Silver One Satisfies Third Option Payment for Candelaria Silver Mine Project, Nevada
Published: February 8, 2019 |
Silver One Resources Inc. has made the latest option payment to SSR Mining Inc. by issuing a total of 5,827,338 shares at a deemed price of US$1 million.
“Our 2018 work at Candelaria continued to demonstrate the upside prospects at Candelaria. Key merits of the project include exploration potential with respect to the down-dip, high-grade silver drill intercepts previously encountered by Silver Standard Resources Inc. (now SSR Mining Inc.) and the along-strike potential continuity of the silver mineralized system outside the area of past open-pit mining and the target area identified by the historical resource prepared by Silver Standard,” said Greg Crowe, president and CEO of Silver One.
Silver One is also continuing its metallurgical studies on the historic leach pads from which Kinross Gold and others produced silver in the 1970s to late 1990s. Silver One’s ongoing studies are aimed at determining the potential for near-midterm production of silver from reprocessing the old heaps. Eventual drilling of the mineralized system will help determine longer-term development potential.”
The company entered into an option agreement in January 2016 with a subsidiary of SSR Mining, in which it is required to make four $1 million payments in Silver One shares to acquire 100 percent interest in the Candelaria Silver Mine Project.
Silver One will also be initiating a drill program at its 100 percnet owned Peñasco Quemado project located in Sonora, Mexico. The proposed program, scheduled to begin by mid-February 2019, will consist of approximately 1000 metres of diamond drilling to test selected targets within strong zinc-lead and other metal geochemical and coincidental geophysical anomalies previously identified.
About Silver One
Silver One is focused on the exploration and development of quality silver projects. The company holds an option to acquire a 100 percent interest in its flagship project, the past-producing Candelaria Mine located in Nevada. Potential reprocessing of silver from the historic leach pads at Candelaria provides an opportunity for possible near-term production. Additional opportunities lie in previously identified high-grade silver intercepts down-dip and potentially increasing the substantive silver mineralization along-strike from the two past-producing open pits.
The company has staked 636 lode claims and entered into a lease/purchase agreement to acquire five patented claims on its Cherokee project located in Lincoln County, Nevada, host to multiple silver-copper-gold vein systems, traced to date for over 11 km along-strike.
In addition, the company also holds a 100 percnet interest in three significant silver assets located in Mexico – Peñasco Quemado, Sonora; La Frazada, Nayarit; and Pluton, Durango, acquired from First Mining Gold, one of the company’s largest shareholders.
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