Silver Mines Limited (ASX:SVL) has announced the completion of its acquisition of the Calico North Project and the commencement of an earn-in agreement for the Kramer Hills Project, both located in San Bernardino County, California. Silver Mines is an Australian company focused on the exploration and development of silver deposits, with its flagship project being the Bowdens Silver Project in New South Wales. The company aims to complement its flagship project with these new discovery opportunities in the United States.

The Calico North Project acquisition was completed with Domestic Energy Metals Corporation (DEMC), securing Silver Mines a 100% interest in the project. The consideration included USD$100,000 cash as an exclusivity fee, USD$500,000 paid on completion, and the issuance of 39,000,000 fully paid ordinary shares in Silver Mines. Simultaneously, Silver Mines has commenced an earn-in agreement with Lustrum Gold to acquire up to an 80% interest in the Kramer Hills Project.

The Kramer Hills earn-in involves an initial payment to Lustrum Gold, comprising USD$100,000 as an exclusivity fee, USD$500,000 inclusive of the exclusivity fee, and 23,500,000 Silver Mines shares subject to a 12-month voluntary escrow. To earn an initial 50% interest, Silver Mines must fund USD$3,500,000 in exploration expenditure and property maintenance within two years, and make a USD$1,250,000 cash payment for landholder obligations. A further 30% interest can be earned by issuing USD$2,000,000 worth of Silver Mines shares to Lustrum Gold.

Exploration activities are slated to begin this quarter, focusing on target generation through mapping and geophysics, with drilling planned for 2026. Silver Mines Managing Director, Jo Battershill, stated that these transactions mark a pivotal step in the company’s strategic growth and diversification, providing exposure to prospective brownfields assets.

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