Endeavour Silver Corp. (NASDAQ: EXK) stock declined by 4.97% at the last close whereas the EXK stock price gains by 3.56% in the pre-market trading session. Endeavour Silver deals with mid-tier precious metals mining and is located in Mexico. It owns and manages three high-grade underground silver-gold mines.
Endeavour Silver Corp. has signed a formal deal with Canamex Gold Corp. to buy a 100 percent interest in Canamex’s Bruner Property, a gold exploration project in Nye County, Nevada, some 180 kilometers southeast of Reno, for $10 million in cash.
Key points of the Properties:
- Acquisition of a 100% stake in 1,457 hectares of patented and unpatented claims, subject to pre-existing NSR payments, some of which can be repurchased.
- Ideally situated inside Nevada’s Walker Lane northwest-trending mineral belt, which is home to many active miners and new finds.
- Only 25 kilometers from Gabbs, Nevada, and easily accessible by paved roadway and dirt roads. About 30 kilometers from the project, high-voltage electricity is accessible, and water rights have been obtained.
- Gold and silver range from low epithermal veins and disseminations inside sheeted and stockwork zones, indicating favorable geology. Within a broad 3 km zone with abnormal gold values, three gold regions have been identified.
- Canamex Gold estimates historic gold reserves of 342,000 ounces in 17.5 million tonnes grading 0.61 grams per tonne in three zones: Paymaster, HRA, and Penelas. Endeavour has not confirmed and is not depending on this old resource estimate. Qualifications for historic resource estimates can be found below.
- Surface sampling between the Paymaster, HRA, and Penelas zones revealed a strong possibility for discovering additional gold and silver mineralization suitable to open pit mining.
- Exceptional metallurgy – cyanide leach test results reveal gold recoveries of > 85% for 0.75” to 3.0” crush size with the possibility for run-of-mine leaching for each mineralized zone.
- With an advanced case exploration project in Nevada, the USA, a world class, stable mining state, diversity is provided.
Endeavour CEO, Dan Dickson, stated,
EXK is happy to announce the addition of a precious metals exploration property in the advanced stages of development to their project pipeline. Bruner is an excellent place to start developing an attractive gold-silver portfolio in Nevada, and it should be accretive to their five-year strategy goal to become a leading senior silver producer, through exploration discoveries, district acquisitions, near-term production, and organic development.