Defiance Silver (DEF-V) Dec 24, '13 has decided to focus its efforts on the exploration and expansion of the San Acacio silver mine in Zacatecas, for which Defiance has an option to acquire a 100-per-cent interest. The San Acacio mine controls over 65 per cent of the Veta Grande vein, which has historically produced in excess of 200 million ounces of silver. In addition to its current resource within the existing mine workings, Defiance has outlined a number of targets that based on historical drilling and sampling results, appear to be both larger and higher grade than initially anticipated.
The San Acacio mine has excellent exploration potential to significantly expand the current resource as mineralization is open to depth below the historic production stopes as well as along strike for 4.6 kilometres. The Veta Grande vein is one of the three major vein systems in the Zacatecas silver district. Located five km north of the city of Zacatecas, the San Acacio mine enjoys the advantages of excellent infrastructure, including a skilled local work force, road access and access to the national power grid.
As part of its focus on resource definition, Defiance has decided to terminate its option agreement with Impact Silver Corp. for the acquisition of the Santa Gabriela processing plant, and associated surface rights and concessions located in Zacatecas, Mexico.
Bruce Winfield, PGeo, president and chief executive officer of the company, is the qualified person for information contained in this press release. Mr. Winfield is a qualified person within the meaning of National Instrument 43-101. |
