Business
Defiance Closes Acquisition of MAG Silver Holdings
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2018) - Defiance Silver Corp. (TSXV: ...
About this update from Defiance Silver Corp.
[{"type":"text","content":"Defiance Closes Acquisition of MAG Silver HoldingsVancouver, British Columbia--(Newsfile Corp. - June 25, 2018) - Defiance Silver Corp. (TSXV: DEF) (OTC: DNCVF) (\"Defiance\") is pleased to announce that it has completed its acquisition of MAG Silver Corp.'s (\"MAG\") Zacatecas Silver District holdings and its regional exploration database covering 135,000ha (see News Release dated June 13, 2018). As consideration for the sale, Defiance issued 5,000,000 shares to MAG.  The shares are subject to an eighteen month hold period ending December 22, 2019. When necessary, MAG agrees to vote its shares owned in accordance with the recommendations of the management of Defiance.\"We are very pleased to have closed this transaction with MAG Silver, and further expand our presence in the Zacatecas Silver District,\" stated Peter J. Hawley, President and CEO. \"With significant exploration potential at the San Acacio project, we look forward to continuing our examination and interpretation of the large regional exploration database.\"The Lagartos Project consists of 14 concessions totaling approximately 800 hectares. In addition, Defiance will also receive a database covering an additional 135,000 hectares in the Zacatecas silver district providing the opportunity to acquire further concessions. All of the Lagartos concessions are located within the Zacatecas silver district, which has produced an estimated billion ounces of silver, principally before 1895. Zacatecas lies along the \"Fresnillo Silver Trend\" a regional structural zone that has yielded over 5 billion ounces of silver. The four largest districts along the trend; Guanajuato, Zacatecas, Sombrerete and Fresnillo are all characterized by multiple sets of parallel silver-gold veins with high-grade oreshoots located periodically along their lengths. The Zacatecas District is characterized by six major sets of such parallel veins. This consolidation gives Defiance control of over 65% of the Veta Grande vein, which historically produced a significant amount of silver within the district. A number of the other newly acquired Lagartos concessions lie along other important vein systems in the Zacatecas Silver District including: the Malanoche vein system currently being mined by Capstone Mining Corp.; the Cantera - El Bote vein system; and the Panuco vein system controlled by Santac...