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Silver Mines (ASX: SVL) has signed binding agreements to acquire the Calico North Project (Ag) and the Kramer Hills Project (Au-Ag) in San Bernardino County, California.
- Both projects host mineralisation with historical production, where kilometres of mineralised structures remain untested both near surface and at depth.
- Minimal cash outlay with total upfront cash payment of US$1.1m plus 62.5m Silver Mines’ shares, prior to milestone payments or expenditure commitments.
- Initial exploration activity to commence in 2H 2025 focusing on geophysics and mapping prior to drill planning commencing in 2026.
- The transactions add low risk exploration optionality to the portfolio complementing our flagship Bowdens Silver Project, for which Development Consent and Mining Lease approvals remain our key focus in 2025
Silver Mines remains absolutely committed to advancing the flagship Bowdens Silver Project in NSW through permitting and into production. Whilst exploration potential remains at Bowdens, especially at depth, SVL has already matured a substantial Reserve at the Bowdens Silver Project with a long forecast Life of Mine.
The Company has been mindful of augmenting Silver Mines’ exploration optionality and these US transactions are the result of an extensive global silver project survey we have conducted in recent months. The transactions have been carefully structured to minimise upfront cash outlay and are weighted towards a scrip component.
Silver Mines Managing Director, Jo Battershill commented:
“These projects provide Silver Mines with a substantial foothold in a highly endowed region and fit perfectly with our preference for brownfields targets with high potential, in safe jurisdictions and with minimal balance sheet impact. They offer substantial upside to shareholders through the discovery and definition of a potential development pipeline and offer geographical diversification".
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