- Eric Sprott made a $7.4 million investment in Mexican gold, silver, lead and zinc miner Silverco Mining
- The company’s flagship Cusi project hosts multiple past-producing mines in the heart of the Sierra Madre Occidental gold-silver belt
- A handful of exploration targets point towards considerable untapped upside
On Friday, Eric Sprott purchased 4,637,960 shares of Silverco Mining for $7,420,736, representing a 14.2 per cent stake in the miner, which recently finalized a reverse takeover with Quetzal Copper (TSXV:Q).
The shares, acquired through 2176423 Ontario Ltd., a corporation owned by Sprott, join 2,467,000 private Siverco Mining shares he already held and provide the top Canadian mining investor with added exposure to the company’s 16,073-hectare Cusi project in Chihuahua State, Mexico, which resides within the mineral-rich Sierra Madre Occidental gold-silver belt.
Cusi hosts numerous historical silver, gold, lead and zinc-producing mines that capitalized on multiple vein structures, as well as several significant exploration targets, including a recently discovered mineralized geological block.
The property is supported by a 1,200-ton-per-day mill with permitted tailings capacity, paved highway access and a connection to Mexico’s national power grid.
According to a statement by Mark Ayranto, CEO of Silverco, in the initial June 26 news release about the acquisition, “with two rigs currently turning and a strong treasury, Silverco is well-positioned to create meaningful shareholder value and transition Cusi into a positive cash-flowing silver mine.”
Quetzal Copper intends to change its name to Silverco Mining and remain listed on the TSX Venture Exchange as a Tier-2 mining issuer under the new ticker symbol SICO.
Join the discussion: Find out what investors are saying about Eric Sprott and his new precious and base metal investment on the Quetzal Copper Corp. Bullboard, and make sure to explore the rest of Stockhouse’s stock forums and message boards.
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