07:45 AM EST, 11/19/2025 (MT Newswires) -- Xali Gold ( CGDXF ) reported Wednesday that due diligence site visits for the Pico Machay Gold Project in Central Peru have been completed and "confirm the high quality and integrity of the historical work".

A statement noted the project is under acquisition through a Share Purchase Agreement with Pan American Silver ( PAAS ) and its subsidiary, Aquiline Resources.

Xali Gold ( CGDXF ) said it has now completed three site visits between June and November of this year, providing "strong confidence in the integrity of the historical work" conducted on the property by Aquiline Resources, their predecessors and also by Pan American.

"The project has delivered a major and highly encouraging surprise: the alteration footprint is substantially more extensive than we had understood, spanning about 4.1km by 1.3km (533 hectares)," said Joanne Freeze, President and CEO of Xali Gold ( CGDXF ).

"By comparison, the surficial expression of the current resource occupies approximately 800m by 350m (28 hectares), approximately 5% of the altered-mineralized broader system, which highlights the substantial exploration upside that remains open for discovery. Not only does Pico Machay offer immediate value potential, given that the original resource was based on a long-term gold price of only US$700 per ounce, but the extensive undrilled areas within this large alteration system provide exceptional opportunity for both resource expansion and new discoveries."

Shares in Xali were unchanged at $0.075 in Canada yesterday.