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Silver One Receives TSX Venture Acceptance of Option Agreement with Silver Standard Resources Inc. to Acquire 100% Interest in the Candelaria Mine Project, Nevada
VANCOUVER, BC / ACCESSWIRE / January 23, 2017 / Silver One Resources Inc. (TSX-V: SVE) (FSE:...
About this update from Silver One Resources Inc.
[{"type":"text","content":"Silver One Receives TSX Venture Acceptance of Option Agreement with Silver Standard Resources Inc. to Acquire 100% Interest in the Candelaria Mine Project, NevadaVANCOUVER, BC / ACCESSWIRE / January 23, 2017 / Silver One Resources Inc. (TSX-V: SVE) (FSE: BRK1) (OTC PINK: SLVRF) (\"Silver One\" or the \"Company\") is pleased to announce that it has received TSX Venture acceptance of its Option Agreement (\"Option Agreement\" or \"Agreement\") with a subsidiary of Silver Standard Resources Inc. (\"Silver Standard\") (NASDAQ: SSRI) (TSX: SSO) to acquire a 100% interest in the Candelaria Silver project located in Nevada. Accordingly, Silver One has issued 1,332,900 common shares at a deemed price of CAD $1.00 per share in order to satisfy the initial option payment of USD $1,000,000.\nThe shares issued to Silver Standard will be subject to restrictions on resale expiring on May 21, 2017.\nThe Candelaria Silver Project\nThe Candelaria District became one of the richest silver districts in the state of Nevada, following discovery of high grade veins in 1864. From 1864 until 1954, the property produced 22 million ounces of silver, mainly from underground mining methods. Between 1874 and 1883, the Northern Belle Mill and Mining Company alone mined 20,000 tons per year from high-grade lodes averaging 1,700 — 2,000 g/t (50 to 60 silver ounces per ton).\nSilver Standard reported in a technical report titled \"Candelaria Project Technical Report\" dated May 24, 2001 (filed on SEDAR on June 20, 2002), prepared by Mark G. Stevens, P.G., of Pincock Allen & Holt, the historical mineral resource estimate shown in the table below. \n\n \n \n Candelaria Project\n \n \n Historical Resource Estimate\n \n \n Area/Type\n Classification\n Tons\n Factored Ag Grade (opt\n Agtotal)\n Sol. Au \n Grade (opt \n Ausoluble)\n AqEq Grade \n (opt AgEqtotal)\n Ag Ounces (Agtotal)\n Aq Equiv. Ounces (AqEqtotal)\n \n \n Mount Diablo\n Measured\n 3,391,000\n 4.44\n 0.004\n 4.67\n 15,054,000\n 15,838,000\n \n \n Indicated\n 10,231,185\n 2.84\n 0.003\n 3.01\n 29,005,000\n 30,796,000\n \n \n Subtot. M + Ind\n 13,623,000\n 3.23\n 0.003\n 3.42\n 44,060,000\n 46,633,000\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mount Diablo\n Inferred\n 5,191,000\n 2.12\n 0.003\n 2.30\n 11,015,000\n 11,939,000\n \n \n Northern Belle\n 9,162,000\n 2.26\n 0.00...