- Southern Silver Exploration (SSV) has signed a deal to acquire a majority interest in the Hermanas Gold Silver Project
- The Vancouver company signed an option agreement with Bull Mountain Resources to acquire a 100-per-cent interest in the project, located in New Mexico
- The project is located approximately 40 kilometres east of Southern Silver’s Oro Porphyry Copper-skarn-CRD project
- The Hermanas is made up of 83 lode claims on Federal land administered by the Bureau of Land Management
- Southern Silver is up 1.72 per cent, trading at $0.30 at 1:57 pm EST
Southern Silver Exploration (SSV) has signed a deal to acquire a majority interest in the Hermanas Gold Silver Project.
The Vancouver company signed an option agreement with Bull Mountain Resources to acquire a 100-per-cent interest in the project, located in New Mexico.
The project is located approximately 40 kilometres east of Southern Silver’s Oro Porphyry Copper/skarn/CRD project.
The Hermanas is made up of 83 lode claims on Federal land administered by the Bureau of Land Management.
The all-cash deal is worth approximately US$182,500 in staged Advanced Minimum Royalty (“AMR”) payments over six years.
After exercising the option, Southern Silver will pay annual AMR payments of $50,000 towards the retained NSR royalty of 2 per cent on claims and 0.5 per cent NSR of production of other lands within an area of interest. Upon cumulative royalty payments of US $10 million.
“Our primary interest is the development of our Cerro Las Minitas silver-lead-zinc property in Durango, Mexico where a PEA report is currently underway. For some years we have been developing the Oro project in New Mexico where a significant drill program will commence in January 2022. We believe that the Hermanas project is synergistic to Oro and can be explored on a cost-efficient basis while exploration and development proceeds at Oro,” said Southern Silver President, Lawrence Page.
Southern Silver is up 1.72 per cent, trading at $0.30 at 1:57 pm EST.
