VANCOUVER — Endeavour Silver Corp. entered into an agreement with Canamex Gold Corp. to acquire Canamex’ Bruner gold exploration property in Nye County for $10 million in cash.
Gold was originally discovered at Bruner in 1906 and the district saw intermittent historic small-scale mining between 1906 and 1998. Recent exploration activities by previous operators included mapping, sampling, geophysical surveys and drilling, culminating in a mineral resource estimate in 2015 and a preliminary economic assessment in 2017 outlining a low capital cost, open pit, heap leach mine operation.
The agreement states that Endeavour Silver would acquire a 100% interest totaling about 3,500 acres on patented and unpatented claims, subject to pre-existing net smelter royalties.
The project is located in Nevada’s Walker Lane northwest trending mineral belt, which hosts several producing mines.
“We are pleased to add an advanced stage precious metals exploration property to our project pipeline,” said Endeavour CEO Dan Dickson in a July 19 press release. “Bruner represents a good start on building an attractive gold-silver portfolio in Nevada and should be an accretive acquisition for our five-year strategic plan to become a premier senior silver producer, with potential for exploration discoveries, district acquisitions, near-term production, and organic growth.”
The company plans to focus initially on verifying the historic resources, then turn its attention to the exploration targets.
“We look forward to unlocking the full potential of the Bruner Property with the goal of building a new mining operation in another historic mining district in Nevada,” Dickson said.
According to the agreement, Endeavour will pay $10 million in cash for 100% of the Bruner Gold Project, which includes mineral claims, mining rights, property assets, water rights, and government authorizations and permits. Completion of the transactions under the agreement is subject to customary closing conditions and is subject to Canamex shareholder approval.
Endeavour Silver Corp. is a mid-tier precious metals mining company that owns and operates three high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile.