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Silver One Signs Option Agreement with Silver Standard Resources Inc. to Acquire 100% Interest in the Candelaria Mine Project, Nevada
VANCOUVER, BC / ACCESSWIRE / January 17, 2017 / Silver One Resources Inc. (TSXV: SVE) (FSE: ...
About this update from Silver One Resources Inc.
[{"type":"text","content":"Silver One Signs Option Agreement with Silver Standard Resources Inc. to Acquire 100% Interest in the Candelaria Mine Project, NevadaVANCOUVER, BC / ACCESSWIRE / January 17, 2017 / Silver One Resources Inc. (TSXV: SVE) (FSE: BRK1) (OTC Pink: SLVRF) (\"Silver One\" or the \"Company\") has entered into an Option Agreement (\"Option Agreement\" or \"Agreement\") with a subsidiary of Silver Standard Resources Inc. (NASDAQ: SSRI) (TSX: SSO) (\"Silver Standard\") to acquire a 100% interest in the Candelaria Silver project located in Nevada.\nGreg Crowe, President and CEO, comments: \"The Candelaria silver project represents a unique opportunity for Silver One. It contains a substantial historic silver resource and provides an excellent exploration opportunity for investigating the presence of high grade silver mineralization and potential additional resources at depth. This property has had silver production from several major companies and was considered one of the highest grade silver producers in the state of Nevada.\nThis Option Agreement with Silver Standard represents the next step in the organic and/or acquisition growth strategy of Silver One.\"\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).\nThe property was acquired by Occidental Minerals in 1980 and later by Nerco Minerals, who produced over 33 million ounces of silver from open pit operations between 1980 and 1989. Kinross Gold, through its subsidiary Kinross Candelaria Mining Company, purchased the Candelaria mine in 1994. They operated the mine until January 1999, producing over 13 million ounces of silver. The total known historical production for the property is estimated to be over 68 million ounces of silver.\nSilver Standard purchased the Candelaria project from Kinross in 2001.\nReclamation of the Candelaria Mine has been ongoing since 1998. The mine dumps were re-contoured and seeded, and the heap leach piles were rinsed with fresh water and seeded. Other infrastructure has been re...