- Defiance Silver (DEF) has launched a minimum 5,000-metre drilling program at its San Acacio Project in Zacatecas, Mexico
- The program will test the Beta Grande Vein System, both at depth and outside the known resource area
- Major Drilling SA de CV, a globally recognised drilling company, has been contracted to carry out the work
- The exploration work is supported by a C$10 million placement that was completed in mid-September
- Defiance Silver is currently down 3.57 per cent to $0.81 per share
Defiance Silver (DEF) has launched a minimum 5,000-metre drilling program at its San Acacio Project in Zacatecas, Mexico.
The project covers 1,543 hectares and consists of 24 mineral concessions, and hosts the historic San Acacio mine which controls roughly 65 per cent of the entire Veta Grande Vein System.
Major Drilling SA de CV, a globally recognised drilling company, has been contracted to carry out the work, which will test the Beta Grande System in hanging wall structural offsets, as well as to greater depths and to regions outside of the current resource area.
“Drilling will help guide our geologic modelling and structural interpretation of the highly prospective Veta Grande Vein System while we continue to explore and generate new targets,” said Chris Wright, Executive Chairman and CEO of Defiance Silver.
“The exploration teams continue to advance our understanding of the regional geologic setting,” he added.
A number of safety protocols have been implemented in accordance with COVID-19 guidelines put forward by the government of Mexico, and local, state and federal health authorities have agreed to assist in ensuring safe operating conditions for employees, contractors and the wider community.
Defiance Silver’s drilling program is supported by a recently completed financing, under which the company issued just over 29.4 million units at a price of C$0.34 each, raising a total of roughly $10 million.
Each unit consists of one common share in Defiance Silver and one-half of a common share purchase warrant, where each whole warrant will be exercisable at a price of $0.48 per share until September 16, 2022.
Defiance Silver is currently down 3.57 per cent to $0.81 per share at 11:53am EST.