Defiance Silver moves towards acquisition of Green Earth Metals’ Mexican projects.
The acquisition includes the Victoria, Espiritu, and Los Ocotes projects, offering Defiance Silver new exploration prospects in a mineral-rich area. Chris Wright, chairman and CEO of Defiance Silver, stated: “This acquisition aligns with Defiance Silver’s core strategy of acquiring and advancing top-tier mining projects. Our goal is to develop assets that will play a leading role in the future of gold, silver, and copper mining in Mexico.” He also welcomed the GEMS team, noting their expertise in mining finance and exploration, and highlighted the value of securing drill-ready projects in Sonora, a top copper-gold mining region.
The Victoria Project, spanning 1,795.22 hectares across two non-adjacent claims, lies within the productive Sonoran Desert copper belt, known for hosting major deposits. The Espiritu Project covers 2,711 hectares near Sahuaripa and shows signs of a hydrothermal system, though it remains largely unexplored. The Los Ocotes Project, at 2,283 hectares, follows the same regional trend. Existing drill permits enable Defiance Silver to launch an extensive exploration effort, starting with Victoria.
For the purchase, Defiance Silver will issue shares to GEMS shareholders at a ratio of one Defiance share for every 4.52 GEMS shares, totaling C$1.25 million. Additionally, a C$150,000 unsecured convertible debenture will be provided to GEMS. The deal’s completion depends on conditions like successful due diligence, signing definitive agreements, and securing approval from at least 90% of GEMS shareholders. Regulatory clearance, including from the TSX Venture Exchange, is also required. Defiance Silver expects to finalize the transaction approximately 75 days after the definitive agreement is signed.
This move strengthens Defiance Silver’s portfolio, enhancing its presence in Mexico’s mining sector with projects poised for growth and exploration. The collaboration with GEMS brings valuable expertise and assets, supporting Defiance’s long-term objectives in the industry.
