Canada-based Regency Silver has signed an option agreement for a 100% stake in the El Tablon Claims in the state of Durango, Mexico, from an undisclosed firm.

Covering an area of 7,200ha, the El Tablon Claims are located within the Sierra Madre Occidental prolific gold-silver belt.

Under the option deal, Regency Silver is required to pay $50,000 upon receipt of exchange approval, as well as issue one million of its common shares and pay back taxes and mining filings on or before 31 March 2024.

Furthermore, Regency Silver is required to pay a $1m bonus upon publishing NI 43-101 resources.

According to estimates, the El Tablon Claims holds a minimum of 70 million silver equivalent ounces or one million gold ounces in the measured or indicated categories.

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It is located 16 miles from the historical Tayoltita, which produced more than 11 million ounces (Moz) of gold and 582Moz of silver.

In a press statement, Regency Silver said: “The El Tablon Claims are in a similar geological environment, characterised by the presence of productive rocks of the Lower Volcanic Complex, to which subvolcanic felsic rock bodies with stockworks and gold dissemination are found.

“In addition, the canyons around El Tablon expose many other mineralised zones, and works can be found in the neighbouring mines of the Ventanas, Mala Noche, and San Cayetano projects.”

Regency Silver said the El Tablon Claims hold potential for both high-grade silver veins and bulk mineable high volume-low grade polymetallic mineralisation.

Silver exploration and development company, Regency Silver owns the high-grade Dios Padre Silver Project in Sonora, Mexico.