Silver One Acquires SSR Mining’s Past Producing Candelaria Silver Mine Project, Nevada
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Silver One Resources has acquired a 100 percent interest in the past producing Candelaria silver mine project in Nevada from SSR Mining.
In order to obtain its 100 percent interest, Silver One previously issued to SSR Mining a total US$3,100,000 of common shares (being 10,424,374 common shares) over a three year period from 2017 to 2020, and assumed an US$2,491,757 reclamation bond filed with the BLM.
“Securing the 100 percent interest in Candelaria represents a major milestone in the company’s history. Candelaria was a former producer, with Kinross Gold operating the open-pit mine up until 1997. Historically it produced more than 60 million ounces of silver. Operations were shut down due to a major drop in silver prices and the property was sold to SSR Mining,” said Greg Crowe, president and CEO of Silver One.
“Silver One entered into an agreement with SSR Mining in 2017, giving Silver One the ability to acquire a 100 percent interest in the project. Silver One is now poised to advance the project and continue evaluating the potential to bring the operation back into production,” added Crowe.
“Silver One is currently updating the historical resource estimate to a current resource and completing metallurgical studies with the aim of completing an economic study. The property also hosts significant exploration potential for silver, gold and copper,” concluded Crowe.
Silver One Resources is focused on the exploration and development of quality silver projects. The company holds 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. 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. Silver One holds an option to acquire a 100 percent interest in the Silver Phoenix Project. The Silver Phoenix Project is a very high-grade native silver prospect that lies within the Arizona Silver Belt, immediately adjacent to the prolific copper producing area of Globe, Arizona.
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