{"id":11716,"date":"2024-10-28T16:52:34","date_gmt":"2024-10-28T16:52:34","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/10\/28\/pinnacle-signs-letter-of-intent-for-option-to-acquire-high-grade-gold-silver-project-in-sierra-madre-trend-of-mexico\/"},"modified":"2024-10-28T16:52:34","modified_gmt":"2024-10-28T16:52:34","slug":"pinnacle-signs-letter-of-intent-for-option-to-acquire-high-grade-gold-silver-project-in-sierra-madre-trend-of-mexico","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/10\/28\/pinnacle-signs-letter-of-intent-for-option-to-acquire-high-grade-gold-silver-project-in-sierra-madre-trend-of-mexico\/","title":{"rendered":"Pinnacle Signs Letter of Intent for Option to Acquire High-Grade Gold-Silver Project in Sierra Madre Trend of Mexico"},"content":{"rendered":"
\n

(TheNewswire) <\/p>\n

<\/div>\n

<\/a> Highlights: <\/span><\/p>\n

The Agreement <\/span> \u2013 Pinnacle <\/span> Silver <\/span> and <\/span> Gold <\/span> Corp. <\/span> \u2018Pinnacle\u2019) <\/span> has <\/span> signed <\/span> a Letter <\/span> of <\/span> Intent <\/span> (the <\/span> \u2018LOI\u2019) <\/span> with <\/span> an <\/span> arm\u2019s <\/span> length <\/span> private <\/span> individual <\/span> and <\/span> a company <\/span> he <\/span> controls <\/span> whereby <\/span> Pinnacle <\/span> will <\/span> have <\/span> a staged <\/span> option <\/span> to acquire <\/span> up <\/span> toa 100% <\/span> interest <\/span> in <\/span> the 1,074 <\/span> hectare <\/span> El <\/span> Potrero <\/span> high-grade <\/span> gold-silver <\/span> project <\/span> in <\/span> Durango, <\/span> Mexico. <\/span><\/p>\n

Near-term Production Possibility <\/span> \u2013 A 100 <\/span> tpd <\/span> plant <\/span> on <\/span> site <\/span> can <\/span> be <\/span> refurbished <\/span> \/ rebuilt and <\/span> historic <\/span> underground <\/span> mine <\/span> workings <\/span> rehabilitated <\/span> at <\/span> relatively <\/span> low <\/span> cost <\/span> in <\/span> order <\/span> to achieve <\/span> near-term <\/span> production <\/span> once <\/span> permits <\/span> are <\/span> in <\/span> place. <\/span><\/p>\n

Infrastructure Friendly <\/span> \u2013 Property is <\/span> road <\/span> accessible <\/span> with <\/span> a power <\/span> line <\/span> within <\/span> four <\/span> kilometres. Surface rights are privately owned (no community issues) and the acquisition includes approximately 200 hectares of land where the plant sits. <\/span><\/p>\n

Staged Option and Earn-In Right <\/span> \u2013 <\/span> Pinnacle <\/span> will <\/span> earn <\/span> an <\/span> initial <\/span> 50% <\/span> interest <\/span> immediately <\/span> upon <\/span> commencing <\/span> production. <\/span> The <\/span> goal <\/span> would <\/span> then <\/span> be <\/span> to generate <\/span> sufficient <\/span> cash <\/span> flow <\/span> with <\/span> which <\/span> to further <\/span> develop <\/span> the project <\/span> and <\/span> increase <\/span> the Company\u2019s <\/span> ownership <\/span> to 100% <\/span> subject <\/span> toa 2% <\/span> NSR. <\/span> If <\/span> successful, <\/span> this <\/span> approach <\/span> would <\/span> be <\/span> less <\/span> dilutive <\/span> for <\/span> shareholders <\/span> than <\/span> relying <\/span> on the still challenging <\/span> equity <\/span> markets <\/span> to finance <\/span> the <\/span> growth <\/span> of <\/span> the Company. <\/span><\/p>\n

Proven Management Expertise in Operating Gold\/Silver Mines in Mexico <\/span> \u2013 <\/span> Pinnacle\u2019s <\/span> Board <\/span> and <\/span> Management <\/span> have <\/span> considerable <\/span> years <\/span> of <\/span> experience <\/span> and <\/span> success <\/span> operating <\/span> in <\/span> the Sierra <\/span> Madre <\/span> gold-silver belt of Mexico. Pinnacle\u2019s President CEO, Robert Archer was a co-founder of Great Panther Silver, that initially acquired and restarted the Topia Mine in 2004-06, and <\/span> successfully transitioned the company from explorer and developer to mid-size silver miner reaching $600 million market capitalization and listing on NYSE-American. Non-executive director David Salari is involved in the development of two mines in Mexico and Colin Jones, also a non-executive director, is a Technical Advisor to another explorer in the region. <\/span><\/p>\n

Located <\/span> in <\/span> the prolific <\/span><\/a> Sierra <\/span> Madre <\/span> Trend <\/span> of Mexico, which hosts several world class gold-silver mines <\/span> and resources, the 1,074 hectare El Potrero Project lies within a 35-kilometre radius of four producing mines, including La Ci\u00e9nega, one of Mexico\u2019s largest underground gold-silver mines. Under <\/span> a single <\/span> owner for about 40 years, the Potrero property has been subject to small scale production in 1989- 90 <\/span> and <\/span> contains <\/span> a 100 <\/span> tonne <\/span> per <\/span> day <\/span> plant <\/span> that <\/span> can <\/span> be <\/span> refurbished \/ rebuilt <\/span> at <\/span> relatively <\/span> low <\/span> cost. Similarly, <\/span> the underground <\/span> mines <\/span> are <\/span> accessible <\/span> via <\/span> adits <\/span> (no <\/span> shafts) <\/span> and <\/span> can <\/span> be <\/span> rehabilitated <\/span> fairly <\/span> quickly <\/span> and <\/span> inexpensively. <\/span> At <\/span> that <\/span> point, <\/span> the <\/span> vendor <\/span> and <\/span> the Company <\/span> will <\/span> share <\/span> equally <\/span> in <\/span> all <\/span> proceeds <\/span> of <\/span> production, <\/span> allowing <\/span> the Company <\/span> to further <\/span> develop <\/span> the property <\/span> without <\/span> undue <\/span> shareholder <\/span> dilution. <\/span><\/p>\n

\u2018We are <\/span> extremely <\/span> pleased <\/span> to have <\/span> the opportunity <\/span> to develop <\/span> and <\/span> explore <\/span> the El <\/span> Potrero <\/span> Property,\u2019 <\/span> stated Robert <\/span> Archer, <\/span> Pinnacle <\/span> President <\/span> & CEO. <\/span> \u2018It is centered in <\/span> a well-mineralized <\/span> district <\/span> and <\/span> has <\/span> had <\/span> high-grade <\/span> historic <\/span> production <\/span> of <\/span> its <\/span> own, <\/span> yet the four-kilometre <\/span> strike <\/span> length <\/span> of <\/span> the vein <\/span> system <\/span> has <\/span> not <\/span> been <\/span> drilled <\/span> or <\/span> systematically <\/span> explored <\/span> by <\/span> modern <\/span> methods. <\/span> Average <\/span> gold <\/span> and <\/span> silver <\/span> grades <\/span> are <\/span> reported <\/span> to be <\/span> in <\/span> the range <\/span> of 10.3 <\/span> g\/t <\/span> gold equivalent or 845 g\/t silver equivalent. <\/span><\/p>\n

In the current environment of high metal prices, this presents an exciting opportunity to develop <\/span> the property from the proceeds <\/span> of production and continue to advance the project and build <\/span> the company through additional acquisitions in a non-dilutive manner. This is a business model that I am <\/span> very familiar with, <\/span> having successfully implemented it in <\/span> the past with Great Panther.\u2019 <\/p>\n

The <\/span> property <\/span> hosts <\/span> a four-kilometre <\/span> strike <\/span> length <\/span> of <\/span> a northwest-southeast <\/span> trending <\/span> epithermal <\/span> vein <\/span> system <\/span> containing <\/span> high <\/span> grade <\/span> gold <\/span> and <\/span> silver <\/span> mineralization. <\/span> The <\/span> veins <\/span> are <\/span> brecciated <\/span> and <\/span> hosted <\/span> in <\/span> andesitic <\/span> volcanics <\/span> of <\/span> the <\/span> Tertiary <\/span> Lower <\/span> Volcanic <\/span> Series <\/span> near <\/span> the contact <\/span> with <\/span> the overlying <\/span> Upper <\/span> Volcanic <\/span> Series. <\/span> Multiple <\/span> small <\/span> mines, <\/span> accessible <\/span> by <\/span> adits <\/span> into <\/span> the side <\/span> of the <\/span> hill, <\/span> exist <\/span> along <\/span> the system <\/span> and <\/span> some <\/span> have <\/span> been <\/span> exploited <\/span> in <\/span> the 1980\u2019s <\/span> and <\/span> possibly <\/span> before. <\/span> Vein <\/span> widths <\/span> are <\/span> reported <\/span> to be <\/span> in <\/span> the <\/span> 0.5 to 10 <\/span> metre <\/span> range. <\/span> Vein <\/span> textures <\/span> indicate <\/span> that <\/span> the mines <\/span> may <\/span> be <\/span> sitting <\/span> fairly <\/span> high <\/span> in <\/span> the epithermal <\/span> system <\/span> implying <\/span> good <\/span> potential <\/span> to extend <\/span> the mineralization <\/span> to depth. <\/span><\/p>\n

There <\/span> has <\/span> been <\/span> no <\/span> drilling <\/span> on <\/span> the property <\/span> and <\/span> no <\/span> detailed <\/span> production <\/span> records <\/span> have <\/span> been <\/span> provided <\/span> to date, but longitudinal sections of the mine workings indicate mineralized blocks totalling a historic resource of 45,561 tonnes at 8.0 g\/t gold and 186 g\/t silver (10.3 g\/t gold equivalent or 845 g\/t silver equivalent 1, 2 <\/span> ). First-pass sampling has been conducted as part of Pinnacle\u2019s due diligence and samples are in the lab at SGS Durango. It is the Company\u2019s intention to conduct extensive <\/span> underground <\/span> sampling, <\/span> commencing <\/span> as <\/span> soon <\/span> as <\/span> possible <\/span> after <\/span> signing <\/span> the Definitive <\/span> Agreement. <\/span> A diamond <\/span> drill <\/span> program <\/span> will <\/span> also <\/span> be <\/span> planned <\/span> to <\/span> initially <\/span> test <\/span> the continuity <\/span> of <\/span> mineralization <\/span> in <\/span> and <\/span> around <\/span> the old <\/span> workings, <\/span> followed <\/span> by <\/span> step <\/span> out <\/span> drilling <\/span> along <\/span> strike <\/span> and <\/span> down-dip. <\/span><\/p>\n

A 100 tonne per day processing plant with a vat-leach cyanidation and Merrill Crowe circuit was in operation <\/span> in <\/span> 1989-1990. The basic infrastructure is sound, <\/span> but <\/span> some <\/span> equipment <\/span> will <\/span> need <\/span> replacement. <\/span> The <\/span> main <\/span> power <\/span> grid <\/span> is <\/span> only <\/span> four <\/span> kilometres away and the property is road accessible, being approximately 9 hours from Durango City and two hours from Topia. Operating <\/span> permits <\/span> will <\/span> need <\/span> to be <\/span> re-established. <\/span> A geotechnical evaluation of the mine workings will be conducted in order to design and implement a rehabilitation <\/span> plan. <\/span><\/p>\n

1, 2 <\/span> See footnotes above <\/span><\/p>\n

<\/a> Terms <\/span> of <\/span> the <\/span> Transaction <\/span><\/p>\n

The <\/span> Transaction <\/span> has <\/span> been <\/span> structured <\/span> as <\/span> a <\/span> staged <\/span> earn-in, <\/span> allowing <\/span> the <\/span> Company <\/span> to <\/span> acquire <\/span> a <\/span> direct <\/span> interest <\/span> in <\/span> the <\/span> property <\/span> and <\/span> infrastructure <\/span> according <\/span> to <\/span> the <\/span> following <\/span> schedule, <\/span> cash <\/span> payments <\/span> and <\/span> share <\/span> issuances <\/span> (all <\/span> dollar <\/span> amounts <\/span> are in United <\/span> States <\/span> Dollars): <\/span><\/p>\n

On signing <\/span> a Definitive <\/span> Agreement <\/span> (the \u2018DA\u2019) <\/span> \u2013 $50,000 <\/span> cash <\/span> and <\/span> 500,000 <\/span> shares <\/span> of <\/span> Pinnacle. <\/span> Pinnacle <\/span> will <\/span> pay <\/span> the back <\/span> taxes <\/span> forthe property <\/span> (estimated <\/span> at <\/span> $160,000). <\/span><\/p>\n

8 months <\/span> from signing <\/span> the <\/span> DA <\/span> \u2013 $200,000 <\/span> cash <\/span> and <\/span> 1,000,000 <\/span> shares <\/span> of <\/span> Pinnacle. <\/span><\/p>\n

1 year from signing <\/span> the <\/span> DA <\/span> \u2013 $750,000 <\/span> cash <\/span> and <\/span> 1,000,000 <\/span> shares <\/span> of <\/span> Pinnacle. <\/span><\/p>\n

When <\/span> the Company <\/span> has <\/span> established <\/span> a Mineral <\/span> Resource <\/span> Estimate, <\/span> as <\/span> defined <\/span> by <\/span> NI <\/span> 43-101, <\/span> of <\/span> at <\/span> least <\/span> 350,000 <\/span> gold <\/span> equivalent <\/span> ounces <\/span> in <\/span> the Inferred <\/span> category, or 2.5 <\/span> years <\/span> from signing <\/span> the <\/span> DA, <\/span> whatever <\/span> happens <\/span> first <\/span> \u2013 $1,000,000 <\/span> cash <\/span> and <\/span> 1,000,000 <\/span> shares <\/span> of <\/span> Pinnacle. <\/span><\/p>\n

When <\/span> the plant is <\/span> sufficiently <\/span> upgraded <\/span> and <\/span> all <\/span> permits <\/span> received <\/span> in <\/span> order <\/span> to commence <\/span> production, <\/span> or <\/span> 4 years <\/span> from <\/span> signing <\/span> the DA, <\/span> whatever <\/span> happens <\/span> first <\/span> \u2013 $1,000,000 <\/span> cash. <\/span> Pinnacle <\/span> receives <\/span> a 50% interest <\/span> in <\/span> the property <\/span> (including <\/span> the mining <\/span> concessions, machinery, equipment <\/span> and <\/span> land) <\/span> and, <\/span> going <\/span> forward, all <\/span> proceeds <\/span> of <\/span> production <\/span> will <\/span> be <\/span> split <\/span> according <\/span> to the <\/span> respective <\/span> interest levels. <\/span><\/p>\n

1 year after commencing <\/span> production <\/span> or <\/span> 5 years <\/span> from <\/span> signing <\/span> the DA, whatever <\/span> happens <\/span> first <\/span> \u2013 $1,500,000 <\/span> cash. <\/span> Pinnacle <\/span> receives <\/span> a further <\/span> 20% <\/span> interest in <\/span> the property. <\/span><\/p>\n

2 years <\/span> after commencing <\/span> production <\/span> or <\/span> 7 years <\/span> from <\/span> signing <\/span> the DA, whatever <\/span> happens <\/span> first <\/span> \u2013 $3,000,000 <\/span> cash. <\/span> Pinnacle <\/span> receives <\/span> a further <\/span> 20% <\/span> interest in <\/span> the property, <\/span> totaling <\/span> 90%. <\/span> At <\/span> this <\/span> point, <\/span> both <\/span> parties <\/span> will <\/span> decide <\/span> whether <\/span> to continue <\/span> with <\/span> a participating <\/span> interest <\/span> or <\/span> the vendor <\/span> will <\/span> have <\/span> the option <\/span> to convert <\/span> the remaining <\/span> 10% interest <\/span> toa 2% <\/span> NSR <\/span> royalty. <\/span><\/p>\n

Totals <\/span> of <\/span> $7,500,000 <\/span> cash <\/span> (plus <\/span> approximately <\/span> $160,000 <\/span> in <\/span> back-taxes) <\/span> and <\/span> 3,500,000 <\/span> shares <\/span> of <\/span> Pinnacle <\/span> for a 100% <\/span> interest subject <\/span> to a 2% <\/span> NSR <\/span> royalty. <\/span><\/p>\n

Pinnacle will <\/span> be the operator throughout the term of the agreement, oversee permitting, and make the <\/span> semi-annual payment <\/span> of <\/span> mining taxes, etc. <\/span> If, at any <\/span> time, Pinnacle decides not to proceed, the Company could either continue to operate at <\/span> its level <\/span> of interest <\/span> at <\/span> that time or sell its interest, in which <\/span> case the vendor would <\/span> have <\/span> a Right <\/span> Of First Refusal (ROFR). <\/p>\n

<\/a> Part <\/span> and <\/span> Parcel <\/span> Financing <\/span> (All <\/span> dollar <\/span> figures <\/span> in <\/span> CAD): <\/span><\/p>\n

Pinnacle <\/span> will <\/span> be <\/span> arranging <\/span> a private <\/span> placement <\/span> to raise <\/span> gross <\/span> proceeds <\/span> of <\/span> up <\/span> to $800,000 <\/span> (the \u2018Financing\u2019), <\/span> to close <\/span> concurrently <\/span> with <\/span> the closing <\/span> of <\/span> the Transaction. <\/span> The <\/span> placement <\/span> will <\/span> consist <\/span> of <\/span> up <\/span> to 20,000,000 <\/span> units <\/span> (the <\/span> \u2018Units\u2019) <\/span> at <\/span> a price <\/span> of <\/span> $0.04 <\/span> per <\/span> Unit, <\/span> with <\/span> each <\/span> Unit <\/span> comprising <\/span> one <\/span> common <\/span> share <\/span> (\u2018Share\u2019) <\/span> in <\/span> the capital <\/span> of <\/span> the Company <\/span> and <\/span> one-half <\/span> share <\/span> purchase <\/span> warrant <\/span> (\u2018Warrant\u2019), <\/span> whereby <\/span> each <\/span> whole <\/span> Warrant <\/span> shall <\/span> be <\/span> convertible <\/span> into <\/span> an <\/span> additional <\/span> Share <\/span> at <\/span> an <\/span> exercise <\/span> price <\/span> of <\/span> $0.06 <\/span> for a period <\/span> of 24 <\/span> months <\/span> from <\/span> the date <\/span> of <\/span> issuance. <\/span> Finder\u2019s <\/span> fees <\/span> may <\/span> also <\/span> be <\/span> paid. <\/span><\/p>\n

The <\/span> net <\/span> proceeds <\/span> raised <\/span> from <\/span> the Financing <\/span> will <\/span> be <\/span> used <\/span> for exploration <\/span> and <\/span> development <\/span> of <\/span> the Potrero <\/span> Project <\/span> and <\/span> for <\/span> working <\/span> capital. <\/span><\/p>\n

All <\/span> securities <\/span> to be <\/span> issued <\/span> will <\/span> be <\/span> subject <\/span> to a four-month <\/span> hold <\/span> period <\/span> from <\/span> the date <\/span> of <\/span> issuance <\/span> and <\/span> subject <\/span> to <\/span> TSX <\/span> Venture <\/span> Exchange <\/span> approval.\u202f\u202fThe <\/span> securities <\/span> offered <\/span> have <\/span> not <\/span> been <\/span> registered <\/span> under <\/span> the <\/span> United <\/span> States <\/span> Securities <\/span> Act <\/span> of <\/span> 1933 <\/span> , <\/span> as <\/span> amended, <\/span> and <\/span> may <\/span> not <\/span> be <\/span> offered <\/span> or <\/span> sold <\/span> in <\/span> the United <\/span> States <\/span> absent registration <\/span> or an <\/span> applicable <\/span> exemption <\/span> from <\/span> the registration <\/span> requirements. <\/span><\/p>\n

<\/a> Due <\/span> Diligence <\/span> and <\/span> Indicative <\/span> Timeline: <\/span><\/p>\n

Under <\/span> the terms <\/span> of <\/span> the non-binding <\/span> LOI, <\/span> the parties <\/span> have <\/span> agreed <\/span> to a period <\/span> of <\/span> up <\/span> to 3 months <\/span> to finalize <\/span> due <\/span> diligence <\/span> investigations, <\/span> file <\/span> a NI <\/span> 43-101 <\/span> Technical <\/span> Report, <\/span> complete <\/span> the aforementioned <\/span> financing, <\/span> execute <\/span> a Definitive <\/span> Agreement and <\/span> obtain <\/span> final <\/span> TSXV <\/span> approval. <\/span><\/p>\n

<\/a> Other Information: <\/span><\/p>\n

The <\/span> Transaction <\/span> is <\/span> not <\/span> a non-arm\u2019s-length <\/span> transaction <\/span> within <\/span> the meaning <\/span> of <\/span> the policies <\/span> of <\/span> the TSXV. <\/span> A Finder\u2019s <\/span> Fee <\/span> of <\/span> 4% of the <\/span> cash <\/span> and <\/span> shares <\/span> will <\/span> be <\/span> payable <\/span> to <\/span> an <\/span> arm\u2019s <\/span> length <\/span> individual. <\/span><\/p>\n

The <\/span> Transaction <\/span> is <\/span> considered <\/span> to be <\/span> a Fundamental <\/span> Acquisition <\/span> by <\/span> the TSXV. <\/span> Trading <\/span> in <\/span> the shares <\/span> of <\/span> the Company <\/span> on <\/span> the TSXV <\/span> has <\/span> been <\/span> halted <\/span> and <\/span> will <\/span> remain <\/span> halted <\/span> pending <\/span> formal <\/span> approval <\/span> of <\/span> the <\/span> Transaction <\/span> by <\/span> the TSXV. <\/span><\/p>\n

<\/a>\u00a0<\/a> Qualified <\/span> Person <\/span><\/p>\n

Mr. <\/span> Robert <\/span> A. <\/span> Archer, <\/span> P. <\/span> Geo, <\/span> a Qualified <\/span> Person <\/span> as <\/span> defined <\/span> by <\/span> National <\/span> Instrument <\/span> 43-101, <\/span> and <\/span> the President <\/span> and <\/span> CEO <\/span> of <\/span> the <\/span> Company, <\/span> has <\/span> reviewed, <\/span> verified <\/span> and <\/span> approved <\/span> for disclosure <\/span> the technical <\/span> information <\/span> contained <\/span> in <\/span> this <\/span> news <\/span> release. <\/span><\/p>\n

<\/a>\u00a0<\/a> ABOUT Pinnacle Silver and Gold Corp.<\/span><\/p>\n

<\/a> Pinnacle <\/span> is <\/span> currently <\/span> focused <\/span> on <\/span> district-scale <\/span> exploration <\/span> for <\/span> precious <\/span> metals <\/span> in <\/span> the prolific <\/span> Red <\/span> Lake <\/span> District <\/span> of <\/span> northwestern <\/span> Ontario. <\/span> The <\/span> past-producing <\/span> high-grade <\/span> Argosy <\/span> Gold <\/span> Mine <\/span> is <\/span> open <\/span> to depth, <\/span> while <\/span> the adjacent <\/span> North <\/span> Birch <\/span> Project <\/span> offers <\/span> additional <\/span> district-scale <\/span> potential. <\/span> Pinnacle <\/span> is <\/span> also <\/span> actively <\/span> looking <\/span> for other <\/span> district-scale <\/span> opportunities <\/span> in <\/span> the <\/span> Americas, <\/span> with <\/span> a particular <\/span> focus <\/span> on <\/span> silver <\/span> and <\/span> gold. <\/span> With <\/span> a seasoned, <\/span> highly <\/span> successful <\/span> management <\/span> team <\/span> and <\/span> quality <\/span> projects, <\/span> Pinnacle <\/span> Silver <\/span> and <\/span> Gold <\/span> is <\/span> committed <\/span> to building <\/span> long <\/span> -term , <\/span> sustainable <\/span> value <\/span> for <\/span> shareholders. <\/span><\/p>\n

Signed: <\/span> \u2018Robert <\/span> Archer\u2019 <\/span> President <\/span> & CEO <\/span><\/p>\n

<\/a> FOR <\/span> FURTHER <\/span> INFORMATION <\/span> CONTACT: <\/span><\/p>\n

Email: <\/span> info@pinnaclesilverandgold.com <\/span> Tel.: <\/span> +1-877-271-5886 <\/span> ext. <\/span> 110 <\/span><\/p>\n

<\/a> Website: <\/span> www.pinnaclesilverandgold.com <\/span><\/p>\n

Neither <\/span> the <\/span> TSX <\/span> Venture <\/span> Exchange <\/span> nor <\/span> the <\/span> Investment <\/span> Industry <\/span> Regulatory <\/span> Organization <\/span> of <\/span> Canada <\/span> accepts <\/span> responsibility <\/span> for <\/span> the <\/span> adequacy <\/span> or <\/span> accuracy <\/span> of <\/span> this release <\/span> . <\/span><\/p>\n

1 <\/span> 1 <\/span> These <\/span> resources <\/span> are <\/span> historical <\/span> in <\/span> nature <\/span> and <\/span> Pinnacle <\/span> is <\/span> not <\/span> treating <\/span> these <\/span> estimates <\/span> as <\/span> current <\/span> mineral <\/span> resources <\/span> as <\/span> a qualified person on behalf of Pinnacle has not done sufficient work to classify them as current mineral resources. As a <\/span> requirement of the acquisition, Pinnacle will be producing a NI 43-101 compliant technical report, but not a resource estimate at this stage, subject to the approval of the TSX Venture Exchange. <\/span><\/p>\n

2 <\/span> Gold and silver equivalents calculated using <\/span> a gold:silver <\/span> price <\/span> ratio <\/span> of <\/span> 82 <\/span> (i.e. <\/span> 82 g\/t <\/span> silver <\/span> = 1 <\/span> g\/t <\/span> gold). <\/span> The <\/span> metal <\/span> prices <\/span> used <\/span> to <\/span> determine <\/span> the <\/span> 82:1 <\/span> ratio <\/span> are <\/span> the <\/span> closing <\/span> prices <\/span> in New York on Oct. 25, 2024: <\/span> gold <\/span> US$2,747.90 <\/span> and <\/span> silver <\/span> US$33.67. <\/span><\/p>\n

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(TheNewswire) Highlights: The Agreement \u2013 Pinnacle Silver and Gold Corp. \u2018Pinnacle\u2019) has signed a Letter of Intent (the \u2018LOI\u2019) with an arm\u2019s length private individual and a company he controls whereby Pinnacle will have a staged option to acquire up toa 100% interest in the 1,074 hectare El Potrero high-grade gold-silver project in Durango, Mexico. […]<\/p>\n","protected":false},"author":0,"featured_media":11717,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-11716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=11716"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/11717"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=11716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=11716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=11716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}