Candelaria Project, Nevada USA
The Company continues to advance its flagship Candelaria past producing mine in Nevada, with the aim of advancing it to the development stage. In May of this year (see News Release of May 6, 2025) an in-ground mineral resource was announced and earlier, a leach pad resource (see News Release of August 18, 2020) was reported. The property now hosts 108.18 million ounces of silver equivalent in the Measured and Indicated categories and 29.46 million ounces of silver equivalent in the Inferred category (see News Release of May 6, 2025 for complete technical details on the resource or click HERE). The mineralization is open down-dip and along strike, and continued drilling could potentially identify additional zones of mineralization.
The above resource was used to commence mine planning, production scheduling and economic evaluation. Mine planning and production schedules, preliminary engineering and costing have been mostly completed. The Company was moving towards the completion of a Preliminary Economic Assessment (“PEA”) by late 2025. However, Silver One will now be able to proceed directly to a Pre-Feasibility (“PFS”) level study as confirmed by our study Qualified Persons (“QP’s”). Additional metallurgical testing is needed to optimize gold and silver recoveries and validate previous results. The upgrading of the heap leach pad resources to Measured and Indicated will also be undertaken. This will result in a more accurate study and will allow for the Company to proceed with a Plan of Operations (“PoO”), which will be required to update existing permits.
