Pacifica Silver Corp. [PSIL-CSE] is aiming to raise $10 million via a non-brokered private placement financing. The company said Vizsla Silver Corp. [VZLA-TSX, NYSE, 0G3 Frankfurt]. and First Majestic Silver Corp. [AG-TSX, AG-NYSE, FMV-Frankfurt] have both agreed to participate in the offering.
Pacific Silver is a Canadian resource company led by a proven management team with decades of mining and exploration experience in Mexico. The company is focused on its 100%-owned Claudia Project in Durango, Mexico.
The company said proceeds of the financing will be used to fund exploration at the Claudia project. It will consist of 20 million units priced at 50 cents per unit. Each unit will consist of one common share and one half of a common share purchase warrant, with each fully warrant entitling the holder to purchase one additional common share at 80 cents for 36 months from the date of issuance.
This offering is a pivotal step to unlocking the high-grade silver and gold exploration potential at the Claudia Project and we are delighted to have the support of Vizsla Silver and First Majestic, two premier silver companies, which are already active in the region, said Pacifica Silver President and CEO Todd Anthony.
With this funding in place, Pacifica plans to embark on its initial +8,000 metre drill program in the fourth quarter of 2025, which will primarily focus on extending the main Aguilarena vein where past sampling and drilling have encountered exciting, high-grade silver and gold intercepts.
The Claudia Project spans 11,876 hectares and encompasses most of the historic El Papanton Mining District where at least nine small mines operated throughout the 20th century. Since 190, sampling and drilling within have returned high-grade silver and gold intercepts across multiple vein systems, with only 10% of over 30 kilometres of known veins having been drilled. Today, the project is a prime target for modern exploration and holds exceptional potential for new high grade vein discoveries, the company said in a press release.
The project hosts several previously identified mineralized zones. The Aguilarena vein was previously explored by a former operator who developed a 90-metre-deep shaft and three levels of vein excavation at approximately 40, 60 and 90 metres below surface.
The company also holds an option to acquire a 100% interest in the Janampalla Property, located in the Huancavalica Province of Central Peru. Pacifica said it is focused on continuing exploration work that has indicated widespread, high-grade copper-gold mineralization hosted within Manto style veins and disseminations.
On Thursday, Pacifica shares were unchanged at $0.65 and trade in a 52-week range of 70 cents and 25 cents.
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