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