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Silver Dollar Accelerates Acquisition and Delivers Notice Exercising Option to Acquire La Joya Ag-Cu-Au Property from First Majestic Silver
Vancouver, British Columbia--(Newsfile Corp. - April 11, 2023) - Silver Dollar Resources Inc. (C...
About this update from Silver Dollar Resources, Inc.
[{"type":"text","content":"Silver Dollar Accelerates Acquisition and Delivers Notice Exercising Option to Acquire La Joya Ag-Cu-Au Property from First Majestic SilverVancouver, British Columbia--(Newsfile Corp. - April 11, 2023) - Silver Dollar Resources Inc. (CSE: SLV) (OTCQX: SLVDF) (FSE: 4YW) (\"Silver Dollar\" or the \"Company\") is pleased to report that, further to its news release of August 10, 2020, it has delivered a notice to First Majestic Silver Corp. (\"First Majestic\") exercising its option to acquire a 100% interest (the \"Acquisition\") in First Majestic's La Joya silver-copper-gold property (the \"Property\"). Located in the southeastern portion of the State of Durango in the Mexican Silver Belt (see Figure 1), the Property is comprised of 15 mineral concessions totaling 4,646 hectares and hosts the Main Mineralized Trend (MMT), Santo Nino, and Coloradito deposits. Figure 1: Location of the La Joya Project along with past-producing and operating mines in the area.To view an enhanced version of this graphic, please visit:https://vimeo.com/497779460.\"We are proud to announce the exercise of the options to acquire La Joya from First Majestic. Our team has done an excellent job establishing a positive working relationship with the local communities and advancing the project, particularly when you consider we entered into this agreement during the height of Covid-19 restrictions,\" said Mike Romanik, president of Silver Dollar. \"We have completed almost 6,000 metres of exploration drilling thus far, with results that include the discovery of the Brazo area, and continue with our new target development work. We would also like to thank the local communities for their cooperation and support.\"Pursuant to the option agreement (the \"Option Agreement\") dated August 7, 2020, as amended by an amending agreement dated March 28, 2023 (the \"Amending Agreement\"), among the Company and First Majestic, First Majestic granted the Company an exclusive option to acquire an initial 80% interest and if exercised, a second option to acquire the remaining 20% interest in a wholly-owned subsidiary of First Majestic that holds the Property through its wholly-owned Mexican subsidiary by making certain payments, incurring certain expenditures and issuing securities.The closing of the Acquisition is subject to the provision of standard closing deliverables and...