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The Company is fully funded and eager to commence exploration drilling
Silver Dollar Resources Inc. (CSE: SLV) (OTCQB: SLVDF) ("Silver Dollar" or the "Company") is pleased to report it has submitted a drilling permit application and environmental remediation report for the next phase of drilling at the La Joya silver project (the "Project") located in the state of Durango, Mexico.
Click on the image above to view a two-minute video introducing the La Joya Project
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In keeping with the previously announced surface rights agreement signed with the local ejido of Noria de Pilares, who collectively own and farm the land in the area, initial drilling is planned on the Noria portion of the La Joya property.
Three drilling contractors have visited the property and provided bids for the proposed diamond drilling. The drilling bids are being evaluated and a contractor will be selected once the permits have been received.
Silver Dollar has reported the following milestones since signing the letter of intent to acquire the La Joya Project in June 2020:
- Appointed economic geologists Perry Durning and Frank (Bud) Hillemeyer as technical advisors. Having worked together for decades, Perry and Bud received the PDAC's 2010 Thayer Lindsley International Mineral Discoveries Award in recognition of their outstanding record of grassroots discoveries.
- Entered into a definitive agreement with First Majestic Silver Corp. to acquire up to a 100% interest in the Project (see news release of August 10th, 2020).
- Reported the Project's highest grade drill core assays to date for silver, copper, and gold not previously released from Phase 3 drilling that was conducted in 2014 by previous operator SilverCrest Mines Inc. (see news release of August 25, 2020).
- Closed $10,500,000 exploration financing with lead orders from billionaire mining investor Eric Sprott; and First Majestic, one of the largest silver producers in Mexico.
- Retained consulting and engineering firm Tetra Tech, Inc. who provided technical support services on the Project to SilverCrest between 2010 and 2015.
- Engaged Mark Malfair, a Durango-based consulting geologist with 25 years of experience, as Country Manager for the Project. Mark has served as country manager in both Mexico and Honduras, and his previous roles include vice president of exploration for Chesapeake Gold Corp. where he was the lead member of the ground team responsible for advancing the Metates Au-Ag-Zn Project in the state of Durango.
- Tetra Tech completed a compilation and reinterpretation of all historical data on the Project which identified several new areas for follow-up that demonstrate the potential to host additional high-grade mineralization.
- Strengthened the executive suite with the election of Guillermo Lozano-Chávez, MSc., MBA, to the board of directors. Guillermo is a professional geologist with over 40 years of experience in Latin American mineral exploration. Previously, he was vice president of exploration for First Majestic where he was responsible for all exploration programs in and around five operating mines.
- Signed surface rights agreement with ejido Noria de Pilares.
- Commenced relogging and resampling of select historical drill core, and a focused surface sampling and mapping program to refine drill collar locations for Silver Dollar's initial drilling program.
- Drilling permit application and environmental remediation report submitted.
- Three drilling contractors have visited the property and provided bids for evaluation.
- Undertaken numerous tasks to prepare for drilling including road and infrastructure remediation, establishing a field office, updating the core shack, and hiring staff.
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2021 with approximately $10 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico, and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing projects in mining-friendly jurisdictions internationally for potential acquisition.
For additional information: contact investor relations, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
Joseph Cullen,
Investor Relations Manager
Direct line: (778) 919-8615
Email: joseph@silverdollarresources.com
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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