Canadian junior exploration company Silver Viper Minerals has signed an agreement with CSAC Holdings and its shareholders, collectively the vendors, to acquire the Cimarron project in Sinaloa, Mexico, which hosts a porphyry gold-copper system.
The transaction involves Silver Viper obtaining all outstanding common shares of CSAC Holdings from the vendors in exchange for nine million common shares of Silver Viper.
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The Cimarron project is situated in a well-established mining jurisdiction on a prolific porphyry belt extending from Arizona to Jalisco. The property is strategically positioned between Mazatlán and Rosario in Sinaloa and is accessible via an 11km dirt road.
The relatively flat terrain and the proximity of an electrical line 1km south enhance the site’s accessibility.
Local towns such as Rosario, a historic mining community, and Mazatlán offer skilled labour, which is advantageous for the project’s development, according to the company.
Silver Viper’s leadership has recognised the potential for growth at the Cimarron project, particularly at the Calerita, Lobo and Huanacaxtle parts of the mineralised system.
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By GlobalDataThe company is considering trenching as a cost-effective method to identify additional drill targets, especially where there are soil anomalies.
The closing of the transaction is subject to several conditions including approval from the TSX Venture Exchange and satisfactory due diligence of CSAC and the Cimarron project.
Silver Viper president and CEO Steve Cope said: “This acquisition supports our strategy to build scale through the addition of high-quality gold, silver and copper assets in Mexico.
“Cimarron has benefitted from extensive historical drilling and is ready for the next stage of infill and step-out work.”
