Silver Valley Metals has agreed to take over the Page Mine and the surrounding prospective landholdings in the Silver Valley, Idaho, US, from an undisclosed firm.
The firm has optioned to acquire the mine, in addition to the prolific Tony Vein and a prospective land package rich in exploration potential.
Under the ten-year rental and option agreement, Silver Valley Metals will pay $60,000 in the first year and a further $30,000 from the second to the tenth year.
The firm will pay $1.5m to acquire 100% of the patented mineral rights to the Page project.
Located contiguous to the west and south of the Silver Valley’s Ranger-Page Project, the Page Mine and area includes 49 patented mining claims that cover a total area of 802ha.
Silver Valley Metals president and CEO Brandon Rook said: “With this minimal dilutive transaction, the company can apply its cash resources into exploration focusing on both projects as one.
“With shared underground infrastructure connecting the Page Mine with the five shallower mines on our neighbouring Ranger-Page project, the company will strategise an exploration plan that will target the nearer surface mineralisation on the eastern end of the project (Crown Point, Ranger, Wyoming) with the mineralisation at Blackhawk (350m below elevation) located in the central area of the project and westward to the deeper Tony Vein historical resources at the Page Mine.
“This is notwithstanding the potential of new discoveries as the entire project area has never had modern geological exploration applied to it.”
Silver Valley expects the claim package to triple the size of its Silver Valley project area.
Operating between 1916 and 1917, and from 1926 to 1969, the Page mine is currently open for exploration and mining with permits in place.
It produced around 1.1 billion pounds of zinc and lead, as well as 14.6Moz of silver.
Owned by American Smelting & Refining, the Tony Vein was mined to a vertical extent of 2,644ft.