Silver One’s aim is to become a premiere silver focused exploration and development company. The Company has acquired a 100% interest in three significant silver assets from First Mining Finance (TSX-V: FF). Through this transaction, First Mining owns 7.2% of the issued and outstanding shares of Silver One.
Silver One has also entered into an option agreement with Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) to aquire a 100% interest in the Candelaria Mine project.
The project lies within the Candelaria Mining District, historically the richest silver mining district in Nevada and previously produced over 69,000,000mm oz of silver and has a historic resource estimate. The Candelaria silver project represents an unique opportunity for Silver One. It contains a substantial historic silver resource and provides an excellent exploration opportunity for investigating the presence of high grade silver mineralization and potential additional resources at depth.
The three properties in Mexico include: Peñasco Quemado in the State of Sonora, La Frazada in the State of Nayarit, and Pluton in the State of Durango. Peñasco Quemado and La Frazada have historical resource estimates while Pluton hosts significant exploration potential. The company is planning an aggressive exploration program to update the historic resource estimates and explore the high grade target on the Pluton project.