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Xali Gold Completes Baseline Studies on Pico Machay Gold Project in Peru

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Xali Gold (XGC.V) completes the baseline studies required for the Ficha Tecnica Ambiental Drilling Permit (FTA) on its Pico Machay Gold project, it said on Thursday.

The Peruvian environmental and social consulting firm engaged by the company, GEADES, is now receiving, compiling and interpreting the laboratory results from the completed sampling program in order to finalize the baseline studies and prepare the FTA application, which is expected to be submitted to the General Directorate of Mining Environmental Affairs of Ministry of Energy and Mines in Peru by or near the end of June.

The company expects to continue technical evaluations and planning activities related to future drilling, metallurgical studies, resource modelling, and advancement of a PEA, following submission of the FTA application.

Shares of the company closed down 5.4% to $0.265 on Wednesday on the TSX Venture Exchange.

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